TITLE
Recommendation to adopt Specifications No. RFP EP19-028 for the purchase and development opportunity at 925-945 East Pacific Coast Highway, Assessor Parcel Numbers 7210-013-900 and -901 (Subject Property);
Declare the City-owned Subject Property as surplus;
Authorize City Manager, or designee, to execute any and all documents necessary including a Purchase and Sale Agreement (PSA) with Mercy Housing California, Inc., a California nonprofit public benefit corporation, or affiliate (Buyer/Developer), for the sale of the Subject Property in the amount of $750,000; and
Accept Categorical Exemption CE 19-168. (District 6)
DISCUSSION
The City of Long Beach (City) currently owns the Subject Property, which measures approximately 15,795 square feet and is prominently positioned at the northwest corner of the intersection of Pacific Coast Highway and Martin Luther King Jr. Avenue (Attachment A). Formerly owned by the Redevelopment Agency of the City of Long Beach (Agency), the Subject Property was included in the Successor Agency’s Long Range Property Management Plan (LRPMP), which was approved by the State of California Department of Finance (DOF) on March 10, 2015 and amended on June 24, 2015. The Subject Property has been categorized with a permissible use of “Future Development,” allowing for the disposition of the Subject Property through a Request for Proposals (RFP) process for development consistent with the vision and intent of the Central Long Beach Redevelopment Project Area and its guiding documents. As further required in the LRPMP, the Subject Property has been conveyed to the City and is now a City-owned asset.
On March 6, 2016, the City Council authorized the City Manager to execute all documents necessary, including a Purchase and Sales Agreement, with Wood Investments, Inc. a California corporation, or assignee, for the sale of the Subject Property. Subsequently, the sale was not finalized and escrow did not close, resulting in the Subje...
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