TITLE
Recommendation to authorize City Manager to execute an agreement and related documents, with 6th & Pine Development, LLC, a California Limited Liability Company, for use of up to 500 parking spaces within lots or structures located within the City of Long Beach for a term of twelve years. (Citywide)
DISCUSSION
6th & Pine Development, LLC, (Licensee) is the owner of the former Press-Telegram building (Site) at 6th Street and Pine Avenue in downtown Long Beach. Licensee has met with City staff and advised that they are considering a lease of the Site to a health care provider, which lease has the potential to generate up to 900 local jobs. Licensee does not have sufficient space on Site to provide code-required parking and anticipates a shortfall of up to 500 parking spaces. Licensee has approached City staff for assistance in addressing the parking shortfall. City staff believes that the proposed lease would have a significant positive impact to the downtown area and improve the economic health of the City.
City staff have identified a number of locations in the City that, either singularly or in aggregate, can accommodate the parking shortfall. Multiple locations have been tentatively identified, providing the City with maximum flexibility to assign parking in a manner that minimizes neighborhood impacts and allows prudent development of vacant land. These initial locations include, but are not limited to the following:
· 3621 Kilroy Airport Way
· 3660 Kilroy Airport Way
· The Broadway Block bounded by Long Beach Boulevard to Elm Avenue and Broadway to 3rd Street
· The Pike employee lot
· 140 East 7th Street
City staff has negotiated the following basic terms and conditions of an Agreement:
· Licensor: The City of Long Beach
· Licensee: 6th & Pine Development, LLC
· Premises: One or more surface lots or parking structures within the City of Long Beach, which total in aggregate a minimum of 500 parking spaces. The Premises will be available Monday...
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