TITLE
Recommendation to receive supporting documentation into the record, conclude the public hearing regarding an economic subsidy in connection with a Revised Transient Occupancy Tax Sharing Agreement with American Life, Inc., pursuant to California Government Code Section 53083; and
Authorize City Manager, or designee, to execute any and all documents necessary, including the First Amendment to the Purchase and Sale Agreement, attaching a Revised Transient Occupancy Tax Sharing Agreement for the property located at 100 East Ocean Boulevard, with American Life, Inc., a Washington corporation, or assignee, subject to compliance with the California Environmental Quality Act. (District 2)
DISCUSSION
On May 17, 2016, the City Council authorized a conditional Purchase and Sale Agreement (PSA) and conditional Transient Occupancy Tax Sharing Agreement (TOTSA) for the property located at 100 East Ocean Boulevard (Subject Property) (Exhibit A). Both transactions are subject to the City’s completion of a review and approval process in accordance with California Environmental Quality Act (CEQA). The Subject Property totals approximately 35,000 square feet and is improved with a public parking lot. Formerly owned by the Redevelopment Agency of the City of Long Beach, the Subject Property was identified in the Long Range Property Management Plan (LRPMP) with a permissible use of “Future Development,” allowing for the Subject Property to be conveyed to the City for disposition. The City conducted a Request for Proposals (RFP) process resulting in the proposal submitted by American Life, Inc. (Buyer/Developer), being selected to move forward with the CEQA review process. The City has not previously committed to approving any development project, and by taking this action does not now commit itself to any particular development project.
At the time of initial authorization of the PSA, the Buyer/Developer conditionally proposed developing the Subject Property as a ...
Click here for full text