TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary for the Second Amendment to Amended and Restated Lease No. 24800 with Gateway Enterprises, LLC, a California limited liability company, and ABA Shoreline Village, LLC, a Delaware limited liability company, as tenants-in-common for City of Long Beach-owned property located at 429 Shoreline Village Drive, commonly known as Shoreline Village. (District 1)
Levine Act: Yes
DISCUSSION
On February 27, 1996, the City Council authorized the execution of Amended and Restated Lease No. 24800 (Lease) with Northwestern Mutual Life Insurance Company (Original Lessee) for the master tenancy and operation of City-owned property located at 429 Shoreline Village Drive, commonly known as Shoreline Village (Leased Premises) (Attachment). On September 3, 1996, the City Council authorized the execution of the First Amendment to Lease, which confirmed the Leased Premises to be a total of 7.09 acres. On April 14, 2000, the Original Lessee assigned its interest in the Leased Premises to Gateway Enterprises, LLC, a California limited liability company, and ABA Shoreline Vilage, LLC, a Delaware limited liability company, as tenants-in-common, (collectively, “Lessee”). The current term of the Lease is scheduled to terminate on November 14, 2047.
The Leased Premises currently operates as a multi-tenant retail center with public waterfront access that includes approximately 56,000 square feet of improvements owned by the Lessee. The Leased Premises are located within the state tidelands which are administered by the City of Long Beach (City) under the Tidelands Trust Doctrine with the State of California. Allowable uses of tidelands properties include coastal dependent and visitor-serving amenities that increase public access to the waterfront such as the restaurants, speciality shops, and waterfront uses that currently operate at the Leased Premises.
Despite being a successful asset for...
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