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Agreement for Acquisition of <br />Real Property and Escrow Instructions <br />for 712 E. 5th Street <br />February 22, 2005 <br />Page 2 <br />recently approached the Agency with an offer to sell the property. The <br />purchase price of $525,000 represents the current fair market value for <br />this property. <br />The subject property, shown on Exhibit 1, encompasses 6,000 square feet <br />of land and contains one single - family residence totaling 1,887 square <br />feet in size. Development of this property will be in compliance with <br />the Agency's replacement and inclusionary housing obligations and will be <br />designed in a manner that will enhance the surrounding neighborhood. The <br />ultimate affordability and development of this property has not yet been <br />fully determined. <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 />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Patricia C. Whitaker Francisco Gutierrez / <br />Executive Director Executive Director <br />Community Development Agency Finance & Management Services Agency <br />PCW /JL /mlr <br />H: \ACTIONS \2005 CRA\ AgreeAcgRealPropandEscrowInstruc 712 E 5th St 2- 22- 05.doc <br />