TITLE
Recommendation to receive supporting documentation into the record, conclude the hearing and adopt resolution making certain findings;
Declare the Successor Agency-owned parcels located at 101 East Pacific Coast Highway and 1814 Pine Avenue as surplus; and
Approve and authorize City Manager to execute any and all documents necessary, including the Purchase and Sale Agreement (PSA) and Escrow Instructions with Pine PCH, LLC (Buyer), for the sale of 101 East Pacific Coast Highway and 1814 Pine Avenue. (District 6)
DISCUSSION
The Successor Agency to the Redevelopment Agency of the City of Long Beach currently owns two contiguous parcels (Subject Property) located at 101 East Pacific Coast Highway and 1814 Pine Avenue (Exhibit A - Site Map). The Subject Property totals approximately 17,188 square feet of land area and contains no buildings or other site improvements.
The Buyer has expressed an interest in acquiring the Subject Property for development of a commercial building and appurtenant parking to provide neighborhood-serving retail businesses. The Buyer and the former Redevelopment Agency previously entered into an Exclusive Negotiation Agreement for the development contemplated in this transaction, but were unable to conclude negotiations prior to the dissolution of the Redevelopment Agency. The Buyer proposes to acquire the Subject Property for the purchase price of $393,500, which is fair market value as determined by an independent appraisal. As a condition of the sale, a restrictive covenant would be recorded requiring the Buyer to use the Subject Property for certain specified commercial retail uses and to maintain it at all times. The PSA is subject to approval from the Oversight Board and the State Department of Finance before it is effective.
The major terms and conditions of the proposed sale are as follows:
ยท Subject Property: The Subject Property is located at 101 East Pacific Coast Highway and 1814 Pine Avenue and comprises a...
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