TITLE
Recommendation to adopt resolution approving the decision of the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach, to approve and authorize City Manager to execute amendments to the Agreement Containing Covenants Affecting Real Property with Olson 737 - Long Beach 2, LLC; Lennar Long Beach Promenade Partners, LLC; Lyon Promenade, LLC; and Temple Creative Realty, LLC.
DISCUSSION
The Promenade Master Plan improvements between Ocean Boulevard and Third Street have been constructed by the former Redevelopment Agency in three phases over the past five years. Improvements on each block include upgraded storm drains, landscaping and irrigation, new hardscape, pedestrian and area lighting, pneumatic bollards at the north and south entries, new traffic signals, gateway signage, public art, and site furnishings. The improvements also included the construction of the Promenade Square public park on First Street and The Promenade. The final phase of improvements, the north block between Third Street and Broadway and the Harvey Milk Promenade Plaza, was recently completed, and is currently in the gO-day post-construction maintenance period.
As part of the Disposition and Development Agreements for the redevelopment of former Redevelopment Agency properties adjacent to or near The Promenade, the former Redevelopment Agency required each developer to enter into an Agreement Containing Covenants Affecting Real Property (Agreement) that obligated them as "Promenade Parcel Owners" to participate in the Promenade Maintenance District (Exhibit A). The Promenade Maintenance District was to be managed by the former Redevelopment Agency and would be responsible for the maintenance and repair of The Promenade between Ocean Boulevard and Third Street, excluding Promenade Square Park and Harvey Milk Promenade Park. The properties or projects affected by this maintenance covenant include the 133 Promenade condominium project develo...
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