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Acquisition of Two Vacant Portions <br />of 4030 West McFadden Avenue <br />November 20, 2006 <br />Page 2 <br />By a vote of 4:0 (Jauregui, Turner, Yanez absent) at its Regular Meeting <br />of November 7, 2006. <br />DISCUSSION <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. <br />The City of Santa Ana is the owner of three vacant parcels located at <br />4110, 4106 and 4010 West McFadden Avenue. Current plans call for the <br />City to transfer ownership of these parcels to the Community <br />Redevelopment Agency for development of affordable single - family homes. <br />The owner of the parcel located at 4030 West McFadden Avenue has agreed <br />to sell two vacant portions of that property to the Agency (Exhibit 1) . <br />Purchase of these two sites will enhance the infill housing development <br />potential of the three City owned sites. <br />The site located immediately to the south of 4110 and 4106 West McFadden <br />is comprised of approximately 1,637 square feet. The purchase price is <br />$35,000. The site located immediately to the west of 4010 West McFadden <br />is comprised of approximately 6,072 square feet. The purchase price is <br />$275,000. These purchase prices represent the current fair market value <br />of the two sites. Their development will be in compliance with the <br />Agency's replacement and inclusionary housing obligations and will be <br />designed in a manner that will enhance the surrounding neighborhood. The <br />ultimate affordability and development of these properties has not yet <br />been determined. <br />CEQA COMPLIANCE <br />In accordance with the California Environmental Quality Act, Categorical <br />Exemption No. ER 2006 -115 will be filed for these properties. <br />5 -4 <br />