TITLE
Recommendation to receive supporting documentation into the record; conclude the hearing; adopt a resolution making certain findings; and approve and authorize the Executive Director of the Redevelopment Agency of the City of Long Beach to execute a Disposition and Development Agreement with Smith-Co Construction, Inc. (District 1)
DISCUSSION
Redevelopment Agency (Agency) staff has concluded the negotiation of a Disposition and Development Agreement (Agreement) with Smith-Co Construction, Incorporated (Developer) for the sale and development of Agency-owned property located at the northwest corner of Hayes Avenue and 14th Street (Site), consisting of three lots with Assessor Parcel Numbers 7429-018-904,906 and 907 (Exhibit A - Site Map). The Site
is located in the West Long Beach Industrial Redevelopment Project Area (Project Area). The Agreement was approved by the Redevelopment Agency Board at a public hearing on August 22,2005. Smith-Co Construction, Inc. is a California State Licensed Contractor that has been in business since 1990. They currently lease office space in Long Beach and wish to transition from being a tenant to property owner in the Project Area. The Developer proposes.to construct a new 6,100 square foot office and warehouse facility. The development will create four new permanent Jobs in the Project Area. The DDA includes the following major provisions:
Under the terms of the Agreement, the Developer will pay the Agency $1 5.00 per square foot for the 9,587 square foot Site. The total sale price for the property is $143,805. The Developer will utilize the Site in accordance with the West Long Beach Industrial Redevelopment Plan and all applicable City codes and regulations, including providing appropriate landscaping, screening and parking. An Agreement Containing Covenants will be recorded at closing. This document will prohibit certain uses, describe maintenance responsibilities and levels of maintenance, and require that any futur...
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