062005 AA Real Prop Escrow Inst-711 E. 6th St

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REQUEST FOR AGENCY ACTION �4¢ 00n Is AGENCY BOARD MEETING DATE: AGENCY SECRETARY USE ONLY: 177nt7oly 41va,✓ � JUNE 20, 2005 2✓d chri s TITLE: APPROVED AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND ESCROW INSTRUCTIONS FOR 711 E. SIXTH STREET JaLEX UTIVE DIRECTOR RECOMMENDED ACTION As Recommended As Amended ❑ Ordinance on 1s` 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 711 East Sixth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 311 -10, from Juan Zanudo and Gloria C. Zanudo for the amount of $400,000 plus normal escrow and closing costs. COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION: Recommended that the Community Redevelopment Agency 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 711 East Sixth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 311 -10, from Juan Zanudo and Gloria C. Zanudo for the amount of $400,000 plus normal escrow and closing costs. By a vote of 5:0 (Robles, Sarmiento absent) at its Regular Meeting of June 7, 2005. DISCUSSION The subject property is within the boundaries of the specific plan currently being prepared for development of a new residential neighborhood in the area bounded by French Street, Civic Center Drive, Santiago Street and Third Street. The owner of the subject property recently approached the Agency with an offer to sell the property. The 4 -1