TITLE
Recommendation to declare the City-owned property located at 550-572 East Vernon Street and 2515-2545 Atlantic Avenue, Assessor Parcel Numbers 7208-006-908, -912, -913, -914, -915, -916, -917, -919 and -920 (Subject Property) as surplus, authorize City Manager, or designee, to execute any and all documents necessary, including a Purchase and Sale Agreement, with DIDM Development Corporation, a California corporation, or affiliate, for the sale of the Subject Property in the amount of $700,000, and accept Categorical Exemption CE 16-192. (District 6)
DISCUSSION
The City of Long Beach currently owns the Subject Property, which is a 36,780-square-foot unimproved lot (Exhibit A). 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 for development consistent with the vision and intent of the Central 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. 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 property.
At the time of the Agency’s dissolution, the Agency was in pre-existing and near-final discussions with the Buyer for the purchase and development of the Subject Property. The Buyer has expressed an interest in proceeding with the purchase of the Subject Property from the City for $700,000, which is based on an appraisal prepared during pre-existing negotiations. The Subject Property development concept will include a senior...
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