TITLE
Recommendation to receive supporting documentation into the record, conclude the public hearing and adopt resolution making certain findings; approve and authorize the execution of the Disposition and Development Agreement between The Long Beach Housing Development Company and JHC Acquisitions, LLC; find that the consideration for the sale of certain real property in the Central Long Beach Redevelopment Project Area is not less than fair market value in accordance with covenants and conditions governing such sale; and approve the sale of the property and the Disposition and Development Agreement. (District 6)
DISCUSSION
The Redevelopment Plan for the Central Long Beach Redevelopment Project Area (Project Area) sets goals to ensure a diversity of housing stock for the growing population; expand, improve, and preserve the community’s supply of housing available to low- and moderate-income persons; remove blighting influences; and assure high design standards for the entire Project Area.
The City Council, the Redevelopment Agency (Agency), and The Long Beach Housing Development Company (LBHDC) have also adopted a Housing Action Plan (HAP) for Fiscal Years 2005-2009 to systematically address the critical housing needs of the City and to serve as the framework for the allocation of scarce City housing resources. The HAP allocated $69 million over a five-year period for affordable housing programs. Sixty-five percent (65%) of these funds were allocated to three focus areas: Washington School, Central, and North King School. Both the Washington School and Central HAP areas are within the Central Long Beach Redevelopment Project Area. One of the recommended strategies included in the HAP is to acquire parcels that are currently vacant or have substandard improvements and, in certain instances, properties adjacent to such parcels.
Pursuant to the HAP, the LBHDC acquired three properties in the Central HAP focus area, located at 1893-1911 Pine Avenue. The ...
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