HomeMy WebLinkAbout081604 AA Real Prop Escrow Inst 1006 1012 1015 LoganREQUEST FOR I
AGENCY ACTION
AGENCY BOARD MEETING DATE:
AUGUST 16, 2004
TITLE
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 1006, 1012 AND 1015 LOGAN
STREET
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
APPROVED
❑ As Recommended
❑ As Amended
❑ Ordinance on 15' Reading
❑ Ordinance on 2nd Reading
❑ Implementing Resolution
❑ Set Public Hearing For
CONTINUED TO
FILE NUMBER
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 1006, 1012 and
1015 Logan Street, Santa Ana, and identified as Assessor Parcel Numbers
398 - 193 -26, 398 - 194 -11 and 398 - 193 -13 from Los Dos Amigos, a California
partnership, for the amount of $1,483,600 plus normal escrow and closing
costs.
COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION
Recommended that the Community Redevelopment Agency 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 1006, 1012 and 1015
Logan Street, Santa Ana, and identified as Assessor Parcel Numbers 398-
193-26, 398- 194 -11 and 398 - 193 -13 from Los Dos Amigos, a California
partnership, for the amount of $1,483,600 plus normal escrow and closing
costs.
By a vote of 6:0 (Betancourt and Bustamante absent) at its Regular
Meeting of August 3, 2004.
DISCUSSION
fhe Community Redevelopment Agency has an obligation to replenish the
City's supply of affordable housing in order to mitigate the displacement
R
Agreement for Acquisition of Real
Property and Escrow Instructions for
1006, 1012 and 1015 Logan Street
August 16, 2004
Page 2
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
residential 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 residential
properties as they become available in order to produce additional
housing. The purchase price of $1,483,600 for this property represents
the current fair market value for industrial properties within this area
of the City.
The subject properties, shown on Exhibit 1, encompass 17,705 square feet
of land and contain two industrial buildings totaling 9,120 square feet
in size. Once the buildings are demolished, development of this 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. The subject property is within the
boundaries of the Logan Neighborhood Association, and this acquisition is
intended to support the neighborhood's efforts to recycle commercial land
to residential uses.
FISCAL IMPACT
Funds are available in the Housing Set -Aside fund, Logan Acquisition
account (account no. 504 - 936- 6611).
Patricia C. Whitaker
Executive Director
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APPROVED AS TO FUNDS AND ACCOUNTS:
2,
Rod R. Coloma r
Executive Director fVJ
Finance & Management Services Agency
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1006, 1012 & 1015 Logan Street
Exhibit 1
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