TITLE
Recommendation to receive supporting documentation into the record, conclude the public hearing, and adopt resolution making certain findings for a Disposition and Development Agreement with Tierra Concepts, Inc. and the Long Beach Redevelopment Agency for development of residential property at 226 West 10th Street. (District 1)
DISCUSSION
The Long Beach Redevelopment Agency (Agency) staff has concluded the negotiation of a Disposition and Development Agreement (Agreement) with Tierra Concepts, Inc., (Developer) for the sale and development of Agency-owned property located at 226 West 10th Street (Property), Assessor Parcel Number 7272-012-900 (Exhibit A - Site Map). The site is located in the Central Long Beach Redevelopment Project Area (Project Area).
The Agency acquired a historic home originally located at 227 Daisy Avenue as part of land assemblage efforts for the West Gateway Project site. Pursuant to one of the goals of the Willmore District Implementation Plan, the Agency acquired a vacant replacement site in the Willmore City Historic District and relocated the historic structure to the new location.
The Agreement proposes renovation and restoration of the interior and exterior of the Property in a historically appropriate manner. The renovations will be consistent with the architectural style of the existing contributing properties in the surrounding neighborhood.
The Agreement includes the following major provisions:
· Under the terms of the Agreement, the Developer will pay the Agency $17.73 per square foot, or $35,000, as compensation for the approximately 1,97 4-square-foot residential structure.
· The Developer has provided evidence of financing for the development of the Property. The Developer must secure a Certificate of Completion within 12 months of the date of the Agreement.
· An Agreement Containing Covenants will be recorded at closing. This document will prohibit certain uses, describe maintenance responsibilities and level...
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