HomeMy WebLinkAbout020606 AA Real Prop and Escrow Inst 511 E. 5th StREQUEST FOR
AGENCY ACTION
AGENCY BOARD MEETING DATE:
FEBRUARY 6, 2006
TITLE:
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 511 EAST FIFTH STREET
EXECUTIVE DIRECTOR
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
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APPROVED
As Recommended Q
As Amended
❑ Ordinance on I" Reading
❑ Ordinance on 2nd 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 511 East Fifth
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 332 -07,
from Trung Van Ta and Holly Diep Le for the amount of $300,000 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 511 East Fifth
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 332 -07,
from Trung Van Ta and Holly Diep Le for the amount of $300,000 plus
normal escrow and closing costs.
By a vote of 6:0 (Turner absent) at its Regular Meeting of January 17,
2006.
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 (Exhibit 1). The purchase price of
$300,000 for this property represents the current fair market value.
4 -1
Agreement for Acquisition
Real Property and Escrow
Instructions for 511 East
February 6, 2006
Page 2
of
5th Street
The subject property, shown on Exhibit 2, encompasses 6,250 square feet
of vacant land. There are no building improvements on the property.
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).
c,
Patricia C. Whitaker
Executive Director
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APPROVED AS TO FUNDS AND ACCOUNTS:
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Francisco Gutierrez
Executive Director `4✓
Finance & Management Services Agency
H: \ACTIONS \2006 CRA\ AgreeAcgRealPropandEscrowInstruc 511 E 5th St 2- 6- 06.doc
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Exhibit 1
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511 East Fifth Street
Exhibit 2
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