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PH — Agreement and Escrow Instructions for Sale <br />of Real Property at 542 E. Central Avenue <br />September 6, 2016 <br />Page 2 <br />At that time, staff informed the Church that due to the property being purchased with the former <br />Community Redevelopment Agency's Low and Moderate Income Housing Funds, the property <br />must be used for affordable housing development or be sold at market value with the proceeds <br />used for the development of affordable housing only. <br />In February 2016, the Church made an offer to the Authority for the market value of 542 E. <br />Central Avenue. Since receiving the offer, the Authority requested an appraisal for the market <br />value of the land. The appraisal determined the market value to be $270,000. The Church agreed <br />to purchase the land under the Authority's condition that the parcel does not remain vacant or be <br />used for parking. By allowing the sale of the property, the Church will be able to expand to <br />accommodate its growing congregation as well as enable the Authority to meets its deadline with <br />the State of California for disposing of Housing Authority -owned property. <br />The property (APN # 016-082-48) was transferred to the Housing Authority of the City of Santa <br />Ana, acting as the Housing Successor Agency to the former Redevelopment Agency of the City of <br />Santa Ana, upon dissolution of the former Community Redevelopment Agency in 2012. Because <br />the property is owned by the Housing Authority, it must be purchased at the appraised market <br />value with minimal transaction costs, unlike other privately owned parcels. The proceeds from the <br />sale are to be used solely for affordable housing development. Prior to the Redevelopment <br />Agency owning the property, the Church owned the property. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #5 Community Health, Livability, <br />Engagement and Sustainability, Objective #3, (facilitate diverse housing opportunities and support <br />efforts to preserve and improve the livability of Santa Ana neighborhoods). <br />FISCAL IMPACT <br />Proceeds from the sale will be received into the Housing Authority's Sale of Land Fund (Account <br />No. 60718002-57071). All proceeds will be used solely for affordable housing development. <br />Judson Brown <br />Housing Division Manager <br />Community Development Agency <br />JB/NV/II <br />Exhibits: 1. Location Map <br />2. Purchase and Sale Agreement and Joint Escrow Instructions <br />3. Resolution of the Housing Authority <br />4. Proposed Sale Summary <br />qAW <br />