020606 AA Real Prop and Escrow Inst 511 E. 5th St

Home Browse Search

REQUEST FOR AGENCY ACTION AGENCY BOARD MEETING DATE: FEBRUARY 6, 2006 TITLE: AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND ESCROW INSTRUCTIONS FOR 511 EAST FIFTH STREET EXECUTIVE DIRECTOR RECOMMENDED ACTION AGENCY SECRETARY USE ONLY: :JQ1VP.(C[.: YYI. uCL (9va 6,, 2J✓d APPROVED As Recommended Q As Amended ❑ Ordinance on I" Reading ❑ Ordinance on 2nd 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 511 East Fifth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 332 -07, from Trung Van Ta and Holly Diep Le for the amount of $300,000 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 511 East Fifth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 332 -07, from Trung Van Ta and Holly Diep Le for the amount of $300,000 plus normal escrow and closing costs. By a vote of 6:0 (Turner absent) at its Regular Meeting of January 17, 2006. 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 (Exhibit 1). The purchase price of $300,000 for this property represents the current fair market value. 4 -1