TITLE
Recommendation to declare the property located at 5647-5649 Atlantic Avenue, Assessor Parcel Number 7127-007-904 (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 Lab Holding, LLC (Buyer), for the sale of the Subject Property in the amount of $363,000; and accept Categorical Exemption CE 15-088. (District 8)
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 5647-5649 Atlantic Avenue (Subject Property) (Exhibit A). The Subject Property is approximately 4,100 square feet and is currently improved with a 3,630-square-foot building, which is potentially historic. The unit at 5647 Atlantic Avenue is leased to Salvador Cleaners, and the unit at 5649 Atlantic Avenue is leased to Dr. Derrick Lim for use as an optometrist office. Both tenancies are month-to-month and will be assigned to the Buyer at the close of escrow. 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.
Subsequent to the LRPMP’s approval, the Subject Property was marketed by Cushman and Wakefield of California, Inc., who worked with the Buyer to present the Successor Agency with an offer to purchase the property for $363,000, which is fair market value as determined by an independent appraisal or broker opinion of value, as appropriate. The sale of the Subject Property is consistent with the LRPMP and dissolution law.
In compliance with Government Code Section 54220 (Chapter 621, Statu...
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