HomeMy WebLinkAbout062005 AA Real Prop Escrow Inst-711 E. 6th StREQUEST FOR
AGENCY ACTION
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AGENCY BOARD MEETING DATE: AGENCY SECRETARY USE ONLY:
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JUNE 20, 2005 2✓d chri s
TITLE: APPROVED
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 711 E. SIXTH STREET
JaLEX UTIVE DIRECTOR
RECOMMENDED ACTION
As Recommended
As Amended
❑ Ordinance on 1s` 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 711 East Sixth
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 311 -10,
from Juan Zanudo and Gloria C. Zanudo for the amount of $400,000 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 711 East Sixth
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 311 -10,
from Juan Zanudo and Gloria C. Zanudo for the amount of $400,000 plus
normal escrow and closing costs.
By a vote of 5:0 (Robles, Sarmiento absent) at its Regular Meeting of
June 7, 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
recently approached the Agency with an offer to sell the property. The
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Agreement for Acquisition of
Real Property and Escrow Instructions
for 711 E. Sixth Street
June 20, 2005
Page 2
purchase price of $400,000 for this property represents the current fair
market value.
The subject property, shown on Exhibit 1, encompasses 3,410 square feet
of land and contains one single - family residence totaling 823 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. If applicable and as required by State Redevelopment
Law for the affordable units, the ultimate affordability will not exceed
120 percent of the area median income.
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:
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77// PLPatricia Whitaker Francisco Gutierrez w
Executive irector Executive Director
Finance & Management Services Agency
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SIXTH STREET
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711 East Sixth Street
Exhibit 1
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