TITLE
Recommendation to authorize City Manager to execute any and all documents necessary to remove the Successor Agency to the Redevelopment Agency of the City of Long Beach as a responsible party to any and all agreements related to the 4th Street Lofts development project at 834 East Fourth Street and 355 Alamitos Avenue, including the Disposition and Development Agreement, dated January 10, 2002, among Team Lofts, LLC, the City of Long Beach and the Redevelopment Agency of the City of Long Beach, and the Parking Easement Agreement dated June 20, 2002, between Team Lofts, LLC, and the Redevelopment Agency of the City of Long Beach at such time as the City of Long Beach replaces the Redevelopment Agency as successor to the Parking Easement Agreement. (District 1)
DISCUSSION
In 2002, the former Redevelopment Agency of the City of Long Beach (Agency), the City of Long Beach (City) and Team Lofts, LLC, entered into a three-party Disposition and Development Agreement (DDA), as part of the 4th Street Lofts development project. The Agency also subsequently entered into a Parking Easement Agreement to effectuate the development project. The DDA provided for the conveyance of City-owned land to the Agency for development of 40 public parking spaces in conjunction with a three-story mixed-use condominium project with 34 units and approximately 6,900 square feet of ground floor retail. The project also included 119 parking spaces. The DDA grants an easement to the City for the 40 parking spaces, as well as an easement to the Agency for eight additional parking spaces. These obligations are contained within the Parking Easement Agreement.
On June 23 and July 7, 2015, the Successor Agency to the Redevelopment Agency of the City of Long Beach (Successor Agency) and the Oversight Board thereof, respectively, took action to amend the Long Range Property Management Plan to transfer the Successor Agency’s eight parking spaces to the City as a Government Use for contin...
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