TITLE
Recommendation to authorize City Manager to execute an Exclusive Negotiating Agreement between the City of Long Beach and BANCAP, for the term of one-year for a proposed restaurant at 6500 Marina Drive, and execute any amendments necessary to exercise extension options provided for therein; and increase appropriations in the General Fund (GP) in the Department of Community Development by $10,000. (District 3)
DISCUSSION
The City of Long Beach (City) is the owner of the Basin Three parking lot at Alamitos Bay Marina (Site), located at 6500 Marina Drive (Exhibit "A"). Though the Site provides parking for marina visitors and boat owners, it is primarily under-utilized given its relative location to the waterfront. Staff proposes that the City explore developing the Site into a waterfront restaurant that will enhance the visitors' experience at the Marina.
In an effort to develop a waterfront restaurant on the Site, staff recommends the City enter into an Exclusive Negotiating Agreement (ENA) with BAN CAP (Developer) to facilitate negotiations of development agreement(s) and/or a ground lease that will benefit the City and its residents. A previous ENA relating to this site, between the City and Marina Retail Associates, LLC, has expired without resulting in a development agreement.
The Developer has partnered with the City on several projects along Marina Drive including Alamitos Bay Marina Center, Alamitos Bay Landing, the Crab Pot Restaurant, and the weekly Farmers' Market. BANCAP's principals all reside in Long Beach and are active in the community.
The ENA does not provide any promise or commitment by the City, or any agency of the City, with respect to the approval of development. It is merely an agreement to enter into a period of exclusive negotiations according to the terms of the ENA, reserving final discretion and approval by the City Council of any subsequent ground lease or development agreement.
The proposed ENA contains the following majo...
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