TITLE
Recommendation to receive supporting documentation into the record, conclude the hearing, and adopt resolution making certain findings for an Owner Participation Agreement with Lester Box, Inc., for the development of 1463 Cota Avenue. (District 1)
DISCUSSION
The Long Beach Redevelopment Agency (Agency) staff has concluded the negotiation of an Owner Participation Agreement (Agreement) with Lester Box, Inc., (Developer) for the sale and development of Agency-owned property located at 1463 Cota Avenue (Site)(Exhibit A - Site Map). The Site is located in the Westside Industrial Redevelopment Project Area (Westside).
The Developer’s business, Lester Box, Inc., has been operating since 1946 at 1470 Seabright Avenue, which is in the Westside. The company provides custom wooden boxes, crates and pallets as well as commercial and export packing and crating services to aerospace, defense, automotive, medical, petroleum, telecommunications, and many other key industries. The company is a direct supplier of wooden packing materials and crating services to the United States government.
The company’s continuous sales growth and increased demand for services, particularly from the military, have prompted the owner to look for additional space in the immediate area. The neighboring Agency-owned property is an ideal acquisition for the company’s needs. The Developer anticipates hiring an additional two employees upon expansion.
The Developer intends to construct a new building on the Site, and improve the remainder of the Site with concrete paving, install a block wall with tube steel fencing and gates with a five-foot-deep landscaping planter along Cota Avenue (Exhibit B - Site Plan).
The Agreement includes the following major provisions:
· Under the terms of the Agreement, the Developer will pay the Agency $295,000, as compensation for the approximately 9,755-square-foot site.
· The Developer will utilize the Site in accordance with the West Long Beach Indu...
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