TITLE
Recommendation to declare the City-owned property located at 240 Long Beach Boulevard, 320 East 3rd Street - 356 East 3rd Street, and 269 Elm Avenue (Assessor Parcel Numbers 7281-017-904, -905, -906, -911, -912, -913, -914 and -915, collectively, the Subject Properties) as surplus, authorize City Manager, or designee, to execute any and all documents necessary, including a Purchase and Sale Agreement (PSA) with Ratkovich Properties, LLC, a California limited liability company (Buyer), for the sale of the Subject Properties in the amount of $2,340,000, and accept Categorical Exemption CE 15-149. (District 2)
DISCUSSION
The City of Long Beach currently owns the Subject Properties (Exhibit “A”), which measure approximately 52,500 square feet and contain the former Acres of Books building with an adjoining parking lot, and a cluster of storefronts currently leased to The Art Exchange Visual Art Center, Inc. (ArtExchange) also with an adjoining parking lot. Formerly owned by the Redevelopment Agency of the City of Long Beach (Agency), the Subject Properties were 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. The Subject Properties have been categorized with a permissible use of “Future Development” allowing for the disposition of the Subject Properties for development consistent with the vision and intent of the Downtown Plan.
At the time of the Agency’s dissolution, the Agency was in pre-existing and near-final discussions with the Buyer for the purchase and development of the Subject Properties. The Buyer has expressed an interest in proceeding with the purchase of the Subject Properties from the City for $2,340,000, the fair market value of the Subject Properties as determined by an independent appraisal. The Subject Properties’ development, north of the Acres of Books building, will include a mid-rise, mixed-use building consi...
Click here for full text