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REQUEST FOR <br />AGENCY ACTION A-7 <br />Eypcation i4 <br />AGENCY BOARD MEETING DATE: <br />OCTOBER 17, 2005 <br />TITLE: <br />AGREEMENT FOR ACQUISITION OF REAL <br />PROPERTY AND ESCROW INSTRUCTIONS <br />FOR 801 BROWN STREET <br />Ell / <br />DIRECTOR EXECUTIVE <br />RECOMMENDED ACTION <br />AGENCY SECRETARY USE ONLY: <br />/77ofit6n.' 61s-I <br />APPROVED <br />As Recommended O <br />As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Direct the Agency General Counsel to prepare and authorize the Executive <br />Director to execute an agreement for the acquisition of real property and <br />escrow instructions acquiring the real property located at 801 Brown <br />Street, Santa Ana, and identified as Assessor Parcel Number 398 - 312 -09, <br />from Alta Mae Dunn, Trustee of the Dunn Revocable Trust dated October 20, <br />1987, for the amount of $430,000 plus normal escrow and closing costs. <br />DISCUSSION <br />The subject property is within the boundaries of the specific plan <br />currently being prepared for development of a new residential <br />neighborhood in the area bounded by French Street, Civic Center Drive, <br />Santiago Street and Third Street. The purchase price of $430,000 for <br />this property represents the current fair market value. <br />The subject property, shown on Exhibit 1, encompasses 2,150 square feet <br />of land and contains one single- family residence totaling 605 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. <br />• o <br />