TITLE
Recommendation to adopt Specifications No. RFP EP16-004 for the purchase and development opportunity at Broadway and Long Beach Boulevard (125-133 North Long Beach Boulevard and 234-248 East Broadway), Assessor Parcel Numbers 7280-025-903, -917, -922, -923 (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 $7,300,000; and
Accept Categorical Exemption CE 16-148. (District 2)
DISCUSSION
The City of Long Beach (City) currently owns the Subject Property located at 125-133 North Long Beach Boulevard and 234-248 East Broadway, prominently positioned at the southwest corner of the intersection of Broadway and Long Beach Boulevard and adjoining the Psychic Temple on its southerly and easterly sides (Exhibit A). The Subject Property is approximately 44,849 square feet and is assembled into a nearly half block of land currently utilized as a public parking lot. 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. A portion of the property was acquired through funds from the sale of tax-exempt bonds. A portion of these...
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