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P. H. - Agreement <br />Real Property and <br />Martin Investment <br />August 6, 2007 <br />Page 2 <br />for Sale of <br />Escrow Instructions - <br />Company <br />options, they propose to purchase the Agency owned parcel and incorporate <br />it into their project. Martin Investment Company has received Site Plan <br />approval and is currently in plan check for a development consisting of <br />three new industrial buildings totaling 31,900 square feet. There is an <br />existing 24,010 square foot industrial building that will remain on the <br />adjacent site currently owned by the Buyer. The project will also <br />include consolidation of the lots. <br />The remnant parcel owned <br />and is consistent with th e <br />parcel has been appraised <br />The highest and best use <br />southerly parcel. <br />ENVIRONMENTAL COMPLIANACE <br />by the Agency is zoned M -1 (light industrial) <br />proposed development. The 22,005 square foot <br />for $350,000 by an independent fee appraiser. <br />of the property is assemblage to the adjacent <br />In accordance with the California Environmental Quality Act, this project <br />is exempt from further review. Categorical Exemption ER No.2007 -105 will <br />be filed for this project. <br />FISCAL IMPACT <br />Proceeds from the sale of the property to the Redevelopment Agency in the <br />amount of $350,000 will be deposited in the Merged Redevelopment Sale of <br />Land account (account no. 570 -01- 5721). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Nancy T. Edwards Francisco Gutierrez �IA) ° <br />Assistant Director executive Director <br />Community Development Agency Finance and Management Services Agency <br />SGH /VU /mlr <br />H: \ACTIONS \2007 CC \P. H. JT CC -CRA AgreeSaleProp- Martin Investment 8 -6 -07 MI.doc <br />5 -6 <br />