City of Long Beach - File #: 16-0430

• File #: 16-0430
• Version: 2
• Name: EPD/DS - Purchase of 3rd/Pacific D2
• Type: Agenda Item
• Status: Approved
• File created: 5/4/2016
• In control: City Council
• On agenda: 6/14/2016
• Final action: 6/14/2016
• Title: Recommendation to adopt Specifications No. RFP CM15-162 for the purchase and development opportunity at 3rd Street and Pacific Avenue, Assessor Parcel Numbers 7280-016-900, 901, 902, 903, 904 and 905 (Subject Property); Declare the City-owned Subject Property as surplus; Authorize City Manager, or designee, to execute any and all necessary documents, including a Purchase and Sale Agreement with Ensemble Investments, LLC, an Arizona limited liability company, for the sale of the Subject Property in the amount of $6,000,000; and Accept Categorical Exemption CE 16-127. (District 1)
• Sponsors: Economic and Property Development, Development Services
• Indexes: Contracts, Purchase Agreement

Date	Ver.	Action By	Action	Result
6/14/2016	2	City Council	approve recommendation	Pass
5/17/2016	1	City Council	withdrawn

TITLE
Recommendation to adopt Specifications No. RFP CM15-162 for the purchase and development opportunity at 3rd Street and Pacific Avenue, Assessor Parcel Numbers 7280-016-900, 901, 902, 903, 904 and 905 (Subject Property);

Declare the City-owned Subject Property as surplus;

Authorize City Manager, or designee, to execute any and all necessary documents, including a Purchase and Sale Agreement with Ensemble Investments, LLC, an Arizona limited liability company, for the sale of the Subject Property in the amount of $6,000,000; and

Accept Categorical Exemption CE 16-127. (District 1)

DISCUSSION
The City of Long Beach (City) currently owns the Subject Property located at 328-348 Pacific Avenue/125-145 West 3rd Street/124 and 128 4th Street, collectively known as 3rd Street and Pacific Avenue, prominently positioned at the northeast corner of the intersection (Exhibit A). The Subject Property is approximately 52,500 square feet and is developed as a surface parking lot currently utilized for public parking and an employee-only lot for Code Enforcement staff. Formerly owned by the Redevelopment Agency of the City of Long Beach (Agency), the Subject Property was included in the Successor Agency’s Long Range Property Management Plan (LRPMP), which was approved by the State of California Department of Finance (DOF) on March 10, 2015 and amended on June 24, 2015. The Subject Property has been categorized with a permissible use of “Future Development” allowing for the disposition of the Subject Property through a Request for Proposals (RFP) process for development consistent with the vision and intent of the Downtown Long Beach Redevelopment Project Area and its guiding documents. As further required in the LRPMP, the Subject Property has been conveyed to the City and is now a City-owned asset. A portion of the property was acquired through funds from the sale of tax-exempt bonds. A portion of these bonds may need to be redeemed upon conveyance of the proper...