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Recommendation to approve expenditure of Redevelopment Agency bond proceeds in the amount of $34,917,000; and increase appropriations in the Redevelopment Fund (RD) in the Department of Community Development (CD) by $18,997,000. (Districts 1,6,7,8,9)
DISCUSSION
On January 18, 2005, the City Council adopted a resolution authorizing the issuance of Revenue Bonds in the amount of $199,982,000 (Exhibit A). Additionally, the City Council approved a motion requiring that expenditures of bond proceeds for specific projects be brought to the City Council for approval.
While an extensive list of projects has not yet been prepared, there is a short list of active projects that could proceed as soon as bond proceeds are made available (Exhibit B). Outlined below are the projects already underway that were expected to be funded with proceeds from the 2005 Revenue Bonds. A map showing the locations of the active projects is attached as Exhibit C.
Active Redevelopment Aqency Proiects
Central Long Beach Redevelopment Project Area
Menorah Housing ($4,500,000):
The Redevelopment Agency Board and City Council authorized the execution of a Disposition and Development Agreement (DDA) with Menorah Housing Foundation to develop affordable senior housing in 2004. Offers to purchase various properties have been mailed and staff anticipates opening escrows beginning in February 2005.
Atlantic Avenue and Anaheim Street ($1,400,000):
The Redevelopment Agency Board has approved the acquisition of properties at 1235 Lime Avenue and 622-638 East Anaheim Street for use as a future retail center. On January 17, 2005, escrow was opened to purchase the subject properties.
Atlantic Avenue and Willow Street ($1,200,000):
Redevelopment staff is in negotiations to acquire property at 536-42 East Willow Avenue, which the property owner has agreed to sell at the appraised value. The site is adjacent to the Menorah housing site and Fellowship Park and south of the Memorial Hospital E...
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