TITLE
Recommendation to authorize City Manager, or designee, to execute any and all documents necessary to amend the requirements of a Purchase and Sale Agreement, with The LAB, Inc., a California corporation, reducing the Initial Deposit from $500,000 to $50,000 on the purchase of For Sale and Future Development Properties; and
Authorize City Manager, or designee, to execute any and all documents necessary to reimburse up to $350,000 in tenant and/or facade improvements to the For Sale Properties along Atlantic Avenue between 55th Street and South Street and 620 and 635 South Street from the 75 percent North Redevelopment Project Area allocation of one-time sale proceeds received from the sale of former redevelopment properties. (Districts 8,9)
DISCUSSION
In 2015, the Successor Agency and Oversight Board, respectively, approved the sale of 18 non-contiguous parcels (For Sale Properties) (Attachment), located along Atlantic Avenue between 55th and South Streets and at 620 and 635 South Street, to The LAB for the rehabilitation and development consistent with the North Village development concept, as contemplated in the North Redevelopment Project Area guiding documents. Subsequently, in August 2016, the City Council approved the sale of property identified as North Village Development Blocks C and D (Future Development Properties), as well as the lease of 5834 Atlantic Avenue, 5870 Atlantic Avenue, 5885 Lime Avenue and 5895 Lime Avenue (Government Use Properties) to The LAB for inclusion into the development concept providing an opportunity for The LAB to bring a transformative project to the North Long Beach area.
The LAB has determined that building renovation and tenant improvement work on the For Sale Properties will be funded internally, while outside financing will be utilized to fund the development of the Future Development Properties. Further, The LAB will initially activate occupancy of the For Sale Properties with internally-owned businesses. D...
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