TITLE
Recommendation to declare ordinance approving a First Amendment to the Riverwalk Development Agreement in substantially the same form as attached; and authorizing and directing the City Manager to execute the first amendment with Riverwalk 131 Group, LLC, read and adopted as read. (District 8)
DISCUSSION
On November 17, 2015, the City Council approved a new 131-home private residential community of detached single-family homes with a recreation center and pocket park (together known as Riverwalk, now re-named to Riverdale) located at 4747 Daisy Avenue at the site of the former Will J. Reid Boy Scout Camp (Attachment A - Location Map). The City Council’s approval included an Ordinance authorizing the City Manager to execute a Development Agreement (DA) with the developer. On December 17, 2015, the City of Long Beach (City) and the Long Beach Project Owner, LLC, and DEM Investment Company, LLC, entered into this Development Agreement (Attachment B - Development Agreement dated December 17, 2015). In a subsequent transfer of rights, the responsibility of the project was given to the Riverwalk 131 Group, LLC, per an Assignment and Assumption Agreement dated February 9, 2017. The DA includes provisions to:
· Provide various off-site and traffic improvements, including timing and performance standards;
· Provide payment of impact fees upon development at certain thresholds;
· Improve general infrastructure;
· Submit performance bonds tied to specific phases of development;
· Provide traffic mitigation funds; and,
· Conduct annual reports to determine compliance with the DA.
One of the most significant required off-site improvements is the construction of C. Molina Park (Molina Park), which will be a new dedicated City park, located at 4951 Oregon Avenue (approximately 900-feet north of the Riverdale development project, at the corner of Oregon Avenue and Del Amo Boulevard). The current DA requires completion of Molina Park by the developer prior to issuance...
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