TITLE
Recommendation to receive supporting documentation into the record, conclude the hearing, find that the consideration for the conveyance of certain real property in the Central Long Beach Redevelopment Project Area is not less than fair market value in accordance with covenants and conditions governing such conveyance; and adopt resolution approving the proposed quitclaim between the Redevelopment Agency of the City of Long Beach, California, and The Long Beach Housing Development Company. (District 6)
DISCUSSION
On September 23, 2002, the Long Beach Redevelopment Agency (Agency) agreed to acquire properties on the west side of Atlantic Avenue between 20th and Hill Streets on behalf of The Long Beach Housing Development Company (LBHDC). A map of the site and photographs (Exhibit A) and a list of the subject properties (Exhibit B) are included. A Memorandum of Agreement (MOA) was prepared by the City Attorney's Office and executed by the Executive Director of the Agency and the President of the LBHDC. The MOA specified that the LBHDC would advance all costs and expenses incurred from these transactions to the Agency, the Agency would acquire the properties and relocate the tenants, and then relinquish its ownership of the properties to the LBHDC after the acquisition process was completed.
On March 17,2004, the LBHDC adopted the Atlantic Avenue Master Plan. The Master Plan contains specific development guidelines for the development of affordable housing on the west side of Atlantic Avenue between 20th and Hill Streets. The plan contemplates the development of attached for-sale housing for moderate-income households. On May 18, 2005, the LBHDC Board authorized staff to release a Request for Qualifications (RFQ) to identify interested developers. Brookfield Homes was selected by the LBHDC through a competitive selection process that included the review of qualifications from nine developers.
The acquisition process has now been completed for a total cos...
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