TITLE
Recommendation to approve and authorize City Manager, acting on behalf of the former Redevelopment Agency, to execute an Owner Participation Agreement, and any other related documents, with Pacific Court-Pine Square Partners for the redevelopment of the Pine Court property located at 250-270 Pacific Avenue. (District 2)
DISCUSSION
Pacific Court-Pine Square Partners is the owner of the property known as Pine Court located at 250-270 Pacific Avenue (Exhibit A - Site Map). A portion of the property (the "theatre space"), has been leased to American Multi-Cinema, Inc, (American Multi-Cinema Theatres) since the development's opening In 1992, American Multi-Cinema Theatres ceased operations in the theatre space on November 28,2010, and Pacific Court-Pine Square Partners wishes to rebuild the theatre space as a residentIal apartment project upon termination of the lease with American MultI-Cinema Theatres, which expires on December 31 , 2012. Conversion of the theatre space to residential units has already been reviewed and approved by the Planning Commission.
Pine Court is currently subject to several agreements with the City of Long Beach (City) and/or the former Redevelopment Agency that limit its current use to a movie theatre or other commercial use, and which do not permit development of Pine Court for residential purposes. In order for Pine Court to be redeveloped as apartments, each of the following agreements must be amended or terminated. The proposed Owner Participation Agreement and its attachments address the following:
ยท Theatre Space Offsite Parking Agreement. This Agreement allowed for all code required parking related to the theatre or other commercial use to be provided offsite by the City and/or the former Redevelopment Agency, The Theatre Space Offsite Parking Agreement with the former Redevelopment Agency must be terminated. All related Parking Easement Agreements with the City also must be terminated. The new residential units will be f...
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