TITLE
Recommendation to authorize City Manager, or designee, to execute any and all documents necessary, including a Standard Offer, Agreement, and Escrow Instructions for Purchase of Real Estate, with the Estate of Roy Masaru Tanaka, for the purchase of certain real property at 1400 West Wardlow Road, Assessor Parcel Numbers 7311-017-027 and 7311-013-001, in an amount not to exceed $1,105,000;
Authorize City Manager, or designee, to execute any and all documents necessary, including a Reimbursement Agreement with Breakers Development, LLC, a California limited liability company, for the reimbursement of $55,866 of the purchase price of the Subject Property;
Accept the Categorical Exemption CE 19-154;
Increase appropriations in the General Fund Group in the Economic Development Department by $1,105,000, offset by various fundings sources including grant reimbursement revenues and transfers from other funds;
Decrease appropriations in the General Fund Group in the Citywide Activities Department by $50,000 to offset a transfer to the Economic Development Department; and
Increase appropriations in the Development Services Fund Group in the Development Services Department by $234,679, offset by Construction and Demolition revenue to transfer to Economic Development. (District 7)
DISCUSSION
On June 19, 2001, the City Council authorized the execution of Lease No. 27347 (Lease) for a ten-year term for 1.4 acres of land at 1400 West Wardlow Road, Assessor Parcel Numbers 7311-017-027 and 7311-013-001 (Subject Property) (Attachment A), for the creation of a mini-park to be known as Tanaka Park. This park was developed through a unique collaboration between the Seventh District Council Office, the surrounding community, various City departments, and the Tanaka family. Through the development, the Subject Property currently serves as additional outdoor recreational space in a densely populated area of Long Beach. Completed in January 2004, Tanaka Park is primaril...
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