TITLE
Recommendation to adopt resolution approving the decision of the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach, to declare the property located at 2136-2144 West 16th Street, Assessor Parcel Numbers 7429-021-902, -903 and -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 Varinder Mehta and/or assignee(s) (Buyer), for the sale of the Subject Property in the amount of $550,000; and accept Categorical Exemption CE 16-136.
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 2136-2144 West 16th Street (Subject Property) (Exhibit A). The Subject Property is approximately 13,012 square feet and is currently unimproved. 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 on March 10, 2015 and amended on June 24, 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 Lee & Associates, who worked with the Buyer to present the Successor Agency with an offer to purchase the property for $550,000, which is above 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, Statutes of 1968), on June 1,2015, staff notified the State of California (State) that the Successor Agency was declaring all Future Development and Sal...
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