REQUEST FOR CITY COUNCIL/HOUSING AUTHORITY ACTION
SUBMITTED TO: Honorable Mayor/Chair, and City Council/Board Members
SUBMITTED BY: Oliver Chi, City Manager/Executive Director
PREPARED BY: Ursula Luna-Reynosa, Director of Community Development
Subject:
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Authorize and direct the City Manager/Executive Director to execute a Purchase and Sale Agreement, in a form approved by the City Attorney, for acquisition of real property located at 17631 Cameron Lane by and between the City of Huntington Beach and Shigeru Yamada, Trustee of the Shigeru Yamada Living Trust, and Mitsuru Yamada, Trustee of the Mitsuru Yamada Living Trust; Authorize and direct the City Manager to execute an Option Agreement, in a form approved by the City Attorney, to acquire real property located 17642 Beach Blvd. by and between the City of Huntington Beach and Shigeru Yamada, Trustee of the Shigeru Yamada Living Trust, and Mitsuru Yamada, Trustee of the Mitsuru Yamada Living Trust; and approve allocation of funds necessary to complete the transaction to acquire the property located at 17631 Cameron Lane
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Statement of Issue:
The City Council/ Housing Authority is asked to authorize the acquisition of real property commonly referred to as 17631 Cameron Lane (the "Property") utilizing restricted funds for the purpose of affordable housing and authorize an option to acquire the adjacent property located at 17642 Beach Blvd. (the "Option Property") for future acquisition for the same purpose.
Financial Impact:
The total acquisition costs for the Property are estimated to be $3,159,550 consisting of the following: $3,077,010 (purchase price), $61,540 (broker commission); $8,000 (due diligence studies) and $13,000 (closing costs) (collectively, the "Acquisition Costs").
The Acquisition Costs are proposed to be funded through the City's restricted Low-Moderate Income Housing Asset Fund (Fund 352) (the "LMIHAF"). The LMIHAF represents the former Redevelopment Agency's (the "Successor A...
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