TITLE
Adopt resolution making certain findings regarding the payment of debt service for the construction of certain public improvements at the CityPlace Parking Structures (A, B, and C) with funds from the Downtown Redevelopment Project Area; and
Authorize City Manager to execute a reimbursement agreement with the Redevelopment Agency of the City of Long Beach. (District 1)
DISCUSSION
On September 12, 2000, the City of Long Beach (City) and the Redevelopment Agency (Agency) entered into an Owner Participation Agreement with Coventry Long Beach Plaza, LLC, later known as Developers Diversified Realty (DDR), for the acquisition and development of the former Long Beach Plaza site, an enclosed shopping mall that included a multi-level parking structure. As part of the CityPlace development, the Long Beach Plaza parking structure was redesigned and subdivided into three separate structures, commonly known as CityPlace A, B, and C.
The parking equipment at CityPlace A, B, and C was installed nearly a decade ago. The equipment (including gate arms, parking ticket dispensers, and exit booths) is antiquated and prone to maintenance problems. The operational design is inefficient and results in high labor costs and less than optimal service. Among the goals of the Downtown Redevelopment Project Area is the retention and attraction of businesses._A primary factor in a business' decision to locate to or remain in a particular area is convenient, affordable parking. In order to provide such parking, it is crucial that operations at CityPlace A, B, and C be at peak performance and capability.
To assist the City's budget condition and to ensure a positive experience for Downtown residents and business patrons parking at the CityPlace garages, the Agency took the following actions on May 18, 2009: 1) approved the payment of Fiscal Year 2009 (FY09) and Fiscal Year 201 0 (FY1 0) debt service on the 2001 Long Beach Plaza Parking Revenue bonds (2001 Bonds) and 2) approved a ...
Click here for full text