Long Beach, CA
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File #: 20-003SA    Version: 1 Name: 010720-SA-2nd Amendment To Ground Lease
Type: SA-Agenda Item Status: Approved
File created: 1/2/2020 In control: As the Successor Agency to the Redevelopment Agency of the City of Long Beach
On agenda: 1/7/2020 Final action:
Title: Recommendation to authorize City Manager, on behalf of the Successor Agency to the Redevelopment Agency of the City of Long Beach, to execute a second amendment to the Ground Lease with American Stores Properties, Inc., for the property commonly known as Wrigley Marketplace, originally executed by the Redevelopment Agency of the City of Long Beach. (District 6)
Attachments: 1. 010720.sa.item3.pdf
TITLE
Recommendation to authorize City Manager, on behalf of the Successor Agency to the Redevelopment Agency of the City of Long Beach, to execute a second amendment to the Ground Lease with American Stores Properties, Inc., for the property commonly known as Wrigley Marketplace, originally executed by the Redevelopment Agency of the City of Long Beach. (District 6)

DISCUSSION
At its meeting on September 10, 2019, the City Council, as Successor Agency to the Redevelopment Agency of the City of Long Beach (Successor Agency), approved the second amendment to the Ground Lease between the former Redevelopment Agency of the City of Long Beach and American Stores Properties, Inc. On September 17, 2019, staff requested that the Fourth District Consolidated Oversight Board (Oversight Board) adopt a Resolution authorizing the amendment. Following the Oversight Board’s action, Oversight Board Resolution No. OB-03-2019, approving the second amendment, was submitted to the Department of Finance (DOF) for review. On November 4, 2019, the DOF notified City of Long Beach (City) staff that the DOF did not approve OB Resolution No. OB-03-2019 because it did not include a finding that the amendment was in the best interest of the affected taxing agencies. Staff is asking for approval of the amendment again to resubmit the request and a Resolution to the Oversight Board with the finding required by the DOF.

The Successor Agency owns certain real property at 101 to 281 East Willow Street, and commonly known as the Wrigley Marketplace (Property). The Property is categorized as “for sale” in the Long Range Property Management Plan approved by the DOF on March 10, 2015, and amended on June 24, 2015 (Revised Plan). The Revised Plan identified 57 for sale properties, comprising of 27 sites. The Wrigley Marketplace is one of two sites that have not yet been sold or entered escrow.

The Property is encumbered by a Ground Lease dated January 26, 1998 (Ground Lease), executed by and ...

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