Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
FEBRUARY 17, 2021
Subject
SUBJECT: 1ST & LORENA JOINT DEVELOPMENT
Action
ACTION: APPROVE RECOMMENDATIONS
Heading
RECOMMENDATION
Title
CONSIDER:
A. AUTHORIZING the Chief Executive Officer ("CEO") to execute a Joint Development Agreement ("JDA"), ground lease and other development-related documents (collectively, the "Development Documents") with A Community of Friends (the "Developer") or an affiliate of the Developer, for the construction and operation of a 49-unit affordable housing project with up to 7,500 square feet of ground floor commercial space (the "Project") on a portion of Metro-owned property at the northeast corner of 1st and Lorena Streets in Boyle Heights (the "Site"), all in accordance with the Summary of Key Terms and Conditions ("Term Sheet") attached hereto as Attachment A;
B. AUTHORIZING an exception to the Joint Development Policy, to allow for a $711,963 (approximately 57%) discount to the $1,254,963 adjusted fair market capitalized rent for the Site under the ground lease, which is above the current policy limit of 30%;
C. CONSIDERING the environmental effects of the Project as shown in the Mitigated Negative Declaration prepared for the Project by the City of Los Angeles (City of Los Angeles, Department of City Planning No. ENV-2014-2392-MND) that was originally adopted by the Director of Planning on March 2, 2016 (attached hereto as Attachment B), and was subsequently amended by the City Council on March 6, 2018 to include the "Substitute Environmental Mitigation Measures" set forth in the revised Exhibit A to the Department of City Planning's Letter of Determination for the Project attached hereto as Attachment C;
D. ADOPTING the additional measures regarding archaeological and paleontological resources set forth on Attachment D; and
E. AUTHORIZING Metro staff to file with the County Clerk and the State Clearinghouse a Notice of Determination for the Project consistent wit...
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