TITLE
Recommendation to request City Attorney to prepare and authorize City Manager to execute all documents necessary for the sale of 100 Long Beach Boulevard (City Hall East) in an amount of $5,100,000 as specified. (District 2)
DISCUSSION
The City of Long Beach acquired property at 100 Long Beach Boulevard, also known as . City Hall East (CHE), from Southern California Edison in June 2000 as part of the negotiated franchise agreement extension (Exhibit A - Site Map). The property consists of a ten-story building built in 1959, which includes a 149-space parking structure. During the reconstruction of the Public Safety Building, significant work was done to update three floors for occupancy by the Police Departm~nt as a temporary replacement facility. It has been vacant since they moved out in June 2005.
With the completion of the Public Safety Building, staff prepared a Request for Proposals (RFP) in May 2005 for the development of several properties in the downtown including CHE. The RFP had several goals and objectives including:
· Maximizing the sale proceeds of a City asset.
· Providing innovative restoration, reuse and historic preservation of the building as appropriate.
· Providing the highest quality architectural design within the existing downtown environment.
In April 2006, City Council authorized the City to enter into separate non-exclusive Memorandums of Understanding (MOUs) with two development teams, The Lee Group/Kensington Holding and Grand Prix Place, LLC. During the MOU negotiation period, The Lee Group/Kensington Holding team concluded their project was financially infeasible and withdrew from the process, therefore terminating their MOU with the City.
In November 2006, at the conclusion of the MOU negotiation period, Grand Prix Place, LLC and the City were unable to reach an agreeable sale and purchase price for the building. The MOU between the City and Grand Prix Place expired.
In July 2007, staff received four unsolicited offe...
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