TITLE
Recommendation to adopt Specifications No. RFP EP16-120 for the purchase and development opportunity at 601-685 East Artesia Boulevard/6600-6620 Atlantic Avenue, Assessor Parcel Numbers 7115-003-901, -902, -903, -904, -905, -906, -907 (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 Frontier Real Estate Investments, LLC, a California limited liability company, or affiliate, for the sale of the Subject Property in the amount of $2,100,000; and
Accept Categorical Exemption CE 16-165. (District 9)
DISCUSSION
The City of Long Beach (City) currently owns the Subject Property located at 601-685 East Artesia Boulevard/6600-6620 Atlantic Avenue prominently positioned at the northeast corner of the intersection of Artesia Boulevard and Atlantic Avenue (Exhibit A). The Subject Property is approximately 93,230 square feet and is assembled into a full block of vacant land. Formerly owned by the Redevelopment Agency of the City of Long Beach (Agency), the Subject Property 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 North Long Beach Redevelopment Project Area and its guiding documents. As further required in the LRPMP, the Subject Property has been conveyed to the City and is now a City-owned asset.
The RFP was advertised in the Long Beach Press-Telegram on March 17, 2016, and 7,171 potential proposers specializing in purchase and development opportunities were notified of the RFP opportunity. Of those propos...
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