City explores bold plans for former funeral home site

In a recent city council meeting, officials discussed the potential acquisition and development of the former White's funeral home site located at 9903 Flower Street. The property, which spans 1.11 acres and includes approximately 24,000 square feet of structures, has been listed for sale at $3.9 million since the funeral home operations ceased in June.

City staff presented two plans for the property. Plan A involves a loan agreement where the city would lend $3.66 million to City Ventures to facilitate the acquisition and development of the site. This loan would have a two-year term during which City Ventures would work on obtaining necessary project entitlements. If City Ventures fails to secure these entitlements within the specified timeframe, the property would revert to the city along with any accrued interest. The interest rate would align with that of the California local agency investment fund, and repayment would be deferred until City Ventures receives the final certificate of occupancy for the project.

Plan B serves as a backup option, proposing a direct purchase of the property. After negotiations, the city has settled on a price of $3.65 million with a 60-day escrow period, following an initial offer of $3.6 million. Staff indicated that this price is supported by recent comparable sales in downtown Bellflower.

The city aims to secure the property to foster economic development in the downtown area, with all proceeds from any future sale being directed into the city's general fund. The council is being asked to authorize the city manager to enter into either the loan agreement or the purchase and sale agreement, or both, allowing for flexibility in the decision-making process without needing to reconvene for further approvals.