TITLE
Recommendation to declare the property located at 213 East Broadway, formerly known as Edison Theatre, Assessor Parcel Number 7280-019-905 (Subject Property) as surplus; authorize City Manager, or designee, to execute any and all documents, including the Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate with Temple Creative Realty, LLC (Buyer), for the sale of the Subject Property in the amount of $268,000; and accept Categorical Exemption CE 16-069. (District 2)
DISCUSSION
The City of Long Beach, as Successor Agency to the Redevelopment Agency of the City of Long Beach (Successor Agency), currently owns the property located at 213 East Broadway (Subject Property) (Exhibit A). The Subject Property is approximately 4,100 square feet, improved with a two-story, 4,954-square-foot commercial building, currently leased to Intertrend Communications, Inc., an affiliate of the Buyer, for creative office and community event space. The Subject Property is included in the Successor Agency's Long Range Property Management Plan (LRPMP), which was approved by the State of California Department of Finance on March 10, 2015 and amended on June 24, 2015. The Subject Property has been categorized with a permissible use of "Sale of Property" allowing for the Subject Property to be sold and proceeds distributed as property tax to the local taxing agencies.
The City and the former Redevelopment Agency (Agency) of the City of Long Beach were in pre-existing and near-final discussions with the Buyer for the purchase of the Subject Property at the time of the Agency's dissolution. Upon approval of the LRPMP, staff restarted negotiations with the Buyer through its broker, Lee and Associates, who worked with the Buyer to present an offer for the purchase of the Subject Property for $268,000, the fair market value of the Subject Property as determined by an independent appraisal after deductions of needed capital improvements funded and completed by th...
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