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<br />I. C - L <br /> <br />Fiscal Impact <br />The Agency expects to receive a minimum of $670,000 in sales proceeds that can be <br />used to assist in the Agency acquisition and development of the Bradford Street site for <br />the development of senior housing and childcare or for another affordable housing <br />project. <br /> <br />Alternatives <br />The alternative is for the Agency not to sell the Property. However, the property has <br />been repeatedly vandalized which results in depreciation of an Agency asset and <br />creates a blighted condition in the neighborhood. Additionally, the Agency is not <br />legally permitted to manage any property on a long term basis. <br /> <br />Conclusion <br />Staff recommends that the Agency Board approve the sale of 561-563 Douglas Avenue <br />for not less than fair market value pursuant to covenants, terms, and conditions <br />specified by California redevelopment law. <br /> <br /> <br />/' <br /> <br />~ <br /> <br />.J~~g <br /> <br />- . ~usån Moeller <br />Redevelopment Manager <br /> <br /> <br />J Patterson <br />ommunity Development <br />Services Director <br /> <br />//~~ // / <br />(4 ~~ii1- <br /> <br /> <br />--' <br />Ed Everett <br />City Manager <br /> <br />Redevelopmentsharedl2005 Staff ReportslO2-2005lDouglas Avenue Sale <br /> <br />2of2 <br />