HomeMy WebLinkAbout010306 AA Real Prop Escrow inst 606 E. 5th StREQUEST FOR
AGENCY ACTION
Ed�ation 1st
AGENCY BOARD MEETING DATE: AGENCY SECRETARY USE ONLY:
JANUARY 3, 2006
TITLE: APPROVED
AGREEMENT FOR ACQUISITION OF REAL
PROPERTY AND ESCROW INSTRUCTIONS
FOR 606 EAST FIFTH STREET
RECOMMENDED ACTION
❑ As Recommended
❑ As Amended
❑ Ordinance on 1" Reading
❑ Ordinance on 2n' 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 606 East Fifth
Street, Santa Ana, and identified as Assessor Parcel Number 398- 338 -02,
from Susan Hubbard for the amount of $1,125,000 plus normal escrow and
closing costs.
DISCUSSION
The subject property is within the boundaries of the specific plan
currently being prepared for development of a new residential
neighborhood in the area bounded by French Street, Civic Center Drive,
Santiago Street and Third Street (Exhibit 1). The purchase price of
$1,125,000 for this property represents the current fair market value.
The subject property, shown on Exhibit 2, encompasses 6,250 square feet
of land and contains one 4 -plex residence totaling 3,016 square feet in
size. 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.
This action was placed on the December 20, 2005, agenda for
recommendation by the Community Redevelopment and Housing Commission. No
action was taken due to a lack of quorum.
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Agreement for Acquisition of
Real Property and Escrow
Instructions for 606 East 5th Street
January 3, 2006
Page 2
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).
WJW6
Patricia C. Whitaker
Executive Director
PCW /JL /mlr
APPROVED AS TO FUNDS AND ACCOUNTS:
rancisco Gutierrez
Executive Director
Finance & Management Services Agency
H: \ACTIONS \2006 CRA\ AgreeAcgRealPropandESCrowInstruc 606 E 5th St 1- 3- 06.doc
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A
S�l
SANTA ANA BOULEVARD
SPECIFIC PLAN
® Agency Owned Properties
Exhibit 1
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EM 606 E. Fifth Street
Exhibit 2
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