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 1827 Pacific Avenue, Assessor Parcel Number 7209-022-900 (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 Kay Mendoza and/or assignee(s), for the sale of the Subject Property in the amount of $355,000; and accept Categorical Exemption CE 16-163.
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 1827 Pacific Avenue (Subject Property) (Exhibit A). The Subject Property is approximately 16,000 square feet and is currently unimproved. The Subject Property is included in the Successor Agency’s Long Range Property Management Plan, which was approved by the State of California Department of Finance on March 10, 2015, and amended on June 24, 2015 (Revised Plan). 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.
The City and the former Redevelopment Agency (Agency) of the City of Long Beach were in pre-existing and near-final discussions with the Buyer for the purchase of the Subject Property at the time of the Agency’s dissolution. Upon approval of the Revised Plan, the Subject Property was assigned to Cushman & Wakefield of California, Inc., who worked with the Buyer to present the Successor Agency with an offer to purchase the property for $355,000, which is based on an appraisal prepared during pre-existing negotiations and reflects the price agreed to at that time. The sale of the Subject Property is consistent with the Revised Plan and dissolutio...
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