HomeMy WebLinkAbout101705 AA Real Prop and Escrow Inst 710 E. 6th StREQUEST FOR
AGENCY ACTION
tiducation Ist
AGENCY BOARD MEETING DATE:
OCTOBER 17, 2005
TITLE:
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 710 EAST SIXTH STREET
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EXECUTIVE DIRECTOR
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
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As Recommended 7"0
❑ As Amended
❑ Ordinance on ts` Reading
❑ Ordinance on 2"' 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 710 E. Sixth
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 334 -03,
from Julio and Olga Orozco for the amount of $610,000 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 710 E. Sixth Street,
Santa Ana, and identified as Assessor Parcel Number 398 - 334 -03, from
Julio and Olga Orozco for the amount of $610,000 plus normal escrow and
closing costs.
By a vote of 4:0 (Betancourt absent) at its Regular Meeting of October 4,
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 purchase price of $610,000 for
this property represents the current fair market value.
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Agreement for Acquisition of
Real Property and Escrow Instructions
for 710 East Sixth Street
October 17, 2005
Page 2
The subject property, shown on Exhibit 1, encompasses 6,250 square feet
of land and contains one single - family residence totaling 1,366 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. 507 - 936 -6611, project no. 7095).
Executive Director
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APPROVED AS TO FUNDS AND ACCOUNTS:
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Francisco Gutierrez
Executive Director
Finance & Management Servics Agency
H: \ACTIONS \2005 CRA\ AgreeAcgRealPropandEscrowInstruc 710 East St 10- 17- 05.doc
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A
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EM 710 E. 6th Street
Exhibit 1
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