Long Beach Municipal Code Ch. 3.76 Commercial and Industrial Land Bank

A. There is established a commercial/industrial land bank to be operated by the City through the Department of Community Development with the advice and recommendations of the Economic Development Commission. In establishing the land bank, the City through the Department of Community Development may purchase, on the open market, commercial and industrial properties. In addition, property owned by the City designated and declared by the City Council to be surplus property shall become a part of the land bank. The parcels may be assembled for subsequent sale or lease to commercial and manufacturing concerns wishing to locate within the City.

B. The Economic Development Commission shall advise the Department of Community Development concerning the program, and shall recommend appropriate guidelines for the operation of the program. The Economic Development Commission shall submit recommendation regarding any and all transactions for City Council approval whether they are the sale of surplus City property or the purchase, sale, lease or disposition of other properties.

(Ord. C-5428 § 1, 1978: Ord. C-5337 § 1, 1977)

There is established a special fund which shall be called the land bank fund. It shall exist as a revolving fund on a continuing basis from year to year.

A. There shall be transferred or paid into the fund the following funds:

1. Proceeds from the sale, lease or rental of land bank holdings including the proceeds of sale of surplus City property as approved from time to time by the City Council;

2. Federal and other grant funds which have been received by the City for this purpose;

3. Special appropriations as may be authorized by the City Council;

4. Interest accruing on funds on deposits of investments;

5. Other refunds relating to expenditures from the fund;

6. Any other receipts or refunds allocable to the fund.

B. There shall be paid or expended from the fund the following costs and charges:

1. Costs directly related to the purchase and development of land bank holdings. These costs include the cost of land acquisition, escrow costs, title insurance, certain public improvements, development costs, public improvement costs;

2. Costs directly related to the sale, lease or rental of land bank holdings;

3. Staff administration costs;

4. Any expenditures authorized by the City Council necessary for the operation of the program as may be related to matching federal and other grants.

(Ord. C-5428 § 2, 1978: Ord. C-5337 § 2, 1977)