Recommendation to authorize City Manager, or designee, to execute any and all necessary documents with Raintree-Evergreen LLC, a Delaware limited liability company, for the reduction in sale price of Broadway and Long Beach Boulevard (125-133 North Long Beach Boulevard and 234-248 East Broadway), Assessor Parcel Numbers 7280-025-903, -917, -922, -923; for a total purchase amount of $7,093,316.  (District 2)
Okay. Thank you. Appreciate you guys. For the audiences, those are the two audiences on the agenda. We will go back up now to the agenda and do items 37 and 3837. Thank you. Report from Economic Development Recommendation to execute all necessary documents with Rain Tree Evergreen for the reduction in sale price of Broadway and Long Beach Boulevard for a total purchase amount of 7,093,316 District two. Thank you, Mr. West, for the short report. Quick report by John. Keiser and Sergio Romero of Economic Development. Thank you, Pat. This item is a price reduction for an item previously. Considered by the City. Council on June 21st, 2016 for property at 125 3133 North Long Beach Boulevard and 230 4248. East Broadway. The subject property is about 44,000 square feet. It's currently utilize as a parking lot. The approved purchase price was $7.3 million. During the developer's due diligence, it was discovered that a major dedication would be required since you reducing the size of the developable site. The proposed reduction in price is approximately $206,000, and this item and evaluation of the price reduction has been evaluated. By the city's economists. Kizer Martin Associate. And we're ready to proceed with a sales price of a little over 7 million. 7,093,000 $316,000. That concludes our report. Happy to answer any questions. Great. Thank you. There's a motion in a second, Councilman Pierce. Anything? I just want to thank staff for meeting with me last week and going over this. And I also want to thank Raintree. I expect these projects to be good projects and this is really simple and straight shooter for me. So thank you. Thank you. Any public comment on this scene? And please cast your vote in 37.