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<br />7/23/07 LES <br /> <br />RESOLUTION NO. CRA 2007-004 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA APPROVING THE <br />SALE OF AGENCY OWNED PROPERTY GENERALLY <br />LOCATED IN THE 1300 BLOCK OF SOUTH RITCHEY <br />AVENUE, SANTA ANA, CALIFORNIA; AND AUTHORIZING <br />THE EXECUTIVE DIRECTOR TO EXECUTE DOCUMENTS <br />AS NECESSARY <br /> <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA, AS FOLLOWS: <br /> <br />Section 1: The Board of the Community Redevelopment Agency of the City of <br />Santa Ana hereby finds, determines and declares as follows: <br /> <br />A. The Community Redevelopment Agency of the City of Santa Ana <br />(hereinafter referred to as the "Agency") purchased the property generally <br />located in the 1300 block of South Ritchey Avenue in the 1980's from Santa <br />Fe Railroad for development of the Santa Ana Auto Mall located in the <br />Merged Redevelopment Project Area. <br /> <br />B. Part of that acquisition included a remnant strip of land on the west side of <br />Ritchey Avenue across from the Santa Ana Auto Mall. Martin Investment <br />Company (Buyer) owns several parcels of land adjacent to the Agency <br />owned property. <br /> <br />C. In order to maximize the development of the site, Buyer proposes to <br />purchase the Agency owned parcel (the Remnant Parcel) and incorporate it <br />into their development project. Buyer's project has received Site Plan <br />approval and is currently in plan check for a development consisting of <br />three new industrial buildings totaling 31,900 square feet. There is an <br />existing 24,010 square foot industrial building that will remain on the <br />adjacent site currently owned by Buyer. The project will also include <br />consolidation of the lots by the Buyer. <br /> <br />D. The Remnant Parcel owned by the Agency is zoned M-1 (light industrial) <br />and is consistent with the proposed development. <br /> <br />E. The 22,050 square foot Remnant Parcel has been appraised at <br />$350,000.00 by an independent fee appraiser. The highest and best use of <br />the Remnant Parcel is assemblage to the adjacent southerly parcel owned <br />by Buyer. <br /> <br />F. The Agency has agreed, subject to the approval of the City Council, to sell <br />said Remnant Parcel at its current appraised value, pursuant to the terms and <br />provisions of a Sale Agreement (hereinafter referred to as the "Agreement") <br /> <br />Resolution No. eRA 2007-004 <br />Page 1 of 3 <br />