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REQUEST FOR <br />AGENCY ACTION A-7- <br />Eyocaaon lar <br />AGENCY BOARD MEETING DATE: AGENCY SECRETARY USE ONLY: <br />APRIL ►' 3, 2006 otion '. chrrs+y <br />2Nd ' d1c rc1A <br />TITLE: APPROVED <br />AGREEMENT FOR ACQUISITION OF REAL <br />PROPERTY AND ESCROW INSTRUCTIONS <br />FOR 542 EAST CENTRAL AVENUE <br />EXECUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />X As Recommended Vo <br />❑ As Amended <br />❑ Ordinance on 1s' Reading <br />❑ Ordinance on 2nd 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 542 East <br />Central Avenue, Santa Ana, AP# 016 - 082 -48, from the Delhi <br />Organization /Delhi Center, a California Corporation, for the amount of <br />$400,000 plus normal escrow and closing costs. <br />The Community Redevelopment Agency must meet both inclusionary and <br />replacement housing obligations that arise from developments within its <br />project area and from its own activities throughout the City. However, <br />there are very few vacant residential sites available within the City on <br />which to develop housing. Since the City is built out, the Agency is <br />constantly looking for available residential property. Therefore, it is <br />essential to purchase infill residential properties as they become <br />available in order to produce additional housing. The purchase price of <br />$400,000 for this property represents the current fair market value for <br />this parcel. <br />The subject property, shown on Exhibit 1, encompasses 10,350 square feet <br />of land and is currently vacant. Development of this property will be in <br />compliance with the Agency's replacement and inclusionary housing <br />obligations and will be designed in a manner that will enhance the <br />surrounding neighborhood. The ultimate affordability and development of <br />this property has not yet been fully determined. <br />4 -1 <br />