TITLE
Recommendation to declare the property located at 540-558 East Willow Street, Assessor Parcel Numbers 7208-006-909 and -918 (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 Israel Weinberg and/or assignee(s), for the sale of the Subject Property in the amount of $1,080,000; and, accept Categorical Exemption CE 18-055. (District 6)
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 540-558 East Willow Street (Subject Property) (Exhibit A). The Subject Property is approximately 21,580 square feet and is improved with a public parking lot serving the adjacent area. 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 Cushman and Wakefield, Inc., who worked with the Buyer to present the Successor Agency with an offer to purchase the property for $1,080,000, which is fair market value as determined by a broker opinion of value. The offer was the highest of three offers received. The selection panel, consisting of representatives from the Departments of Development Services and Economic Development, and an outside real estate economics consultant, also recommended selection of the Buyer based on the Buyer’s development and construction experience and the Buyer’s ownership of the adjacent parcel. The sale of the Subject Property is consistent with the ...
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