TITLE
Adopt resolution making certain findings regarding the construction of certain public improvements with redevelopment funds (the Promenade, Alta Way, Waite Court and amphitheater improvements). (District 2)
DISCUSSION
Since November of 2001 the Redevelopment Agency (Agency) has been negotiating with three developers for redevelopment of portions of The Promenade between 1st Street and 3rd Street. Negotiations concluded with The Olson Company in September of 2004 for the development of Site 1 (Exhibit A - Map of Promenade Development Projects) and construction is now underway. Negotiations are almost complete with Lyon Realty Advisors for Site 3. This public hearing is to consider the sale of Site 2 to Lennar Long Beach Promenade Partners, LLC (Developer). Since the property was purchased by the Agency with tax increment monies, California Redevelopment Law requires that this sale also be approved by the City Council by resolution after a public hearing.
Terms and Conditions of the Aqreement
The terms and conditions of the sale and subsequent development are included in a Disposition and Development Agreement (DDA) between the Agency and the Developer. Under the terms of that DDA, the Developer will pay $1,803,000 for the 30,000-square foot site at the southeast corner of The Promenade and East Broadway and for the subterranean vacation of a portion of The Promenade for a small part of the development's underground parking garage.
A portion of this purchase price will be paid with in-kind improvements to public facilities.
The Developer will be improving that portion of The Promenade that fronts the new project in accordance with a plan being developed jointly by the Agency, the City's Parks, Recreation, and Marine Department, and area stakeholders. The evolving plan focuses on the "greening" of The Promenade through the use of new landscaping and the incorporation of public art.
As a result of this collaborative process, the renovation of the exist...
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