TITLE
Recommendation to receive supporting documentation into the record, conclude the public hearing, and adopt resolution making certain findings for an Owner Participation Agreement with Cowelco Properties, Inc., for the development of 1328-1340 West Canal Avenue. (District 1)
DISCUSSION
The Long Beach Redevelopment Agency (Agency) staff has concluded the negotiation of an Owner Participation Agreement (Agreement) with Cowelco Properties, Inc., (Developer) for the exchange of the Agency-owned property located at 1328-1340 Canal Avenue (Site) (Exhibit A - Site Map). The Site is located in the Westside Industrial Redevelopment Project Area (Westside).
The Developer is a steel fabrication business located at 1634 West 14th Street in the Westside. The company started as a custom sailboat builder in the mid-1940s by the current owner's father who subsequently transitioned to metals and structural steel contracting to take advantage of the post World War II construction demand. Since then, the company has grown to become one of the Westside's major manufacturing businesses, employing approximately 80 people. The company is certified as a WBE (Women Business Enterprise), allowing them to take advantage of major state and federal government procurement opportunities.
The Developer currently does not have off-street parking and proposes to enhance his current business in the Westside by acquiring the Site for off-street employee parking. The Developer intends to improve the Site with a surface parking lot for 30 cars, install wrought iron fencing, and add five feet of landscaping around the perimeter of the Site. The lot would include handicap parking, curbs, gutters, and sidewalks. No structures are proposed for the Site (Exhibit B - Site Improvement Plan).
The Agreement includes the following major provisions:
ยท Under the terms of the Agreement, the Developer will exchange a 10,000-square-foot property at 1325 Harbor Avenue with the 1 0,600-square-foot Agency...
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