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REQUEST FOR <br />AGENCY ACTION <br />AGENCY BOARD MEETING DATE: <br />JUNE 19, 2006 <br />TITLE: <br />AGREEMENT FOR ACQUISITION OF REAL <br />PROPERTY AND ESCROW INSTRUCTIONS <br />FOR 602 -604 E. SIXTH AND 511 -517 <br />MINTER STREET <br />±±XE UTIVE DIRECTOR <br />RECOMMENDED ACTION <br />AGENCY SECRETARY USE ONLY: <br />maha4: 01* <br />2Nd.: c4--rtsh3 <br />APPROVED (0.05ofor%6 Ctbsev -.i" <br />As Recommended <br />❑ As Amended <br />❑ Ordinance on 1s' Reading <br />❑ Ordinance on 2ntl 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 602 -604 E. <br />Sixth and 511 -517 Minter Street, Santa Ana, and identified as Assessor <br />Parcel Number 398 - 333 -01, from David J. Miraffati for the amount of <br />$1,050,000 plus normal escrow and closing costs. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommended that the Community Redevelopment Agency direct the Agency <br />General Counsel to prepare and authorize the Executive Director to <br />execute an agreement for the acquisition of real property and escrow <br />instructions acquiring the real property located at 602 -604 E. Sixth and <br />511 -517 Minter Street, Santa Ana, and identified as Assessor Parcel <br />Number 398- 333 -01, from David J. Miraffati for the amount of $1,050,000 <br />plus normal escrow and closing costs. <br />By a vote of 4:0:1 (Turner and Yanez absent; Sarmiento abstained) at its <br />Regular Meeting of May 16, 2006. <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. The owner of the subject property <br />recently approached the Agency with an offer to sell the property. The <br />purchase price of $1,050,000 represents the current fair market value for <br />this property. <br />3.A. -1 <br />