101705 AA Real Prop and Escrow Inst 710 E. 6th St

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REQUEST FOR AGENCY ACTION tiducation Ist AGENCY BOARD MEETING DATE: OCTOBER 17, 2005 TITLE: AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND ESCROW INSTRUCTIONS FOR 710 EAST SIXTH STREET �:VVfil�� EXECUTIVE DIRECTOR RECOMMENDED ACTION AGENCY SECRETARY USE ONLY: Inph- ort : '315t 141d : 4 ya refer As Recommended 7"0 ❑ As Amended ❑ Ordinance on ts` Reading ❑ Ordinance on 2"' 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 710 E. Sixth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 334 -03, from Julio and Olga Orozco for the amount of $610,000 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 710 E. Sixth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 334 -03, from Julio and Olga Orozco for the amount of $610,000 plus normal escrow and closing costs. By a vote of 4:0 (Betancourt absent) at its Regular Meeting of October 4, 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 purchase price of $610,000 for this property represents the current fair market value. 5 -5