HomeMy WebLinkAbout061906 AA Real Prop Escrow Inst 602-604 E. 6th St - 511-517 Minter StREQUEST FOR
AGENCY ACTION
AGENCY BOARD MEETING DATE:
JUNE 19, 2006
TITLE:
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 602 -604 E. SIXTH AND 511 -517
MINTER STREET
±±XE UTIVE DIRECTOR
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
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APPROVED (0.05ofor%6 Ctbsev -.i"
As Recommended
❑ As Amended
❑ Ordinance on 1s' 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 602 -604 E.
Sixth and 511 -517 Minter Street, Santa Ana, and identified as Assessor
Parcel Number 398 - 333 -01, from David J. Miraffati for the amount of
$1,050,000 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 602 -604 E. Sixth and
511 -517 Minter Street, Santa Ana, and identified as Assessor Parcel
Number 398- 333 -01, from David J. Miraffati for the amount of $1,050,000
plus normal escrow and closing costs.
By a vote of 4:0:1 (Turner and Yanez absent; Sarmiento abstained) at its
Regular Meeting of May 16, 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. The owner of the subject property
recently approached the Agency with an offer to sell the property. The
purchase price of $1,050,000 represents the current fair market value for
this property.
3.A. -1
Agreement for
Real Property
for 602 -604 E
June 19, 2006
Page 2
Acquisition of
and Escrow Instructions
Sixth and 511 -517 Minter
The subject parcel, shown on Exhibit 1, encompasses 6,250 square feet of
land and contains a 1,482 square foot duplex and a 1,900 square foot 4-
unit multi - family building. 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).
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Executi Director
SGH /SLB /mlr
APPROVED AS TO FUNDS AND ACCOUNTS:
eFrancisco Gutierrez FO
Executive Director
Finance & Management Services Agency
H: \ACTIONS \2006 CRA \AgreeAcq 602- 604ESixthand 511- 517Minter 6- 19- 06.doc
3.A. -2
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602 -604 East Sixth Street
511 -517 Minter Street
Exhibit 1
3.A. - 3
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3.A. - 4