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Agreement for Acquisition of Real <br />Property and Escrow Instructions <br />for 809 and 811 Brown Street <br />August 16, 2004 <br />Page 2 <br />which to develop housing. In addition, the City must meet its <br />inclusionary housing obligations that are arising from development <br />occurring throughout the City in other project areas. Therefore, it is <br />essential to purchase infill residential properties as they become <br />available in order to produce additional housing. The purchase price of <br />$475,000 for this property represents the current fair market value for <br />properties within this area of the City. <br />The subject property, shown on Exhibit 1, encompasses 4,200 square feet <br />of land and contains a duplex residence totaling 1,665 square feet in <br />size. Development of this property will be in compliance with the <br />Agency's replacement and inclusionary housing obligations and will be <br />designed in a manner that will enhance the surrounding neighborhood. The <br />subject property is within the boundaries of the specific plan currently <br />being prepared for development of a new residential neighborhood in the <br />area bounded by French Street, Civic Center Drive, Santiago Street and <br />Third Street. Attached as Exhibit 2 is a map of the area depicting this <br />and other Agency -owned properties. <br />FISCAL IMPACT <br />Funds are available in the Housing Set -Aside fund, Santa Ana Boulevard <br />Development Plan account (account no. 504 - 936 -6611, project no. 7095). <br />Executive Director <br />PCW /JL /kla <br />H: Actions\ 2004CRA\AgrmAcquiEscro809 &811Bme &- 8 -16 -04 <br />6 s <br />APPROVED AS TO FUNDS AND ACCOUNTS <br />J ist" <br />Rod R. Coloma <br />Executive Direc or i J <br />Finance & Management Services Agency <br />