120406 Acquisition N. French-E 10th St - Apprv Reloc Replac Hsg Plans

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Acquisition of 1002, 1002 ;�, 1004 North French Street, and 313, 313 ;1, 315, 317 East Tenth Street, and Approval of Relocation and Replacement Housing Plans December 4, 2006 Page 3 purchase price of $880,000 represents the current fair market value for the property. In an effort to preserve the historic integrity of the original home, the property will be rehabilitated in coordination with the French Park Neighborhood Association and in accordance with state historic requirements. Once the property is rehabilitated, it will be sold to a moderate - income household. At the time the property is sold, there will be restrictions regarding re -sale affordability and maintenance standards recorded against the property. The California Health and Safety Code (Code) requires that when a Redevelopment Agency enters into an agreement for the acquisition or disposition and development of property that would lead to displacement of people from their homes, the legislative body must adopt, by resolution, a relocation plan. The acquisition of the property and subsequent demolition of the existing improvements will result in the displacement of seven households. The attached Relocation Plan (Exhibit 2) addresses this displacement and has been prepared in accordance with the Code. Additionally, the Code requires the Agency to adopt, by resolution, a replacement housing plan whenever it destroys or removes dwelling units from the low- and moderate - income housing market. Among other things, this replacement housing plan shall specify how and where the Agency shall provide replacement housing units. The attached Replacement Housing Plan (Exhibit 3) has been prepared for the property in accordance with the Code. CEQA COMPLIANCE In accordance with the California Environmental Quality Act, Categorical Exemption No. ER 2006 -176 will be filed for this property. 6 -7