HomeMy WebLinkAbout040504 AA of Real Prop Escrow Inst 717 E. 3rd StREQUEST FOR
AGENCY ACTION
AGENCY BOARD MEETING DATE:
APRIL 5, 2004
TITLE:
Edywtion lsr
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 717 EAST THIRD STREET
&—&a. —
EXECUTIVE DIRECTOR
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
APPROVED
❑
As Recommended
❑
As Amended
❑
Ordinance on 1" Reading
❑
Ordinance on 2 n Reading
❑
Implementing Resolution
❑
Set Public Hearing For
CONTINUED TO
FILE NUMBER
Direct the Agency General Counsel to prepare and authorize *h^ n tive
Director to execute an agreement for th^ — and
escrow instructions acquiring the real hird
Street, Santa Ana, and identified as 1 -13
from Alan J. Newhart, Carol A. Newhart, i R.
Garrett for the amount of $465,000 plus FILL IN VOTEIACTION ON ORIGINALS- -s
AFTER Meeting
DISCUSSION
The Community Redevelopment Agency has the
City's supply of affordable housing t __ ciaCnL of
affordable housing as a result of proju-.. such as the Bristol Street
widening and McFadden Street realignment projects. In addition, the
Agency must meet its inclusionary housing obligations that are arising
from new residential development occurring throughout the City in other
redevelopment project areas. Therefore, it is essential that the Agency
purchase infill properties as they become available to produce additional
affordable housing. The purchase price of $465,000 for this property
represents the current fair market value for properties within this
section of the City.
The subject property, shown on Exhibit 1, encompasses 7,700 square feet
of land and contains one commercial building totaling 3,000 square feet
in size. The building was formerly occupied by a rehabilitation and
medical clinic, which has since relocated. The subject property is
within the boundaries of the proposed specific plan currently being
Agreement for Acquisition of Real
Property and Escrow Instructions
for 717 East Third Street
April 5, 2004
Page 2
prepared for the area generally bounded by French Street, Civic Center
Drive, Poinsettia Street and Third Street. Attached as Exhibit 2 is a
map depicting the boundaries of the specific plan, the 717 E. Third
Street property, and other Agency -owned properties in the area.
Development of the subject property will be in compliance with the
Agency's replacement and inclusionary housing obligations and will be
designed in a manner that will enhance the surrounding neighborhood and
comply with land use and urban design standards set forth in the proposed
specific plan.
FISCAL IMPACT
Funds are available in the Housing Set -Aside fund, Santa Ana Boulevard
Development Plan account (account no. 504 - 936 -6611, project no. 7095).
J P. Reekstin
ecutive Director
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APPROVED AS TO FUNDS AND ACCOUNTS:
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Rod R. Coloma KA,
Executive Directo f1%
Finance & Management Services Agency
5TH ST. 5TH ST.
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3RD ST. SANTA ANA BLVD. SPECIFIC PLAN BOUNDARY
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2ND ST.
FIRST ST.
717 East Third Street
Exhibit 1
SANTA ANA BOULEVARD
SPECIFIC PLAN
F/7771 Agency Owned Properties
Exhibit 2