TITLE
Recommendation to receive supporting documentation into the record, conclude the public hearing, and consider an amendment to a proposed property sale that promotes an economic opportunity pursuant to California Government Code, Section 52201(a)(1);
Adopt resolution approving the sale of property and finding that the sale will create an economic opportunity; and
Authorize City Manager, or designee, to execute any and all documents necessary to amend the requirements of a Purchase and Sale Agreement, with Atlantic and Artesia, LLC, a California limited liability company, an affiliate of Frontier Real Estate Investments, LLC, a California limited liability company, or affiliate (Buyer/Developer), reducing the purchase price from $2,100,000 to $1,100,000, for 601-685 East Artesia Boulevard/6600-6620 Atlantic Avenue, Assessor Parcel Numbers 7115-003-901, -902, -903, -904, -905, -906, and -907 (Subject Property). (District 9)
DISCUSSION
On August 2, 2016, the City Council approved the sale of the Subject Property located at 601-685 East Artesia Boulevard/6600-6620 Atlantic Avenue (Attachment A). The Subject Property is approximately 93,230 square feet and is assembled into a full block of vacant land. 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 North Long Beach Redevelopment Plan 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.
Through the RFP proces...
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