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Agreement for Acquisition of <br />Real Property and Escrow Instructions <br />for 711 E. Sixth Street <br />June 20, 2005 <br />Page 2 <br />purchase price of $400,000 for this property represents the current fair <br />market value. <br />The subject property, shown on Exhibit 1, encompasses 3,410 square feet <br />of land and contains one single - family residence totaling 823 square feet <br />in 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 />ultimate affordability and development of this property has not yet been <br />fully determined. If applicable and as required by State Redevelopment <br />Law for the affordable units, the ultimate affordability will not exceed <br />120 percent of the area median income. <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 />Alilopll� S4r 1 'N +3tia <br />77// PLPatricia Whitaker Francisco Gutierrez w <br />Executive irector Executive Director <br />Finance & Management Services Agency <br />PCW /JLQ /mlr <br />H: \ACTIONS \2005 CRA \AgreeAcquisition7ll Sixth 6- 20- 05.doc <br />4 -2 <br />