TITLE
Recommendation to receive supporting documentation in the record, conclude the public hearing, and adopt resolution making certain findings; and authorize Executive Director to execute a Disposition and Development Agreement with Maeva Aline and the Long Beach Redevelopment Agency for development of residential property at
543 Daisy Avenue. (District 1)
DISCUSSION
The Long Beach Redevelopment Agency (Agency) staff has concluded the negotiation of a Disposition and Development Agreement (Agreement) with Maeva Aline (Developer) for the sale and development of Agency-owned property located at 543 Daisy Avenue (Property), Assessor Parcel Number 7278-028-900 (Exhibit A - Site Map). The site is located in the Central Long Beach Redevelopment Project Area (Project Area).
Pursuant to one of the goals of the Willmore District Implementation Plan, the Agency acquired property in the Willmore City Historic District for rehabilitation of vintage historic structures. The Agreement proposes renovation and restoration of the interior and exterior of the Property in a historically appropriate manner. The renovations will be consistent with the architectural style of the existing contributing properties in the surrounding neighborhood.
The Agreement includes the following major provisions:
> Under the terms of the Agreement, the Developer will pay the Agency
$27.59 per square foot, or $25,000, as compensation for the 906
square-foot residential structure.
> The Developer has provided evidence of financing for the development
of the Property. The Developer must secure a Certificate of Completion
within 12 months of the date of the Agreement.
> An Agreement Containing Covenants will be recorded at closing. This
document will prohibit certain uses, describe maintenance responsibilities
and levels of rehabilitation and maintenance, and require that any future
improvements be subject to the Design Guidelines for the historic distri...
Click here for full text