MEMORANDUM by sio10796

VIEWS: 17 PAGES: 4

More Info
									                                                            AGENDA ITEM NO: LC@?-1.d.

                                                             Executive Direct




       CLOVIS COMMUNITY DEVELOPMENT AGENCY


                           MEMORANDUM
TO:           Chair and Board of Directors

FROM:         Clovis Community Development Agency

DATE:         September 8, 2009

SUBJECT:      Approval -Authorize acquisition of 1504 Fourth Street for $59,900 for the
              development of affordable housing.

ATTACHMENTS:        (A) Property Listing
                    (B) Location Map


CONFLICT OF INTEREST

None

RECOMMENDATION

I . Authorize the purchase of 1504 Fourth Street for $59,900 plus escrow costs

2. Authorize the City Manager to execute escrow documents needed for the purchase.

3. Authorize disbursement of funds to close escrow.

EXECUTIVE SUMMARY

The property located at 1504 Fourth Street is listed for sale through the Guarantee Real
Estate brokerage for a price of $59,900. The purchase of the property would provide a
site for University HOPE to construct a home for the first-time home buyer project.




1504 Fourth                     8/28/2009 11:54 AM                     Page 1 of 2
                                                                           CCDA Report
                                                                             1504 Fourth
                                                                       September 8,2009

BACKGROUND

The City has been interested in obtaining lots suitable for affordable housing
development for some time in the Stanford Addition. The subject property was listed
through a broker and staff conducted due diligence to determine if the property would
be a good fit for the Affordable Housing Program.     The purchase price is $59,900
based on the asking price and an appraisal by James Palmer and Associates. If staff
recommendation is approved, this property, located at the southeast comer of Fourth
and Purdue Avenues, would be used for construction of a home by University HOPE.
Once constructed, the home would be sold through the City's first-time homebuyer
program.


FISCAL IMPACT

The Agency would purchase the property for $59,900 plus escrow costs. Funds are
budgeted in the 2009-10 housing budget.


REASON FOR RECOMMENDATION

The listing of the property provides the opportunity for the Agency to purchase property
for the first-time home buyer program from a willing seller. The purchase of this
property would provide a lot for University HOPE to build on during the 2009-10 school
year.


ACTIONS FOLLOWING APPROVAL

1. City Manager will execute documents necessary to complete the transaction.

2. Staff will disburse funds.



Prepared by:         Andy Haussler, Housing Program Manager

Submitted by:        Tina Sumner, Interim Community and Economic Develo
                     Director




1504 Fourth                     8/28/2009 1154 AM                       Page 2 of 2
                                                                                         1604 4TH ST
                  .,           . - ,<    .4;. ; .....
                                              .                                          CLOVIS, CA 93611
                                ..,       ..   . ,
                                ..        .. .
                                            .                                            $69,900
                           ,
                                           .. :,
                                      . . i!
      ...
                                                                                         0.16 Acres
              .                NO proper&
                                    .
                                      ...
                                         :.
                                                                                         7.000 R?
          .            .        .           .,                          . .

  ,   I                  ~
              ,~hbt&-~&i]. bl~      . . .
                                                                  ,   . ,;
                                                                        I'
                                                                                         Listings 338032




                                                                              I
Great Clovis comer lot with City water, s e w and unUlites ready to be bulld on.


                       Save This Promrlv                    @    Printable Verrlon                    Email Tlis Properlv

          @ Map Location
           ,                                                Mortqaqe Calculator                    School: Elem I Mld I Hkah



Location Information
County:    Fresno                                                             MLS Area: 811
Cross              ' ~ l ~ u l l aWd~ u n ~ s i d e
                                  r                                           Directions: c o m e r of 4th & Purdue
Street:            '



lnterlor Features
Accessibility Clly Streets

Exterior Features
Water/      Public Water, Public Sewer                                  Gas And                Public Utllltles
Sewer
                                                                                                                        ...       ...
                                                                                                                                   ....
Has Golf                                                                                                          .     . .   ,   .:-.
Course:                                                                                                           i .   . . > i

Lot Size in
Aces                                                                    Ft
Poss o e Res.dentia1                                                    Improvements Storm Drain. Street Llghts,
Best Use                                                                             Sidewalks. C u M G u t t e r s

Additional Information
Properly LL                                                                   Property Single Famlly
Type:                                                                         SubType:
          .                                                              ., .     .
                                                                                  ....
                                                                                      -  . .        . . .... .    . .
APN:      :49117301 . : . . . .                         .    ,                      ,                       /

                                                                                                                         ..
1504 FOURTH STREET

								
To top