HomeMy WebLinkAbout040306 AA Real Prop Escrow Inst 542 E. Central AveREQUEST FOR
AGENCY ACTION A-7-
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AGENCY BOARD MEETING DATE: AGENCY SECRETARY USE ONLY:
APRIL ►' 3, 2006 otion '. chrrs+y
2Nd ' d1c rc1A
TITLE: APPROVED
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 542 EAST CENTRAL AVENUE
EXECUTIVE DIRECTOR
RECOMMENDED ACTION
X As Recommended Vo
❑ As Amended
❑ Ordinance on 1s' 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 542 East
Central Avenue, Santa Ana, AP# 016 - 082 -48, from the Delhi
Organization /Delhi Center, a California Corporation, for the amount of
$400,000 plus normal escrow and closing costs.
The Community Redevelopment Agency must meet both inclusionary and
replacement housing obligations that arise from developments within its
project area and from its own activities throughout the City. However,
there are very few vacant residential sites available within the City on
which to develop housing. Since the City is built out, the Agency is
constantly looking for available residential property. Therefore, it is
essential to purchase infill residential properties as they become
available in order to produce additional housing. The purchase price of
$400,000 for this property represents the current fair market value for
this parcel.
The subject property, shown on Exhibit 1, encompasses 10,350 square feet
of land and is currently vacant. 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.
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Agreement for Acquisition of
Real Property and Escrow Instructions
for 542 East Central Avenue
April 3, 2006
Page 2
FISCAL IMPACT
Funds are available in the Housing Set -Aside Fund, Central Avenue
Acquisition account (account no. 507 - 936 -6611, project no. 06- 7213).
APPROVED AS TO FUNDS AND ACCOUNTS:
Pa acia 4wh�iak4 Francisco Gutierrez fu�
Executive Director Executive Director
Finance & Management Services Agency
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H: \ACTIONS \2006 CRA \AgreeAcgRealPropEscrowInstruc 542 E. Central 4- 3- 06.doc
4 -2
WARNER AVENUE
E
542 East Central Avenue
Exhibit 1
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