TITLE
Recommendation to declare the property located at 306 East Home Street, Assessor Parcel Number 7131-036-900 (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 Santana Investors, LLC, and/or assignee(s) (Selected Buyer), for the sale of the Subject Property in the amount of $200,000;
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 Marina Homes Construction, Inc., for the sale of the Subject Property in the amount of $198,000, and/or assignee(s) should the Selected Buyer not be able to close escrow; and
Accept Categorical Exemption CE 17-248. (District 8)
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 306 East Home Street (Subject Property) (Exhibit A). The Subject Property is approximately 6,750 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.
Upon approval of the Revised Plan, the Subject Property was marketed by Lee & Associates, who worked with the Selected Buyer and the Reserve Buyer to present the Successor Agency with offers to purchase the property for $200,000, or $198,000, respectively. Due to timing challenges with completing the sale of the Subject Property, staff is requesting authority to enter into an Agreement with the Selected Bu...
Click here for full text