HomeMy WebLinkAbout022205 AA Real Prop Escrow Inst-712 E. 5th StREQUEST FOR �I�
AGENCY ACTION Ed °
AGENCY BOARD MEETING DATE:
FEBRUARY 22, 2005
TITLE:
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 712 E. FIFTH STREET
EXECUTIVE DIRECTOR
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
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APPROVED CI�GhQ o�Lt�
V As Recommended
❑
As Amended
❑
Ordinance on 1"Reading
❑
Ordinance on 2n° 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 712 East Fifth
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 337 -03,
from David Mirrafati for the amount of $525,000 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 712 East Fifth
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 337 -03,
from David Mirrafati for the amount of $525,000 plus normal escrow and
closing costs.
By a vote of 6:1 (Turner opposed) at its Regular Meeting of February 15,
2005.
DISCUSSION
The 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. The owner of the subject property
Agreement for Acquisition of
Real Property and Escrow Instructions
for 712 E. 5th Street
February 22, 2005
Page 2
recently approached the Agency with an offer to sell the property. The
purchase price of $525,000 represents the current fair market value for
this property.
The subject property, shown on Exhibit 1, encompasses 6,000 square feet
of land and contains one single - family residence totaling 1,887 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
ultimate affordability and development of this property has not yet been
fully determined.
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).
APPROVED AS TO FUNDS AND ACCOUNTS:
Patricia C. Whitaker Francisco Gutierrez /
Executive Director Executive Director
Community Development Agency Finance & Management Services Agency
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H: \ACTIONS \2005 CRA\ AgreeAcgRealPropandEscrowInstruc 712 E 5th St 2- 22- 05.doc
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Exhibit 1
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712 East Fifth Street
Exhibit 1