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Joint Public Hearing - <br />Sale of Agency Owned Properties <br />August 18, 2008 ^r'Og•Dii <br />Page 2 <br />COMMUNITY REDEVELOPMENT AGENCY <br />1. Authorize a $373,000 loan repayment from the Merged Project Areas <br />Capital Improvements account to the General Fund. <br />2. Adopt a resolution authorizing the sale of Agency -owned property <br />located at 626 -628 E. Santa Ana Blvd., 809 E. Santa Ana Blvd., 630 <br />N. Garfield St. and 604 N. Lacy St. to the City of Santa Ana and <br />authorizing the Executive Director to execute all required <br />documents. <br />DISCUSSION <br />The Community Redevelopment Agency has purchased a number of properties <br />over the years for the development of very low -, low- and moderate - <br />income housing. California Community Redevelopment Law restricts the <br />length of time an Agency may hold land for future development to ten <br />years. Currently, the Agency owns five lots that will exceed this <br />deadline during the 2008 -09 fiscal year. The lots are located at 626 -628 <br />E. Santa Ana Blvd., 809' E. Santa Ana Blvd., 630 N. Garfield St. and 604 <br />N. Lacy St. In order to comply with State law, the Community <br />Redevelopment Agency will sell these properties (Exhibit 1) to the City <br />of Santa Ana for their total appraised value of $373,000. The intent is <br />to ultimately develop these sites in a manner consistent with the <br />surrounding neighborhood. <br />ENVIRONMENTAL COMPLIANCE <br />In accordance with the California Environmental Quality Act, this <br />project is exempt from further review. Categorical Exemption No. ER <br />2008 -138 will be filed for this project. <br />6 -54 <br />