TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary for a Lease with an Option to Purchase, by and between the City of Long Beach and the Jenni Rivera Love Foundation, a California 501 C (3) corporation, for City-owned property located at 1850-1862 Atlantic Avenue for a day care center, community room and Jenni Rivera Museum.
(District 6)
DISCUSSION
The City of Long Beach (City) currently owns the property located at 1850-1862 Atlantic Avenue, Assessor Parcel Numbers 7210-016-900, -901, -903 (Subject Property) (Exhibit A). The Subject Property is approximately 14,663 square feet and improved with a 4,800 square foot building, a former playground and an adjacent parking lot. The Subject Property was previously purchased utilizing Refuse/Recycling Funds. At the time of purchase, the proposed use was the development of an educational environmental recycling demonstration depot. Since then, the property has remained vacant. Representatives from the Jenni Rivera Love Foundation have expressed interest in leasing the property for use as a daycare center, community room and Jenni Rivera Museum. The lease of the Subject Property provides an opportunity to reactivate the currently dormant property, bring services to the surrounding community and provide a home for the community to celebrate Long Beach-native Jenni Rivera’s life and accomplishments.
A proposed lease has been negotiated containing the following major terms and conditions:
· Lessor: City of Long Beach, a municipal corporation.
· Lessee: Jenni Rivera Love Foundation, a California 501 C (3) corporation.
· Leased Premises: Approximately 14,663 square feet of land, including a 4,800-square-foot building, at 1850-1862 Atlantic Avenue.
· Lease Term: Lease shall be for 69 months commencing within five (5) days of execution of the Lease.
· Options: Lessee shall have two five-year options to renew the Lease.
· Early Termination: Lessee shall have t...
Click here for full text