TITLE
Recommendation to adopt resolution authorizing City Manager, or designee, to execute an agreement to assign to the City of Long Beach all interests of the Successor Agency to the Redevelopment Agency of the City of Long Beach as a party to that certain Parking Structure Lease dated December 1, 1992, by and between IDM Corporation and the Redevelopment Agency of the City of Long Beach.
DISCUSSION
On September 11, 2017, the Oversight Board considered this item. The Department of Finance referred it back to the Oversight Board for further consideration as to how assignment of the lease will benefit the affected taxing agencies, documentation of the proposed agreement between the City of Long Beach and the Successor Agency to the Redevelopment Agency (Successor Agency), and technical changes to the resolution.
In 1992, the former Redevelopment Agency of the City of Long Beach (Agency) and IDM Corporation entered into a Parking Structure Lease (Lease) for the operation of a free-standing parking structure containing approximately 645 parking spaces in downtown Long Beach. The parking structure was primarily built to serve the 100 W. Broadway building and is located on Pacific Avenue between First Street and Broadway. The Lease specified the days and hours during which the Agency would occupy and operate the entire structure, specifically nights and weekends, retaining the revenue earned during those times to defray parking operation costs. The Lease also entitled the Agency to occupy 150 parking spaces for reserved monthly use. The term of the Lease was 65 years, terminating on January 31, 2057. The Agency paid $2,254,082 for the entire term of the Lease in advance.
The Agency’s original interest in operating the parking structure during off hours and on weekends was to encourage people to visit downtown restaurants and a multi-screen movie theatre in the 200 block of Pine Avenue. The movie theatre closed its doors in November 2010, eliminating a considera...
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