TITLE
Recommendation to declare the property located at 140 West 7th Street/650-656 Pacific Avenue, Assessor Parcel Numbers 7273-024-901 and -902 (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 FAMCO and/or assignee(s), for the sale of the Subject Property in the amount of $1,200,000; and, accept Categorical Exemption CE 17-249. (District 1)
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 140 West 7th Street/650-656 Pacific Avenue (Subject Property) (Exhibit A). The Subject Property is approximately 11,250 square feet and is currently improved as a public parking lot. 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.
Upon approval of the Revised Plan, the Subject Property was marketed by Coldwell Banker Commercial WestMac, who worked with the Buyer to present the Successor Agency with an offer to purchase the property for $1,200,000, 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 Revised Plan and dissolution law.
In compliance with Government Code Section 54220 et seq (Chapter 621, Statutes of 1968), on June 1 and December 8, 2015, staff notified the State of California (State) and requesting parties that the Successor Agency was declaring all Future Development and Sale of Property ...
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