061906 AA Real Prop Escrow Inst 601 E. 5th St 505-507 Minter 607 E 5th St

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Agreement for Acquisition of Real Property and Escrow Instructions for 601 and 607 E. Fifth and 505 -507 Minter June 19, 2006 Page 2 2. 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 607 E. Fifth, Santa Ana, and identified as Assessor Parcel Number 398 - 333 -08, from Loy C. and Verna R. Corum, as Co- Trustees of the Loy C. Corum and Verna R. Corum Revocable Living Trust, for the amount of $250,000 plus normal escrow and closing costs. By a vote of 5:0 (Turner and Yanez absent) at its Regular Meeting of May 16, 2006. DISCUSSION The subject properties are 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. The owner of the subject properties recently approached the Agency with an offer to sell the properties. The purchases price of $1,040,000 (601 E. Fifth and 505 -507 Minter St.) and $250,000 (607 E. Fifth St.) represent the current fair market value for the properties. The property located at 601 E. Fifth and 505 -507 Minter St., shown on Exhibit 1, encompasses 6,250 square feet of land and contains a 4,658 square foot 4 unit multifamily structure, a 306 square foot single - family residence and a 1,065 square foot duplex. The property located at 607 E. Fifth St., also shown on Exhibit 1, is a 6,250 square foot lot with a 720 square foot garage. Development of these properties will be in compliance with the Agency's replacement and inclusionary housing obligations and will be designed in a manner that will enhance the surrounding neighborhood. The ultimate affordability and development of this property has not yet been fully determined. 3.B. - 6