TITLE
Recommendation to approve and authorize City Manager to execute the Second Implementation Agreement to the Owner Participation Agreement among the Redevelopment Agency, the City of Long Beach and Coventry Long Beach Plaza, LLC, dated as of September 12, 2000, and related documents. (District 1)
DISCUSSION
The Second Implementation Agreement and a separate agreement to be delivered at
the close of escrow, known as the Assignment and Assumption Agreement (Exhibit A to
the Second Implementation Agreement), are four-party agreements in which the
Redevelopment Agency, Coventry, Promenade Loft Partners and the City of Long
Beach all consent to the proposed sale. The Redevelopment Agency approved the
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The September 12, 2000, Owner Participation Agreement (OPA) with Coventry Long
Beach Plaza LLC (Coventry) for the development of Cityplace Contemplated the sale of
the non-retail parcels to other developers, including the vacant land on the north side of 3rd Street between The Promenade and Pine Avenue adjacent to the public parking
garage (3rd Street Site). At that time a hotel use was contemplated. However, during
the ensuing years it became apparent that the 3rd Street Site Exhibit A - Site Map) was
not suitable for a hotel use. Instead, development of the 3' Street Site as residential
homes with first floor retail space was approved by the Redevelopment Agency in
October 2002 (Exhibit B - Site Plan and Elevation).
Coventry has reached an agreement with Promenade Lot 3 Partners, LLC, a single-
purpose entity controlled by Urban Pacific Builders (Developer), to sell the 3rd Street
Site for the construction of 39 residences and approximately 5,745 square feet of first
floor retail space (Promenade Lofts). Because this sale is a partial assignment of the
OPA, Coventry needs the consent of both the Redevelopment Agency and the City to
the proposed sale.
proposed sale on July 25, 2005. Pursuant to the Assignment and Assumption
Agreement, Coventry assigns to Promenade Loft Partners and Promenade Loft
Partners assumes all of Developer's obligations under the OPA with respect to the 3rd
Street Site, and the City and the Redevelopment Agency consent to the assignment.
In addition, development of the 3rd Street Site requires an exchange of easements
between the developer and the City. The private development requires that easements
be granted over the City-owned parking garage and historic mural site, and the City
requires easements over the 3rd Street Site for public access to and around the mural.
The Second Implementation Agreement provides for the granting of these easements
as follows:
TIMING CONSIDERATIONS
[Timing Considerations]
FISCAL IMPACT
[Fiscal Impact]
SUGGESTED ACTION
Approve recommendation.
BODY
[Enter Body Here]
Respectfully Submitted,
[Respectfully Submitted,]