HomeMy WebLinkAbout071904 AA 501 505 E 5th St-611 N LacyREQUEST FOR �!�
AGENCY ACTION QduUonie,
AGENCY BOARD MEETING DATE:
JULY 19, 2004
TITLE:
AGREEMENTS FOR ACQUISITION OF
REAL PROPERTY AND ESCROW
INSTRUCTIONS FOR 501 EAST FIFTH,
505 EAST FIFTH, AND 611 NORTH
LACY
EXECUTIVE DIRECTOR
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
APPROVED
❑
As Recommended
❑
As Amended
❑
Ordinance on ts` Reading
❑
Ordinance on 2nd 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 acquiring the real property
located at 501 E. Fifth Street, Santa Ana, and identified as
Assessor Parcel Number 398 - 332 -09 from Caboraca Investments, Inc.
and Carlos Velazquez and Associates for the amount of $625,000 plus
normal escrow and closing costs.
2. 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 acquiring the real property
located at 505 E. Fifth Street, Santa Ana, and identified as
Assessor Parcel Number 398 - 332 -08 from Caboraca Investments, Inc.
and Carlos Velazquez and Associates for the amount of $450,000 plus
normal escrow and closing costs.
3. 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 acquiring the real property
located at 611 N. Lacy Street, Santa Ana, and identified as Assessor
Parcel Number 398 - 312 -04 from Caboraca Investments, Inc. and Carlos
Velazquez and Associates for the amount of $420,000 plus normal
escrow and closing costs.
1
Agreements for Acquisition of Real Property
and Escrow Instructions for 501 East Fifth,
505 East Fifth, and 611 North Lacy
July 19, 2004
Page 2
The Community Redevelopment Agency has an obligation to replenish the
City's supply of affordable housing in order to mitigate the displacement
of affordable housing as a result of the Bristol Street widening and
McFadden Street realignment projects. The housing must be provided
within the next three -to -four years; however, there are very few vacant
sites available within the City on which to develop housing. In
addition, the City must meet its inclusionary housing obligations that
are arising from development occurring throughout the City in other
project areas. Therefore, it is essential to purchase infill properties
as they become available in order to produce additional housing in the
future. The purchase prices for these properties represent the current
fair market value for properties within this area of the City.
The subject properties, shown on Exhibit 1, are as follows: 501 E. Fifth
encompasses 6,250 square feet of land and contains three housing units
totaling approximately 2,200 square feet in size; 505 E. Fifth
encompasses 6,250 square feet of land and contains one single - family
residence of approximately 1,500 square feet; and 611 N. Lacy encompasses
7,500 square feet of land and contains one single- family residence of
approximately 1,000 square feet. The subject properties are within the
boundaries of the specific plan currently being prepared for development
of a new residential neighborhood with pedestrian- friendly streets and
blocks in 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 subject
properties, and other Agency -owned properties. Development of these
properties 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.
Agreements for Acquisition of Real Property
and Escrow Instructions for 501 East Fifth,
305 East Fifth, and 611 North Lacy
July 19, 2004
Page 3
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).
Patricia C. Whitaker
Executive Director
PCW /JL /kla
H:Ac[ ions\ 2004CRA\ AgiwAcquiEscro501,505E.Eif[h;61 I N.Lacy- 7 -19 -04
APPROVED AS TO FUNDS AND ACCOUNTS:
R /R l` ma ki
ExecutiVfDirector
Finance & Management Services Agency
0
o
✓P �P.
p G�N�6
G� ,, /
6TH ST.
r
N N F
¢ C w Q U
5TH ST.
6TH
5TH ST.
SANTA ANA BOULEVARD
SPECIFIC PLAN
Subject Sites
1. 501 E. Fifth St.
2. 505 E. Fifth St.
3. 611 N. Lacy St.
5
Exhibit 1
Cff
SANTA ANA BOULEVARD
SPECIFIC PLAN
® Agency Owned Properties
Subject Sites
Exhibit 2