TITLE
Recommendation to direct City Attorney to prepare an ordinance amending the Long Beach Municipal Code by adding Division IV to Chapter 2.84 relating to real estate purchase contracts.
DISCUSSION
This ordinance is designed to provide full transparency for all real estate transactions in excess of $1 million, in which the City is the buyer. It requires all individuals or corporations receiving any commissions or fees on such sales to be revealed and listed. In the recent past, there have been potential large transactions in which fees could be paid but not made public. This ordinance will required the full disclosure of such payments. The attached ordinance has the appropriate penalties for non-compliance.
SUGGESTED ACTION
Approve recommendation.
BODY
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LONG BEACH AMENDING THE LONG BEACH MUNICIPAL CODE BY ADDING DIVISION IV TO CHAPTER 2.84 RELATING TO REAL ESTATE PURCHASE CONTRACTS
Respectfully Submitted,
MAYOR BOB FOSTER