TITLE
Recommendation to authorize City Manager to execute a Purchase and Sale Agreement and all documents necessary with the Redevelopment Agency of the City of Long Beach for the purchase of a 1.83-acre section of the former Pacific Electric right-of-way extending from Martin Luther King Jr. Avenue to Lemon Avenue for the Pacific Electric Right-of-Way Bike Trail Project at a cost of $1,200,000. (District 6)
DISCUSSION
On April 7, 2008, the Redevelopment Agency of the City of Long Beach (Agency) authorized the purchase of 2.76 acres of property at 2300 Martin Luther King Jr. Avenue for a total purchase price of $4,200,000. Of the 2.76 acres purchased by the Agency, 1.83 acres is comprised of the former Pacific Electric Right-of-Way (PE ROW) extending from Martin Luther King Jr. Avenue to Lemon Avenue (Subject Property) (Exhibit "A"). The Subject Property will be included in the development of the Pacific Electric Right-of-Way Bike Trail Project (Bike Trail Project), which includes developing sections of the former PE ROW with bicycle and pedestrian trails from the Willow Street Blue Line Station to Long Beach Community College and Chittick Field. The development of the remaining .93 acres will be passive recreation with benches, picnic tables, pedestrian trails and southern California native landscaping.
The Agency, acting as the City's agent, purchased the property in order to expedite the acquisition, utilizing 2006 Open Space Bond Funds until such time the City could secure authority to expend grant funding that had been awarded to the Bike Trail Project. Once the authority to expend grant funding had been received, the City was a) to enter an agreement with the Agency to purchase the property from the Agency, b) to obtain fee title to the Subject Property and c) to reimburse the 2006 Open Space Bond Funds for the amount of the grant funding.
The City was awarded $2,374,500 from the Metropolitan Transportation Authority (MT A) through the MT A's call for ...
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