AGENDA ITEM NO: LC@?-1.d.
CLOVIS COMMUNITY DEVELOPMENT AGENCY
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
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.
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
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
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
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
1504 Fourth 8/28/2009 1154 AM Page 2 of 2
1604 4TH ST
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@ Map Location
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County: Fresno MLS Area: 811
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1504 FOURTH STREET