TITLE
Recommendation to declare the City-owned property located at 1680 Santa Fe Avenue, Assessor Parcel Number 7432-008-902 as surplus; authorize City Manager, or designee, to execute any and all documents necessary, including a Purchase and Sale Agreement, with Cando Services, LLC, or Assignee, for the sale of the Subject Property in the amount of $500,000; and, accept Categorical Exemption CE 17-177. (District 1)
DISCUSSION
The City of Long Beach currently owns a 12,500 square-foot unimproved lot located at 1680 Santa Fe Avenue, Assessor Parcel Number 7432-008-902 (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 and its guiding documents.
In January 2016, the City released Request for Proposals No. EP16-068 soliciting proposals for the sale and development of the Subject Property with no proposals being received by the due date. 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 $500,000, which is fair market value as determined by a broker opinion of value. A panel consisting of representatives from the Departments of Development Services and Economic and Property Development, and an outside real estate economics consultant, reviewed all offers and una...
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