TITLE
Recommendation to authorize City Manager to execute a License Agreement between City of Long Beach and Standard Pacific Corp., a Delaware Corporation, for access over and across the portion of Victory Park bounded on the north by Ocean Boulevard, on the south by Seaside Way, on the west by Hart Place and on the east by Linden Avenue. (District 2)
DISCUSSION
On February 19, 2002 , the City Council approved license agreements with Genesis Realty for the use of a portion of Victory Park for the construction of both a residential project and a three-level subterranean parking structure (Exhibit "A" ). Since the three level parking structure was being constructed underneath a portion of Victory Park, a temporary license agreement was required for the construction period and a permanent license agreement was required for the ongoing subsurface use of the portion of Victory Park bounded on the north by Ocean Boulevard , on the south by Seaside Way, on the
west by Hart Place and on the east by Linden Avenue (Exhibit "B " ). The term of the permanent license was in effect for as long as Genesis Realty, or its subsidiaries owned and operated the parking structure ("Improvements"). Subsequent owners of the Improvements were required to secure a new license agreement.
Genesis Realty intends to sell the Improvements to Standard Pacific Corp.
Licensee and a new license agreement is required for the new owner. The term of the license agreement will be for as long as the Licensee owns and operates the Improvements. No rent will be charged for the license agreement; however, the Licensee assumes the full cost and responsibility for maintaining the portion of Victory Park in front of their project.
This letter was reviewed by Assistant City Attorney Heather A. Mahood on March 30, 2005 and Budget Management Offcer David Wodynski on April 6 , 2005.
TIMING CONSIDERATIONS
City Council action is requested on April 19, 2005, in order to facilitate the sale
transaction.
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