Olson Co., Developer Of "For-Sale, In-Town Housing," Has Purchase/Sale Agreement (In Escrow/Due Diligence Phase) For LBCC Property @ 3320-3340 Los Coyotes Diagonal & 3325 Palo Verde For "Residential Development," Has Scheduled Community Meeting Tonight (June 27) To Discuss Its Plans And Receive Community Input; See Details Here
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(June 27, 2018, 12:51 p.m.) -- LBREPORT.com has learned that LBCC's Board of Trustees voted in a March 27 closed session to approve a purchase and sale agreement for real property (it declared "surplus") at 3320-3340 Los Coyotes Diagonal (south of the "Ralphs" market on Wardlow Rd.) plus 3325 Palo Verde Ave. (APNs 7191-014-902, 903, 904, 905, 906, 010 and 022) for $16,625,000.
LBREPORT.com has also learned that the Olson Company, which describes itself on a company notice (received by some area residents but not others) as "California's leading developer of for-sale, in-town housing," has scheduled a community meeting tonight, June 27, at 6 p.m. at Long Beach Alliance Church, 3331 Palo Verde Ave. "to discuss our proposed residential development and receive your valued input."
The company notice invites recipients to learn more about the Olson Company by visiting its website at www.olsonhomes.com.
By way of background, LBCC's Board of Trustees' May 22 public agenda contains a report summarizing its March 27 closed session item as follows:
[Scroll down for further.]
[Reader reminder: This text refers to circumstances of the March 27 LBCC Board action]
Background - The Board previously declared the Property surplus and established its intention to sell the Property in accordance with applicable law. At the direction of the Board, the District also sought and received a waiver of the surplus property procedures under Education Code section 81360 et seq. in order to be allowed to select the most qualified entity that is the best fit for the Property and to negotiate a successful purchase and sale agreement with said entity in order to maximize the District’s revenue.
Pursuant to the waiver, the District received proposals from several parties offering to purchase the Property. Subsequent to a failed escrow, District staff reviewed the proposals and identified the proposal from Olson Urban Housing, LLC as providing the best terms for the District. Therefore, the District negotiated the Purchase and Sale Agreement with Olson. However, as stated in the Olson Purchase and Sale Agreement, Olson requires certain conditions to be satisfied before it will complete the purchase of the Property.
The public May 22 agenda item reporting the Mar 27 closed session action indicates the motion was made by Trustee Doug Otto, seconded by Trustee Vivian Malauulu. Final Resolution: Motion Carried: Aye: Virginia Baxter, Jeff Kellogg, Vivian Malauulu, Doug Otto, Sunny Zia
Developing. Further to follow.
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LBREPORT.com is reader and advertiser supported. Support independent news in LB similar to the way people support NPR and PBS stations. We're not non-profit so it's not tax
deductible but $49.95 (less than an annual dollar a week) helps keep us online.
