Item 10 - Recieve and File the Washington Park Feasibility Study

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City of Santa Ana Washington Square Park Feasibility Study July 2025 comparison to the two (2) comparable sales in the City are larger. Additionally, the Dantes and Hayden Trust properties are located in a neighborhood that is considered to be more desirable with superior property values compared to the neighborhoods for the two (2) comparable land sales in the City. The estimated value for the Dantes and Hayden Trust properties would be $81.60 per square foot, and that would then be applied to the lot size for each of these four (4) Dantes and Hayden Trust properties, as follows: Vacant Residential Single Family Land Dantes- Subject Property 1 Dantes- Subject Dantes- Subject Hayden Trust Subject Most Com arable Comparable Sale Propert 2 Address None Assigned 1501 N Lowell None Assigned None Assigned 527 N Fairlawn 5325 W Silver Assessor Parcel No. 405-321-08 405-321-09 405-321-13 405-321-14 007-051-43 099-212-57 Zoning R-1 R-1 R-1 R-1 R-1 R-1 Land Use Vacant Unimproved Vacant Unimproved Vacant Unimproved Vacant Unimproved Vacant Unimproved Vacant Unimproved Lot Square Feet 16,337 9,600 17,775 18,090 6,093 16,803 Lot Acres 0.375 0.22 0.41 0.42 0.14 0.39 Last Sales Date 2/27/2025 5/14/2025 Last Sales Price $452,000 $1,000,000 Last Sales Price Per Square Foot $74.18 $59.51 Estimated Value * $1,333,129 $783,378 $1,450,473 $1,476,177 * - Value of $81.60 per square foot is a 101% increase applied to the most comparable sale price per square foot of $74.18. Additional Expenses - Relocation The City is unaware if there are currently any residential tenants at 1501 N. Lowell or if there will be in the future. In the Redfin listing there is no mention of residential tenants in the single-family house included in the listing. If a tenant were to be occupying 1501 N. Lowell at the time that acquisition is considered the following provides a summary of potential relocation benefits: Information about available replacement housing units. Help in identifying and obtaining suitable, comparable housing. Explanation of relocation rights and benefits. Rental Assistance for Replacement Housing - If the rent at a comparable replacement unit is higher than what the tenant pays at 1501 N. Lowell, the tenant is eligible for a rent differential payment, calculated over a 42-month period. For example: If the new rent is $200/month more than the old rent, the tenant may receive up to $8,400 (200 x 42), subject to certain limits. Additional rental assistance may cover security deposits, utility hookup fees, or credit checks required at the Page 8