TITLE
Recommendation to receive supporting documentation into the record, conclude the hearing, and adopt resolution making certain findings for an Owner Participation Agreement with McFadden Family Trust for the development of 1652-1660 West 15th Street. (District 1)
DISCUSSION
The Long Beach Redevelopment Agency (Agency) staff has concluded the negotiation of an Owner Participation Agreement (Agreement) with McFadden Family Trust (Developer!, for the sale and development of Agency-owned property located at 1652-1660 West 15 h Street (Site)(Exhibit A - Site Map). The Site is located in the Westside Industrial Redevelopment Project Area (Westside).
The Developer's business, CMAC Construction Company (CMAC), is a general contracting firm located at 1450 Santa Fe Avenue, in the West Long Beach Industrial Area. Established in 1975, the company provides construction related services for the petrochemical industry. CMAC specializes in the mechanical construction field, including new construction, structural and piping, plant turnaround, fire. protection, general maintenance, and shop fabrication. CMAC is also authorized by the State of California to witness Pipeline Hydrotest Certifications. The company currently employs 60 people and anticipates hiring additional employees upon expansion.
CMAC's revenue has grown steadily over the last 35 years to over $10 million in gross sales per year. The projected growth has prompted the owner to look for additional yard space in the immediate area making the Agency 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 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 Age...
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