070306 AA Real Prop and Escrow Inst 720 E. 6th St

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REQUEST FOR AGENCY ACTION AGENCY BOARD MEETING DATE: JULY 31 2006 TITLE: AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND ESCROW INSTRUCTIONS FOR 720 E. SIXTH STREET I i o •- RECOMMENDED ACTION AGENCY SECRETARY USE ONLY: /7)D -h oiJ : Chri si r 2nld; Alvaee'� APPROVED .7'6 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 720 E. Sixth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 334 -05, from Rodolfo and Socorro Barrera for the amount of $605,000 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 720 E. Sixth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 334 -05, from Rodolfo and Socorro Barrera for the amount of $605,000 plus normal escrow and closing costs. By a vote of 5:0:1 (Yanez absent and Jauregui abstained) at its Regular Meeting of June 20, 2006. DISCUSSION The subject property is within the boundaries of the specific plan currently being prepared for the 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 property recently approached the Agency with an offer to sell the property. The purchase price of $605,000 represents the current fair market value for the property. 4 -1 As Recommended As Amended ❑ Ordinance on 1" Reading ❑ Ordinance on 2ntl 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 720 E. Sixth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 334 -05, from Rodolfo and Socorro Barrera for the amount of $605,000 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 720 E. Sixth Street, Santa Ana, and identified as Assessor Parcel Number 398 - 334 -05, from Rodolfo and Socorro Barrera for the amount of $605,000 plus normal escrow and closing costs. By a vote of 5:0:1 (Yanez absent and Jauregui abstained) at its Regular Meeting of June 20, 2006. DISCUSSION The subject property is within the boundaries of the specific plan currently being prepared for the 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 property recently approached the Agency with an offer to sell the property. The purchase price of $605,000 represents the current fair market value for the property. 4 -1