TITLE
Recommendation to declare a portion of City-owned property located at 495 The Promenade North as surplus; authorize City Manager to execute any and all documents, including the Purchase and Sale Agreement (PSA) with The Retail on Promenade, LLC, a California limited liability company, for the sale of a portion of City-owned property at 495 The Promenade North in an amount of $345,000 and authorize the close of escrow; and increase appropriations in the Capital Projects Fund (CP 201) in the Department of Public Works (PW) by $345,000. (District 1)
DISCUSSION
The City of Long Beach currently owns property within the City Place Shopping Center (City Place) located at the intersection of Fifth Street and The Promenade North, commonly referred to as 495 The Promenade (Subject Property)(attached). The Subject Property is currently utilized as a common area with appurtenant landscaping and public parking for visitors wishing to shop and dine at City Place. The current Owner of City Place, utilizing the affiliate The Retail on Promenade, LLC, has expressed an interest in purchasing the portion of the Subject Property, currently used as a common area, to develop a four-story mixed use commercial/residential development, consisting of ground floor retail and 21 residential units. The portion of the Subject Property containing public parking would remain under City control for continued use as public parking. The fair market value of the Subject Property is $345,000, as determined by an independent appraisal dated March 26, 2012. Proceeds from the sale would be appropriated for ongoing repairs to the City-owned public parking structures within City Place.
The major terms and conditions of the proposed sale are as follows:
· Property: The Subject Property is located at 495 The Promenade North and consists of a land area measuring approximately 12,789 square feet currently improved with a common area and appurtenant landscaping.
· Seller: City of Long Be...
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