090407 AA Real Prop Escrow Inst 1126 and 1146 Washington

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REQUEST FOR AGENCY ACTION AGENCY BOARD MEETING DATE: SEPTEMBER 4, 2007 TITLE: AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND ESCROW INSTRUCTIONS FOR 1126 AND 1146 WASHINGTON XECUTIVE IbIRECTOR RECOMMENDED ACTION AGENCY SECRETARY USE ONLY: trip}1ar, : AI varez- Zrtd : Beravi e5 APPROVED / Q(j As Recommended (e - 0 �&is Fa.� w 1de ❑ As Amended+ ❑ Ordinance on 1" Reading ❑ Ordinance on 2"' Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER 1. 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 for the real property located at 1126 and 1146 Washington Avenue and identified as Director's Deed No. DD 073034 -01 -01 for the amount of $1,904,000 plus normal escrow fees and closing costs. 2. Adopt a resolution stating that the property will be used for specific public purposes in accordance with Sections 54220 -54227 of the California Government Code. DISCUSSION 2 The California Department of Transportation (CalTrans) has offered to sell to the Agency vacant parcels located at 1126 and 1146 Washington (Exhibit 1) , which are remnant parcels from the 5 Freeway widening. The purchase price of $1,904,000 represents the appraised fair market value. The property consists of approximately 63,400 square feet of land. As a condition of the sale, CalTrans requires that the Community Redevelopment Agency adopt a resolution stating that the intended public use of the property conforms with the California Government Code Sections 54220- 54227(Code). The development of low- and moderate- income housing on this parcel will assist the City and Agency in meeting their affordable housing goals as identified in the Consolidated Plan, Redevelopment Implementation Plan and Housing Element. 4 -1