TITLE
Recommendation to adopt Specifications No. RFP EP16-003 for the purchase and development opportunity at Broadway and The Promenade North (127-135 East Broadway), Assessor Parcel Numbers 7280-020-902, -903, -908, -909, -910, -911, -912, -913 (Subject Property);
Declare the City-owned Subject Property as surplus;
Authorize City Manager, or designee, to execute any and all necessary documents, including a Purchase and Sale Agreement with Raintree-Evergreen LLC, a Delaware limited liability company, for the sale of the Subject Property in the amount of $8,200,000; and
Accept Categorical Exemption CE 16-128. (District 2)
DISCUSSION
The City of Long Beach (City) currently owns the Subject Property located at 127-135 East Broadway, prominently positioned at the northwest corner of the intersection of Broadway and The Promenade North (Exhibit A). The Subject Property is approximately 45,280 square feet and is developed with a surface parking lot for public parking and a smaller, fenced, secured parking lot for the Insurance Exchange building at 207 East Broadway. Formerly owned by the Redevelopment Agency of the City of Long Beach (Agency), the Subject Property was 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 and amended on June 24, 2015. The Subject Property has been categorized with a permissible use of “Future Development,” allowing for the disposition of the Subject Property through a Request for Proposals (RFP) process for development consistent with the vision and intent of the Downtown Long Beach Redevelopment Project Area and its guiding documents. As further required in the LRPMP, the Subject Property has been conveyed to the City and is now a City-owned asset.
The RFP was advertised in the Long Beach Press-Telegram on October 8, 2015, and 6,775 potential proposers specializing in purchase and development opportunities ...
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