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Loan Agreements with <br />Townsend & Raitt, LLC and <br />Authorization of Relocation Plan <br />701 and 709 Townsend <br />January 7, 2008 <br />Page 2 <br />CITY COUNCIL ACTION <br />1. Direct the City Attorney to prepare a loan agreement with Townsend <br />& Raitt, LLC for the acquisition and rehabilitation of residential <br />property located at 701 S. Townsend Street in an amount not to <br />exceed $545,712 and authorize the Deputy City Manager for <br />Development Services or designee to execute all required documents. <br />2. Direct the City Attorney to prepare a loan agreement with Townsend <br />& Raitt, LLC for the acquisition and rehabilitation of residential <br />property located at 709 S. Townsend Street in an amount not to <br />exceed $682,140 and authorize the Deputy City Manager for <br />Development Services or designee to execute all required documents. <br />3. Adopt a resolution approving the Relocation Plan for residential <br />properties located at 701 and 709 S. Townsend Street. <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br />1. Direct the Agency General Counsel to prepare a loan agreement with <br />Townsend & Raitt, LLC for the acquisition and rehabilitation of <br />residential property located at 701 S. Townsend Street in an amount <br />not to exceed $1,200,326 and authorize the Executive Director or <br />designee to execute all required documents. <br />2. Direct the Agency General Counsel to prepare a loan agreement with <br />Townsend & Raitt, LLC for the acquisition and rehabilitation of <br />residential property located at 709 S. Townsend Street in an amount <br />not to exceed $1,063,898 and authorize the Executive Director or <br />designee to execute all required documents. <br />n T QrTTQ Q TMT <br />The City of Santa Ana has recently formed an interagency task force <br />comprised of the Police Department, Public Works, Planning and Building <br />and the Community Development Agency for the purpose of addressing the <br />multiple quality of life issues that exist in the Townsend - Raitt area. <br />This area is bounded by Raitt Street on the east, McFadden Avenue on the <br />south, an alley on the west, and Monta Vista Street on the north. In a <br />survey conducted by the task force, two of the major issues identified <br />by tenants as impacting the quality of their lives are the dilapidated <br />housing and the high cost of rents. Census updates indicate that in <br />4 -4 <br />