010305 AA Real Prop Escrow Inst-601 N. Lacy St

Home Browse Search

REQUEST FOR AGENCY ACTION AGENCY BOARD MEETING DATE: JANUARY 3, 2005 TITLE: Edpcanon }s1 AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND ESCROW INSTRUCTIONS FOR 601 N. LACY STREET RECOMMENDED ACTION AGENCY SECRETARY USE ONLY: /h0t76-» : ,qy -- - APPROVED As Recommended 7.'0 ❑ As Amended ❑ Ordinance on I" Reading ❑ Ordinance on 2ntl Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Direct the Agency General Counsel to prepare and authorize the Executive Director to execute an agreement for the acquisition of real property and escrow instructions acquiring the real property located at 601 N. Lacy Street, Santa Ana, and identified as Assessor Parcel Number 398 - 312 -08 from Floresminda Reyes for the amount of $450,000 plus normal escrow and closing costs. The Community Redevelopment Agency has an obligation to replenish the City's supply of affordable housing in order to mitigate the inclusionary housing obligations. The housing must be provided within the next three to four years; however, there are very few vacant residential sites available within the City on which to develop housing. The City must meet its inclusionary housing obligations that are arising from development occurring throughout the City in Non - Agency assisted housing developments. Therefore, it is essential to purchase infill residential properties as they become available in order to produce additional housing. The purchase price of $450,000 for this property represents the current fair market value. The subject property, shown on Exhibit 1, encompasses 5,350 square feet of land and contains a single - family residence totaling 1,646 square feet in size. Development of this property 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. The 1 5