TITLE
Recommendation to authorize City Manager, or designee, to execute a Letter of Intent (LOI) between the City of Long Beach and Centro C.H.A, Inc., a California 501(c)(3) corporation, for the development of a lease agreement with the option to purchase City-owned property at 1850-1862 Atlantic Avenue, for youth workforce development, civic leadership, inclusive entrepreneurship training, and community services. (District 6)
DISCUSSION
The City of Long Beach (City) currently owns the property at 1850-1862 Atlantic Avenue, Assessor Parcel Numbers 7210-016-904 (Subject Property) (Attachment A). The Subject Property is approximately 14,663 square feet and improved with a 4,800-square-foot building, a former playground, and an adjacent parking lot. The Subject Property was previously purchased for a total of $800,000, utilizing Refuse/Recycling Funds. At the time of purchase, the proposed use was the development of an educational environmental recycling demonstration depot. Since then, the property has remained vacant and requires substantial tenant improvements to make the property usable tor public benefit.
Representatives from Centro C.H.A., Inc. (Centro C.H.A.), have expressed interest in leasing the property to provide initiatives and programs consistent with their mission. City Council approval is requested to enter into a Letter of Intent (LOI) with Centro C.H.A., tor a period of up to 120 days, to ensure Centro C.H.A. may expend the funds necessary to complete construction plans, bids, and loan applications to secure financing necessary for the tenant improvements required to occupy the Subject Property.
Centro C.H.A. is a grassroots community organization that advances the well-being of underrepresented, low-income Hispanic children, youth, and families within Long Beach. The stated mission of Centro C.H.A. is to increase the quality source of programs and services that are dedicated to improving the social-economic development of low-income youth...
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