Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
OCTOBER 18, 2017
Subject
SUBJECT: EXTEND A FIVE-YEAR WESTERN/CARLTON, LP,
LICENSE AGREEMENT AN ADDITIONAL
TWENTY-FOUR YEARS
Action
ACTION: APPROVE EXTENDED LICENSE
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer to execute an amended and restated license agreement with Western/Carlton II, LP, a California Ltd. Partnership (Western/Carlton), extending the term for an additional twenty-four (24) years with an option to extend five years allowing Western/Carlton to use that portion of Metro property situated adjacent to the Western/Carlton's ground-leased premises at the Hollywood/Western Red Line Station, as depicted on Attachment A (License Property), for the operation and use of the ground-leased premises and related improvements.
Issue
ISSUE
In June 2016, Western/Carlton and Metro entered into a five-year license agreement for Metro property situated adjacent to Western/Carlton's ground-leased premises so that one of Western/Carlton's tenants, the Thai Community Development Center (Thai CDC) could make use of the area. Thai CDC is a non-profit organization that has started construction on an employment generator and food retail incubator project it wishes to operate, in part, on the License Property, which has garnered City of Los Angeles' support. Thai CDC has secured grants and other economic development funding for the tenant improvements within their leased space. One funding source, a New Market Tax Credits loan, requires that Western/Carlton and Metro have a 24-year license agreement (with a five-year option to extend). Metro policy requires Board approval for any license agreement over a five-year term.
Discussion
DISCUSSION
In December 2013, Thai CDC approached Metro regarding use of the License Property, which is situated immediately adjacent to Western Carlton's ground-leased premises, and interior space they intended to lease inside the mixed-use building Weste...
Click here for full text