TITLE
Recommendation to receive supporting documentation into the record, conclude the hearing and adopt resolution making certain findings; and
Approve and authorize City Manager to execute a Disposition and Development Agreement with Temple Creative Realty, LLC, for the American Hotel project. (District 2)
DISCUSSION
On February 2, 2010, the former Redevelopment Agency (Agency) agreed to negotiate exclusively with Urbana Development, LLC, for the development of the American Hotel located at 224 East Broadway (Exhibit A - Site Map) (Property). Urbana Development, LLC, has teamed with local business InterTrend Communications, Inc., to form Temple Creative Realty, LLC (Developer). The Agency transferred the Property to the City in March of 2011 and is currently held as a City asset, however, the Property was purchased by the Agency using tax increment funds. Therefore, City staff, working with the City Attorney’s Office, has determined to hold this public hearing and otherwise comply with the applicable provisions of the Community Redevelopment Law, for the purpose of considering the sale of the Property to the Developer.
Built in 1905, the American Hotel is one of the rare surviving original commercial buildings in downtown Long Beach. Although retrofitted with a nominal seismic upgrade, subsequent assessments concluded that considerable renovation of the structural, mechanical and electrical systems will be required in order for the building to be made functional and habitable. In July 2009, the Agency issued a Request for Proposals for preservation, rehabilitation and/or adaptive reuse of the American Hotel. Based on the Developer’s proposal and proven track record with successful adaptive reuse projects, including the East Village Creative Offices, Art Theatre, and Ebell Club, the Agency entered into an Agreement to Negotiate Exclusively (ANE) with Urbana Development, LLC, on February 2, 2010, for the development of the American Hotel. Since entering int...
Click here for full text