TITLE
Recommendation to declare the property located at 339 Pacific Avenue, Assessor Parcel Number 7280-015-900 (Subject Property) as surplus; authorize City Manager, or designee, to execute any and all documents, including the Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate with Urban Hotel Group, LLC, a California limited liability company (Buyer), for the sale of the Subject Property in the amount of $112,000; and accept Categorical Exemption CE 15-063. (District 1)
DISCUSSION
The City of Long Beach, as Successor Agency to the Redevelopment Agency of the City of Long Beach (Successor Agency) currently owns the property located at 339 Pacific Avenue (Subject Property) (Exhibit A). The Subject Property is approximately 7,500 square feet and is improved with a public parking lot that has largely been utilized by patrons of the adjacent Dolly Varden Hotel (Hotel). The Subject Property is included in the Successor Agency’s Long Range Property Management Plan (LRPMP), which was approved by the State of California Department of Finance (DOF) on March 10, 2015. The Subject Property has been categorized with a permissible use of “Sale of Property” allowing for the Subject Property to be sold and proceeds distributed as property tax to the local taxing agencies.
The former Redevelopment Agency was in pre-existing and near-final discussions with the Buyer for the purchase of the Subject Property for use as dedicated parking for the Hotel. Subsequent to the LRPMP’s approval, the Subject Property was assigned to Coldwell Banker Commercial WestMac, who worked with the Buyer to present the Successor Agency with an offer to purchase the property for $112,000, which is fair market value as determined by an independent appraisal. The sale of the Subject Property is consistent with the LRPMP and dissolution activities.
In compliance with Government Code Section 54220 (Chapter 621, Statutes of 1968), on June 1, 2015, staff notified the Stat...
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