TITLE
Recommendation to declare the property located at 1900 Atlantic Avenue, Assessor Parcel Numbers 7210-009-902 and -905 (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 Mkott Pich, LLC, a California limited liability company (Buyer), for the sale of the Subject Property in the amount of $1,800,000; and accept Categorical Exemption CE 15-065. (District 6)
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 1900 Atlantic Avenue (Subject Property) (Exhibit A). The Subject Property is approximately 30,000 square feet improved with a two-story, 12,000-square-foot building and 48 parking spaces. The first floor is leased to Union Bank through November 30, 2018, with one option to extend for a period of five years. The second floor is leased on a month-to-month tenancy to the Asian American Drug Abuse Program and Centro Cha, a California non-profit group whose mission is to enrich the lives of low-income, underserved Latino/a youth, families and neighborhoods in the City of Long Beach. These leases would be assigned to any Buyer of the Subject Property. 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 is 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.
Subsequent to the LRPMP’s approval, the Subject Property was assigned to Coldwell Banker Commercial - Blair WestMac, who worked with the Buyer to present the Successor Agency with an offer to purchase the property for $1,800,000, which is 3 percent less than fai...
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