TITLE
Recommendation to adopt ordinance conferring upon and delegating to the Board of Harbor Commissioners certain additional powers and duties relating to the sale of real property at Broadway and Golden Avenue, adjacent to the World Trade Center read the first time and laid over to the next regular meeting of the City Council for final reading.
DISCUSSION
In June 2011 the Port purchased the 5.6-acre parcel located at the southeast corner of Broadway and Golden Avenue. The property is subject to a parking easement agreement that allows the site to be used as a parking lot by the Hilton Long Beach Hotel and World Trade Center office building. Under the City's Downtown Plan, the property can be developed with various high density uses with a maximum allowable height of 500 feet. Any parking spaces displaced by development are required to be replaced by the construction of a parking structure. Currently, the highest and best use of the site is the development of a high density residential project.
The Port now desires to sell the property. In order for the Board of Harbor Commissioners (Board) to negotiate and execute the necessary documents for the sale of the property, it is necessary that such authority be conferred upon and delegated to the Board. Therefore, the City Council desires to confer upon and delegate to the Board the power and duty to negotiate the sale of the property and to take all actions and enter into any agreements necessary to do so.
TIMING CONSIDERATIONS
City Council action to adopt Delegation of Additional Powers Relating to Sale is requested on August 23,2016.
FISCAL IMPACT
[Fiscal Impact]
SUGGESTED ACTION
Approve recommendation.
Respectfully Submitted,
JON W. SLANGERUP
CHIEF EXECUTIVE
HARBOR DEPARTMENT