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Acquisition Agreement and <br />Escrow Instructions <br />June 1, 2009 <br />Page 2 <br />and 604 Lacy (Exhibits 1, 2, 3) will be sold to the Community <br />Redevelopment Agency. Pursuant to Section 2 -709 of the Santa Ana <br />Municipal Code, the standard provisions regarding the sale of surplus <br />real property by the City do not apply to any sale of such property made <br />to any political subdivision, such as the Redevelopment Agency. The <br />properties are all currently vacant land and are being sold to the <br />Agency for the appraised fair market value. <br />The Community Redevelopment Agency will utilize these properties for the <br />development of low- and moderate - income housing in accordance with <br />California Redevelopment Law. Development of these properties will <br />assist the City and Agency to meet their affordable housing goals as <br />identified in the Consolidated Plan, Redevelopment Implementation Plan <br />and Housing Element. <br />ENVIRONMENTAL COMPLIANCE <br />In accordance with the California Environmental Quality Act, this <br />project is exempt from further review. Categorical Exemption ER No. <br />2009 -53 will be filed for this project. <br />FISCAL IMPACT <br />Funds to purchase the properties are available in the Low and Moderate <br />Income Housing Fund, Infill New Construction account, Santa Ana <br />Boulevard Development account (no. 507 - 936- 6611). Proceeds from the <br />sale of the property to the Community Redevelopment Agency in the amount <br />of $2,358,000 will be deposited in the General Fund revenue account (no. <br />011 -01- 5721). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />elly andry -B le Francisco Gutierrez <br />Housing Manager Executive Director <br />Community Development Agency Finance & Management Services Agency <br />CJN /SLB /tg <br />