071904 AA 501 505 E 5th St-611 N Lacy

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Agreements for Acquisition of Real Property and Escrow Instructions for 501 East Fifth, 505 East Fifth, and 611 North Lacy July 19, 2004 Page 2 The Community Redevelopment Agency has an obligation to replenish the City's supply of affordable housing in order to mitigate the displacement of affordable housing as a result of the Bristol Street widening and McFadden Street realignment projects. The housing must be provided within the next three -to -four years; however, there are very few vacant sites available within the City on which to develop housing. In addition, the City must meet its inclusionary housing obligations that are arising from development occurring throughout the City in other project areas. Therefore, it is essential to purchase infill properties as they become available in order to produce additional housing in the future. The purchase prices for these properties represent the current fair market value for properties within this area of the City. The subject properties, shown on Exhibit 1, are as follows: 501 E. Fifth encompasses 6,250 square feet of land and contains three housing units totaling approximately 2,200 square feet in size; 505 E. Fifth encompasses 6,250 square feet of land and contains one single - family residence of approximately 1,500 square feet; and 611 N. Lacy encompasses 7,500 square feet of land and contains one single- family residence of approximately 1,000 square feet. The subject properties are within the boundaries of the specific plan currently being prepared for development of a new residential neighborhood with pedestrian- friendly streets and blocks in the area generally bounded by French Street, Civic Center Drive, Poinsettia Street and Third Street. Attached as Exhibit 2 is a map depicting the boundaries of the specific plan, the subject properties, and other Agency -owned properties. Development of these properties will be in compliance with the Agency's replacement and inclusionary housing obligations and will be designed in a manner that will enhance the surrounding neighborhood and comply with land use and urban design standards set forth in the proposed specific plan.