TITLE
Recommendation to receive supporting documentation into the record, conclude the public hearing regarding an economic subsidy in connection with a Transient Occupancy Tax Sharing Agreement with American Life, Inc., pursuant to California Government Code Section 53083;
Adopt Specifications No. RFP CM15-163 for the purchase and development opportunity at 100 East Ocean Boulevard, Assessor Parcel Number 7278-007-928 (Subject Property);
Declare the City-owned Subject Property as surplus;
Authorize City Manager, or designee, to execute any and all documents necessary, including a Purchase and Sale Agreement and Transient Occupancy Tax Sharing Agreement, with American Life, Inc., a California corporation, or assignee, for the sale of the Subject Property in the amount of $7,000,000, for the development of a mixed-use hotel and business center; and
Accept Categorical Exemption CE 16-070. (District 2)
DISCUSSION
The City of Long Beach (City) currently owns the Subject Property located at 100 East Ocean Boulevard (Exhibit A). The Subject Property is approximately 35,510 square feet and is improved with a public parking lot that has largely been utilized by visitors to the Pike at Rainbow Harbor and the Long Beach Convention and Entertainment Center. 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 i...
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