TITLE
Recommendation to adopt resolution authorizing the Long Beach Redevelopment Agency to sell or lease small housing projects
pursuant to California Heath and Safety Code Section 33433(c).
(All Redevelopment Project Areas) (Citywide)
DISCUSSION
On July 8, 2002, the Redevelopment Agency (Agency) authorized the purchase of a 4-unit residential building at 3361 Andy Street, commonly known as Assessor Parcel Number 7121-009-900 (Exhibit A - Site Map) for $350,000 plus closing costs. Since 2002, Community Development staff has worked with property owners of the 23 other residential buildings to explore formation of a property owner's association. It was hoped that such an association would provide a tool for dealing with the crime and other blighting influences plaguing the neighborhood.
On June 5, 2007, the property owners along Andy Street voted to approve the formation of Andy Street Multi-Family Improvement District (AMID). Under Multi-Family Improvement District Law (as referenced in Section 36701 of the California Streets and Highways Code) Andy Street property and business owners will assess themselves for supplemental activities described in the AMID management plan, including: security patrol, marketing, managerial services, cleaning services, parking facilities, pedestrian benches and shelters, signs, entry monuments, trash receptacles, street lighting, street decorations, parks, fountains, planting areas and street modifications. Staff is confident formation of the AMID will go a long way towards stabilizing this neighborhood because business and property owners will have a vested interest to continue working in collaboration with the City.
Agency and Long Beach Housing Development Company (LBHDC) staff recently concluded negotiations for the transfer of 3361 Andy Street from the Agency to the LBHDC for a fair reuse price of $500,000. This fair reuse price reflects a reduction in
fair market value as a result of lower rental revenues due to low a...
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