HomeMy WebLinkAbout070306 AA Real Prop and Escrow Inst 720 E. 6th StREQUEST FOR
AGENCY ACTION
AGENCY BOARD MEETING DATE:
JULY 31 2006
TITLE:
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 720 E. SIXTH STREET
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RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
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APPROVED .7'6
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 720 E. Sixth
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 334 -05,
from Rodolfo and Socorro Barrera for the amount of $605,000 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 720 E. Sixth Street,
Santa Ana, and identified as Assessor Parcel Number 398 - 334 -05, from
Rodolfo and Socorro Barrera for the amount of $605,000 plus normal escrow
and closing costs.
By a vote of 5:0:1 (Yanez absent and Jauregui abstained) at its Regular
Meeting of June 20, 2006.
DISCUSSION
The subject property is within the boundaries of the specific plan
currently being prepared for the 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 $605,000 represents the current fair market value for
the property.
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As Recommended
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 720 E. Sixth
Street, Santa Ana, and identified as Assessor Parcel Number 398 - 334 -05,
from Rodolfo and Socorro Barrera for the amount of $605,000 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 720 E. Sixth Street,
Santa Ana, and identified as Assessor Parcel Number 398 - 334 -05, from
Rodolfo and Socorro Barrera for the amount of $605,000 plus normal escrow
and closing costs.
By a vote of 5:0:1 (Yanez absent and Jauregui abstained) at its Regular
Meeting of June 20, 2006.
DISCUSSION
The subject property is within the boundaries of the specific plan
currently being prepared for the 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 $605,000 represents the current fair market value for
the property.
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Agreement for Acquisition of
Real Property and Escrow Instructions
for 720 E. Sixth Street
July 3, 2006
Page 2
The property located at 720 E. Sixth, shown on Exhibit 1, encompasses
6,250 square feet of land and contains a 1,050 square foot single - family
residence. 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).
APPROVED AS TO FUNDS AND ACCOUNTS:
6AStephen G arding Francisco Gutierrez
Executive 'Director Executive Director
Community Redevelopment Agency Finance & Management Services Agency
SGH /SLB /mlr
H: \ACTIONS \2006 CRA \AgreeAcq 720ESixthStreet 7- 3- 06.doc
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4TH ST.
720 East Sixth Street
Exhibit 1
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