HomeMy WebLinkAbout071805 AA Real Prop Escrow Inst 610 612 621 E. 5th St-508 510 N. PorterREQUEST FOR
AGENCY ACTION A-7
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AGENCY BOARD MEETING DATE:
JULY 18, 2005
TITLE:
AGREEMENTS FOR ACQUISITION OF
REAL PROPERTY AND ESCROW
INSTRUCTIONS FOR 610 AND 612 E.
FIFTH STREET, AND 621 E. FIFTH,
508 & 510 N. PORTER
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EXECUTIVE DIRECTOR
RECOMMENDED ACTION
AGENCY SECRETARY USE ONLY:
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Agreement for Acquisition of Real Property
and Escrow Instructions for 610 -612 E. Fifth Street
and 621 E. Fifth, 508 & 510 N. Porter
July 18, 2005
Page 2
encompasses 6,250 square feet of land and contains three residential
units. 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. If applicable and as required by State Redevelopment
Law for the affordable units, the ultimate affordability will not exceed
120 percent of the area median income.
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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Patricia C. Whitaker
Executive Director
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APPROVED AS TO FUNDS AND ACCOUNTS:
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Francisco Gutierrez
Executive Director
Finance & Management Services Agency
H: \ACTIONS \2005 CRA\ AgreeACgRealPropandESCrowInstruc - De Groot Properties 7- 18- 05.doc
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® 610 & 612 East Fifth Street
� 621 East Fifth Street & 508 & 510 North Porter
Exhibit 1
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