TITLE
WITHDRAWN
Recommendation to receive supporting documentation into the record, conclude the public hearing regarding an economic subsidy in connection with a Transient Occupancy Tax Sharing Agreement with ESI Ventures, Inc., Lighthouse Investments, LLC, Firth Howard, LLC, David Clement, and Torey Carrick (Developer), pursuant to California Government Code Section 53083; and
Authorize City Manager, or designee, to execute any and all documents necessary to enter into a Transient Occupancy Tax Sharing Agreement with the Developer, or a to-be-formed entity owned or controlled by Developer, for the property at 110 East Ocean Boulevard. (District 2)
DISCUSSION
Developer proposes to redevelop the property at 110 East Ocean Boulevard (Exhibit A) (Development Property) under a ground lease with the current owner of the Development Property. The Development Property is improved with an approximately 147,157 square foot office building built in 1929 and commonly known as the Ocean Center Building (Building). The Building was designated a historical landmark by the City Council. The Development Property is currently entitled for a 74-unit residential project.
The Project
The Building is located at the southwest corner of Ocean Boulevard and Pine Avenue and is currently vacant. The Developer plans to convert the Building into a 139-room upscale boutique hotel with approximately 11,291 square feet of indoor restaurant/bar space including an additional 4,208 square feet of outdoor/patio space, and 4,906 square feet of ground floor retail space (Proposed Project). The Proposed Project will be catalytic in activating this prominent landmark in downtown Long Beach.
The sources of funds for the Proposed Project include 9 percent equity, 79 percent construction loans, and 12 percent historic tax credits.
The Proposed Project will generate 317 direct, indirect and induced construction jobs and 111 permanent jobs.
The Developer is in talks with several experienced bout...
Click here for full text