Purchase and Sales Agreement for 403 East Romie
Lane
February 28, 2023
HOUSING AND LAND USE COMMITTEE
• Critical need for more affordable housing
• $7 Million Appropriated (ARPA) for Affordable Housing • 30% of Salinas’s households are “cost burdened”
Property Characteristics
Duplex – 403 E Romie Lane, 93901
Built in 2020
3 Bed, 2.5 Bath (Per Unit)
2 Car Garage (Per Unit)
Upstairs Loft/Laundry Room
Lot Size: 7,050 Square Feet
Primary Square Feet: 1,643 per unit.
Purchase and
Sales
Agreement
Terms
List Price $1,550,000
Purchase Price $1,450,000
Close of Escrow: May 1, 2023
Rental Plan
•Housing Division Next Steps
• Initiate a “Rental Plan”
• RFP for Property Manager to:
• Lease up
• Oversee Maintenance
• Provide Tenant Support
A motion to approve a Resolution authorizing the Mayor to execute a Purchase and Sales Agreement in the amount of $1.45 million for a Duplex at 403 East RomieLane utilizing the American Rescue Plan Act funding for the purchase.
Recommended Motion