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 Jana Land Company, Inc., for the development of 1601 West 17th Street. (District 1)
DISCUSSION
The Long Beach Redevelopment Agency (Agency) staff has concluded the negotiation of an Owner Participation Agreement (Agreement) with Jana Land Company, Inc., dba Dion & Sons, Inc., (Developer), for the sale and development of Agency-owned property located at 1601 West 17th Street (Site)(Exhibit A - Site Map). The Site is located in the Westside Industrial Redevelopment Project Area (Westside).
The Developer's business, Dion & Sons, Inc., was founded in 1930 as Amber Lubricants to supply fuels and oils to Southern California's oil well drilling industry. For the past 80 years, the company has been a recognized distributor of high quality fuels, lubricants, solvents, and mineral and synthetic metal-working fluids to regional businesses. Often times during natural disasters such as recent wildfires in Southern California, Dion & Sons is called upon to provide needed fuels for fire trucks and other equipment used on site.
The company's sales have continuously grown during the past years placing Dion & Sons among the top twenty sales tax producers in Long Beach. The projected growth has prompted the owner to look for additional storage space in the immediate area making the Agency-owned property an ideal acquisition for their needs. The Developer intends to improve the Site with a surface lot, install a block wall with wrought iron fencing and screening, and add five feet of landscaping around the perimeter of the Site. The lot would include curbs, gutters and sidewalks (Exhibit B - Site Plan). No structures are proposed for the Site.
The Agreement includes the following major provisions:
ยท Under the terms of the Agreement, the Developer will pay the Agency $143,550 as compensatio...
Click here for full text