HomeMy WebLinkAbout010305 AA Real Prop Escrow Inst-601 N. Lacy StREQUEST FOR
AGENCY ACTION
AGENCY BOARD MEETING DATE:
JANUARY 3, 2005
TITLE:
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AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 601 N. LACY STREET
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
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-- - APPROVED
As Recommended 7.'0
❑ As Amended
❑ Ordinance on I" Reading
❑ Ordinance on 2ntl 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 601 N. Lacy
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 312 -08
from Floresminda Reyes for the amount of $450,000 plus normal escrow and
closing costs.
The Community Redevelopment Agency has an obligation to replenish the
City's supply of affordable housing in order to mitigate the inclusionary
housing obligations. 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. The City must
meet its inclusionary housing obligations that are arising from
development occurring throughout the City in Non - Agency assisted housing
developments. Therefore, it is essential to purchase infill residential
properties as they become available in order to produce additional
housing. The purchase price of $450,000 for this property represents the
current fair market value.
The subject property, shown on Exhibit 1, encompasses 5,350 square feet
of land and contains a single - family residence totaling 1,646 square feet
in size. 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
1 5
Agreement for Acquisition
of Real Property and Escrow
Instructions for 601 N. Lacy Street
January 3, 2005
Page 2
subject property is within the boundaries of the specific plan currently
being prepared for development of a new residential neighborhood in the
area bounded by French Street, Civic Center Drive, Santiago Street and
Third Street.
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
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H:Accions\2005CRAWgeeAcquiProp -Escrow for 601 N Lacy 1 -3 -05
2
APPROVED AS TO FUNDS AND ACCOUNTS:
Francisco Gutierrez r
Executive Director 7"
Finance & Management Services Agency
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601 North Lacy Street
Exhibit 1
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