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Agreement for Acquisition of Real <br />Property and Escrow Instructions for <br />1006, 1012 and 1015 Logan Street <br />August 16, 2004 <br />Page 2 <br />of affordable housing as a result of the Bristol Street widening and <br />McFadden Street realignment projects. The housing must be provided <br />within the next three -to -four years; however, there are very few vacant <br />residential sites available within the City on which to develop housing. <br />In addition, the City must meet its inclusionary housing obligations that <br />are arising from development occurring throughout the City in other <br />project areas. Therefore, it is essential to purchase infill residential <br />properties as they become available in order to produce additional <br />housing. The purchase price of $1,483,600 for this property represents <br />the current fair market value for industrial properties within this area <br />of the City. <br />The subject properties, shown on Exhibit 1, encompass 17,705 square feet <br />of land and contain two industrial buildings totaling 9,120 square feet <br />in size. Once the buildings are demolished, development of this property <br />will be in compliance with the Agency's replacement and inclusionary <br />housing obligations and will be designed in a manner that will enhance <br />the surrounding neighborhood. The subject property is within the <br />boundaries of the Logan Neighborhood Association, and this acquisition is <br />intended to support the neighborhood's efforts to recycle commercial land <br />to residential uses. <br />FISCAL IMPACT <br />Funds are available in the Housing Set -Aside fund, Logan Acquisition <br />account (account no. 504 - 936- 6611). <br />Patricia C. Whitaker <br />Executive Director <br />PCW /SK /kla <br />H: Act ions\2004CRAW g= AcquiEsao1006 ,1012,1015LogmSt- 8 -16 -04 <br />V <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />2, <br />Rod R. Coloma r <br />Executive Director fVJ <br />Finance & Management Services Agency <br />