TITLE
Recommendation to receive supporting documentation into the record, conclude the public hearing, and adopt resolution making certain findings; authorize City Manager to execute a Disposition and Development Agreement with Lyon West Gateway, LLC and The Long Beach Housing Development Company for the West Gateway project; and
DISCUSSION
On June 9, 2003, the Redevelopment Agency (Agency) agreed to negotiate exclusively with Lyon Realty Advisors for the development of Site 11 in the West Gateway Project Area (Exhibit A - Site Map) for a residential complex. This public hearing is to consider the sale of Site 11 to Lyon West Gateway, LLC (Developer).
Terms and Conditions of the Sale
The terms and conditions of the sale and subsequent development are included in a Disposition and Development Agreement (DDA) between the Agency, the Long Beach Housing Development Company (LBHDC) and the Developer. Under the terms of that DDA, the Developer will pay the Agency $5,704,000 for the 153,018-square-foot site bounded by West Broadway, Magnolia Avenue, West Third Street and Chestnut Avenue. $2,000,000 is due within 10 days of the Agency's execution of the DDA, with the balance due prior to close of escrow. The Developer will construct 291 residential rental units, 26 of which will be designated for affordable housing. The DDA will delineate each party's obligations, and will specifically spell out the conditions, covenants and restrictions pertaining to the affordable units.
Project Plans
A total of 291 residential rental units will be constructed. There will be 144 one-bedroom units at 715 square feet, 20 one-bedroom units with dens at 1,121 square feet, 115 two-bedroom units with dens ranging in size from 1,051 square feet to 1,144 square feet, and 12 two-bedroom townhouse units at 1,358 square feet. There will also be 15,580 square feet of first-floor retail space. The DDA contains a list of prohibited uses but, in addition, the Agency has the right to approve or...
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