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JT Public Hearing - <br />Santiago Street Lofts Development <br />December 19, 2005 <br />Page 2 <br />In order to comply with all of the terms and conditions of the DDA the <br />Developer has requested an <br />provided for the sale of <br />reuse value. The First <br />Developer to purchase one <br />at the current fair market <br />for the assemblage of tk <br />development site. <br />amendment to the agreement. The original DDA <br />Agency -owned property for the combined fair <br />Amendment to the DDA now provides for the <br />of the two remaining parcels from the Agency, <br />value of $2,050,000. This action will allow <br />e five lots required to create a 4.38 -acre <br />The project is strategically located immediately adjacent to The Depot and <br />the 5 Freeway and will serve as a gateway into the Downtown. The DDA and <br />the corresponding development it facilitates fulfill the City's goals for <br />the area by improving land -use potential and implementing market rate <br />housing along Santa Ana Boulevard. <br />FISCAL IMPACT <br />Funds from the sale of Agency -owned property will be deposited in the <br />Merged Project Area Sale of Land account (account no. 570 -01- 5721). <br />Executive <br />Community <br />PCW /DM /mlr <br />Director <br />Development <br />Agency <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />A ( \i1CQ . �:, l � _k' <br />Francisco Gutierrez <br />Executive Director ItA <br />Finance & Management Services Agency <br />—k- <br />H: \ACTIONS \2005 CC \JT JT P.H. CC -CRA FirstAmendPrivateDDASantiagoStLo ftsDev 12- 19- 05.doc <br />5 -22 <br />