TITLE
Recommendation to declare the City-owned property located at 2111 West 14th Street and 2110 Cowles Street, Assessor Parcel Numbers 7429-018-901 and -911 as surplus; authorize City Manager, or designee, to execute any and all documents necessary, including a Purchase and Sale Agreement, with Tarrico Corp., a California corporation, or Assignee (Buyer), for the sale of the Subject Property in the amount of $2,369,377; and, accept Categorical Exemption CE 17-178. (District 1)
DISCUSSION
The City of Long Beach currently owns a 84,051 square-foot unimproved lot located at 2111 West 14th Street and 2110 Cowles Street, Assessor Parcel Numbers 7429-018-901 and -911 (Subject Property) (Exhibit A). Formerly owned by the Redevelopment Agency of the City of Long Beach (Agency), the Subject Property was included in the Successor Agency’s Long Range Property Management Plan (LRPMP), which was approved by the State of California Department of Finance (DOF) on March 10, 2015 and amended on June 24, 2015. The Subject Property has been categorized with a permissible use of “Future Development” allowing for the disposition of the Subject Property for development consistent with the vision and intent of the West Long Beach Industrial Redevelopment Project Area (Project Area) and its guiding documents.
In January 2016, the City released Request for Proposals No. EP16-066 soliciting proposals for the sale and development of the Subject Property; however, only one proposal was received and the proposed concept was not consistent with the Project Area guiding documents. Subsequently, the Subject Property was assigned to Lee and Associates, who solicited offers through an open real estate market listing; four offers were received through this process. Lee and Associates worked with the Buyer to present the City with the subject offer. The subject offer calls for the purchase price of $2,369,377, which is 6 percent below fair market value as determined by a broker opinion of...
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