Metro - File #: 2020-0614

• File #: 2020-0614
• Type: Informational Report
• Status: Consent Calendar
• File created: 9/3/2020
• In control: Board of Directors - Regular Board Meeting
• On agenda: 10/22/2020
• Title: CONSIDER: A. AUTHORIZING the Chief Executive Officer to negotiate and execute with Primestor Development LLC, a Delaware limited liability company (or an affiliated entity that owns the relevant portion of the Vermont and Manchester Mixed-Use Development Project) (Developer) and other necessary parties (1) a 15-year office lease (Attachment B) for the Metro Training and Innovation Center (MTIC) commencing approximately October 1, 2023; and (2) all other legal documents necessary or desirable to effectuate the transactions; and B. APPROVING the Life of Project (LOP) Budget of $19,900,000 for the MTIC.
• Sponsors: Construction Committee
• Indexes: Agreements, Budget, Budgeting, Construction, Funding plan, Informational Report, Memorandum Of Understanding, Plan, Project, Property Agreement, Safety, SEED School of Los Angeles, South Los Angeles, Tenants, Transit centers
• Related files: 2020-0786

Date	Action By	Action	Result
10/15/2020	Executive Management Committee

Meeting_Body
EXECUTIVE MANAGEMENT COMMITTEE
OCTOBER 15, 2020

Subject
SUBJECT: METRO TRAINING AND INNOVATION CENTER

Action
ACTION: APPROVE RECOMMENDATIONS

Heading
RECOMMENDATIONS

Title
CONSIDER:

A. AUTHORIZING the Chief Executive Officer to negotiate and execute with Primestor Development LLC, a Delaware limited liability company (or an affiliated entity that owns the relevant portion of the Vermont and Manchester Mixed-Use Development Project) (Developer) and other necessary parties (1) a 15-year office lease (Attachment B) for the Metro Training and Innovation Center (MTIC) commencing approximately October 1, 2023; and (2) all other legal documents necessary or desirable to effectuate the transactions; and

B. APPROVING the Life of Project (LOP) Budget of $19,900,000 for the MTIC.

Issue
ISSUE

The Vermont and Manchester Transit Priority Joint Development Project (Project) consists of a six-story mixed-use affordable housing and community serving retail, an open transit plaza, a job training center, a six-story boarding school with faculty residential units, full service grocery store, and 383 parking spaces located at the ground-level and within a 4.5-level parking structure.
The proposed Project provides the opportunity for Metro to not only partner with the County to build a premiere public charter transportation boarding school at this location, but also to build a transportation and learning center within the mixed-use development. Metro has designed the MTIC to feature 15,000 square feet of office space on the third floor of the mixed-use development fronting the Transit Plaza, 60 dedicated parking spaces, passenger elevator, Metro signage, and transit-related amenities throughout the Transit Plaza. The conceptual drawings of the mixed-use development and location of the space is attached (Attachment A). Staff is advancing the design of the interior space and drafting agreements consistent with the attached Office Lease (Attachment B) in or...