TITLE
Recommendation to adopt Specifications No. RFP EP16-130 for the purchase and development opportunity at 200-232 Long Beach Boulevard, Assessor Parcel Numbers 7281-017-902, -903 and a portion of -900 (Subject Property);
Declare the City-owned Subject Property as surplus;
Authorize City Manager, or designee, to execute any and all necessary documents, including a Purchase and Sale Agreement with Broadway Block, LLC, a California limited liability company, or affiliate, for the sale of the Subject Property in the amount of $7,850,000; and
Accept Categorical Exemption CE 16-159. (District 2)
DISCUSSION
The City of Long Beach (City) currently owns the Subject Property located at 200-232 Long Beach Boulevard, prominently positioned at the northeast corner of the intersection of Broadway and Long Beach Boulevard (Exhibit A). The Subject Property is approximately 50,000 square feet and is temporarily used as a parking lot. A portion of the Subject Property was formerly owned by the Redevelopment Agency of the City of Long Beach (Agency), and was included in the Successor Agency's Long Range Property Management Plan (LRPMP), which was approved by the State of California Department of Finance (DOF) on March 10, 2015 and amended on June 24, 2015. The Subject Property has been categorized with a permissible use of "Future Development," allowing for the disposition of the Subject Property through a Request for Proposals (RFP) process for development consistent with the vision and intent of the Downtown Long Beach Redevelopment Project Area, its guiding documents and the Downtown Plan. As further required in the LRPMP, the Subject Property has been conveyed to the City and is now a City-owned asset. A portion of the property was acquired through funds from the sale of tax-exempt bonds. A portion of these bonds may need to be redeemed upon conveyance of the Subject Property.
The RFP was advertised in the Long Beach Press-Telegram on April 8, 2016, and 7,183 po...
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