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REQUEST FOR <br />AGENCY ACTION <br />Ed�ation 1st <br />AGENCY BOARD MEETING DATE: AGENCY SECRETARY USE ONLY: <br />JANUARY 3, 2006 <br />TITLE: APPROVED <br />AGREEMENT FOR ACQUISITION OF REAL <br />PROPERTY AND ESCROW INSTRUCTIONS <br />FOR 606 EAST FIFTH STREET <br />RECOMMENDED ACTION <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2n' 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 606 East Fifth <br />Street, Santa Ana, and identified as Assessor Parcel Number 398- 338 -02, <br />from Susan Hubbard for the amount of $1,125,000 plus normal escrow and <br />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 (Exhibit 1). The purchase price of <br />$1,125,000 for this property represents the current fair market value. <br />The subject property, shown on Exhibit 2, encompasses 6,250 square feet <br />of land and contains one 4 -plex residence totaling 3,016 square feet in <br />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 />This action was placed on the December 20, 2005, agenda for <br />recommendation by the Community Redevelopment and Housing Commission. No <br />action was taken due to a lack of quorum. <br />4 -1 <br />