HomeMy WebLinkAbout101705 AA Real Prop and Exrow Inst 801 Brown StREQUEST FOR
AGENCY ACTION A-7
Eypcation i4
AGENCY BOARD MEETING DATE:
OCTOBER 17, 2005
TITLE:
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 801 BROWN STREET
Ell /
DIRECTOR EXECUTIVE
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
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APPROVED
As Recommended O
As Amended
❑ Ordinance on 1" 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 801 Brown
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 312 -09,
from Alta Mae Dunn, Trustee of the Dunn Revocable Trust dated October 20,
1987, for the amount of $430,000 plus normal escrow and closing costs.
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 $430,000 for
this property represents the current fair market value.
The subject property, shown on Exhibit 1, encompasses 2,150 square feet
of land and contains one single- family residence totaling 605 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.
• o
Agreement for Acquisition of
Real Property and Escrow
Instructions for 801 Brown Street
October 17, 2005
Page 2
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).
Pat'ricia C. Whitaker
Executive Director
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APPROVED AS TO FUNDS AND ACCOUNTS:
=-
Francisco Gutierrez
Executive Director
Finance & Management Services Agency4,
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