City Council

30. 23-0442 Recommendation to authorize City Manager, or designee, to execute a\nMemorandum of Understanding (MOU) between the City of Long\nBeach (City) and the Board of Harbor Commissioners of the City of\nLong Beach, Harbor Department (Harbor), which will include the terms\nfor Harbor to advance the City an amount up to $12 million, take\ncontrol of certain City oil properties, that can transition to non-oil uses,\nsplit the revenues derived from leasing of those properties with the\nCity, and use the City’s share of revenues to pay down the advance of\nfunds. (Districts 1,7)\nOffice or Department: ECONOMIC DEVELOPMENT\nSuggested Action: Approve recommendation.