HomeMy WebLinkAbout061906 AA Real Prop Escrow Inst 601 E. 5th St 505-507 Minter 607 E 5th StREQUEST FOR
AGENCY ACTION
AGENCY BOARD MEETING DATE:
JUNE 19, 2006
TITLE:
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 601 E. FIFTH, 505 -507 MINTER
AND 607 E. FIFTH STREET
AGENCY SECRETARY USE ONLY:
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APPROVED 10;p (Slam a,bserf)
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As Recommended
❑
As Amended
❑
Ordinance on 1" Reading
❑
Ordinance on 2nd Reading
❑
Implementing Resolution
❑
Set Public Hearing For
CONTINUED TO
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RECOMMENDED ACTION
1. 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 601 E. Fifth and 505 -507 Minter Street, Santa Ana, and
identified as Assessor Parcel Number 398 - 333 -09, from Loy C. and
Verna R. Corum, as Co- Trustees of the Loy C. Corum and Verna R.
Corum Revocable Living Trust, for the amount of $1,040,000 plus
normal escrow and closing costs.
2. 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 607 E. Fifth, Santa Ana, and identified as Assessor
Parcel Number 398 - 333 -08, from Loy C. and Verna R. Corum, as Co-
Trustees of the Loy C. Corum and Verna R. Corum Revocable Living
Trust, for the amount of $250,000 plus normal escrow and closing
costs.
COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECODMhENDATION
Recommended that the Community Redevelopment Agency:
1. 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 601 E. Fifth and 505 -507 Minter Street, Santa Ana, and
identified as Assessor Parcel Number 398 - 333 -09, from Loy C. and
Verna R. Corum, as Co- Trustees of the Loy C. Corum and Verna R.
Corum Revocable Living Trust, for the amount of $1,040,000 plus
normal escrow and closing costs.
33. — 5
Agreement for Acquisition of
Real Property and Escrow Instructions
for 601 and 607 E. Fifth and 505 -507 Minter
June 19, 2006
Page 2
2. 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 607 E. Fifth, Santa Ana, and identified as Assessor
Parcel Number 398 - 333 -08, from Loy C. and Verna R. Corum, as Co-
Trustees of the Loy C. Corum and Verna R. Corum Revocable Living
Trust, for the amount of $250,000 plus normal escrow and closing
costs.
By a vote of 5:0 (Turner and Yanez absent) at its Regular Meeting of May
16, 2006.
DISCUSSION
The subject properties are 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 properties
recently approached the Agency with an offer to sell the properties. The
purchases price of $1,040,000 (601 E. Fifth and 505 -507 Minter St.) and
$250,000 (607 E. Fifth St.) represent the current fair market value for
the properties.
The property located at 601 E. Fifth and 505 -507 Minter St., shown on
Exhibit 1, encompasses 6,250 square feet of land and contains a 4,658
square foot 4 unit multifamily structure, a 306 square foot single - family
residence and a 1,065 square foot duplex. The property located at 607 E.
Fifth St., also shown on Exhibit 1, is a 6,250 square foot lot with a 720
square foot garage. Development of these properties 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.
3.B. - 6
Agreement for Acquisition of
Real Property and Escrow Instructions
for 601 and 607 E. Fifth and 505 -507 Minter
June 19, 2006
Page 3
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).
APPROVED AS TO FUNDS AND ACCOUNTS:
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tephen Harding Francisco Gutierrez fu/
Executive Director Executive Director
Finance & Management Services Agency
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601 and 607 East Fifth Street
505 -507 Minter Street
Exhibit 1
3.B. -8