City of Long Beach - File #: 15-023OB

• File #: 15-023OB
• Version: 1
• Name: 070615-OB-Parking Rights Agrmnt btwn Coventry
• Type: OB-Resolution
• Status: Adopted
• File created: 6/23/2015
• In control: Oversight Board of the Successor Agency to the Redevelopment Agency of the City of Long Beach
• On agenda: 7/6/2015
• Final action: 7/6/2015
• Title: Recommendation to to adopt resolution, pursuant to Health and Safety Code Section 34181(e), approving the decision of the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach, to authorize City Manager to execute any and all documents necessary to remove the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach as a responsible party to the Parking Rights Agreement, dated September 21, 2001, between Coventry Long Beach Plaza, LLC, the City of Long Beach and the Redevelopment Agency of the City of Long Beach, and finding that such action is in the best interests of the taxing agencies.
• Related files: 15-015OB

Date	Ver.	Action By	Action	Result
7/6/2015	1	Oversight Board of the Successor Agency to the Redevelopment Agency of the City of Long Beach	approve recommendation and adopt	Pass

TITLE
Recommendation to to adopt resolution, pursuant to Health and Safety Code Section 34181(e), approving the decision of the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach, to authorize City Manager to execute any and all documents necessary to remove the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach as a responsible party to the Parking Rights Agreement, dated September 21, 2001, between Coventry Long Beach Plaza, LLC, the City of Long Beach and the Redevelopment Agency of the City of Long Beach, and finding that such action is in the best interests of the taxing agencies.

DISCUSSION

On May 11, 2015, the Oversight Board (Board) adopted a resolution approving the decision of the City of Long Beach, as Successor Agency to the Redevelopment Agency of the City of Long Beach (Successor Agency), to authorize the City Manager to execute any and all documents necessary to remove the Successor Agency as a responsible party to the Parking Rights Agreement (Agreement), dated September 21, 2001, between Coventry Long Beach Plaza, LLC (Coventry), the City of Long Beach (City) and the Redevelopment Agency of the City of Long Beach (Agency). Subsequent to adoption, the State of California Department of Finance requested the Oversight Board action include a finding that the action complies with Section 34181(e) of the Health and Safety Code and early termination of the Agreement would be in the best interests of the taxing entities.

In September 2001, the Agreement was entered into between the Agency, City and Coventry as part of the larger CityPlace development. The Agreement provides for a certain number of parking spaces within City-owned parking garages to be reserved for retail shoppers to park while visiting CityPlace. The CityPlace parking garages are owned and operated by the City of Long Beach. Neither the Agency nor Successor Agency receive revenue from th...