Metro - File #: 2019-0673

• File #: 2019-0673
• Type: Agreement
• Status: Agenda Ready
• File created: 8/27/2019
• In control: Finance, Budget and Audit Committee
• On agenda: 10/16/2019
• Title: AUTHORIZE the Chief Executive Officer to execute a First Amendment to the existing License Agreement ("First Amendment") with West Angeles Church of God in Christ ("Landlord"), for the use of 450 parking spaces at a parking garage located at 3500 Crenshaw Boulevard, Los Angeles ("Parking Garage") for five additional years commencing January 1, 2020 at a monthly rate of $57,608 for a total value of $4,418,999 including annual escalations of approximately two percent. There are three five-year options to extend the term under the existing lease through December 31, 2040.
• Sponsors: Finance, Budget and Audit Committee
• Indexes: Budgeting, Crenshaw Station, Crenshaw/LAX Transit Corridor Project, Expo Line Operating Project (Project), Expo/Crenshaw Station, Inglewood, Landlords, Los Angeles International Airport, Metro Crenshaw Line, Metro Exposition Line, Metro Green Line, Metro Rail C Line, Metro Rail E Line, Metro Rail K Line, Park and ride, Property Agreement
• Related files: 2019-0800

Date	Action By	Action	Result
10/24/2019	Board of Directors - Regular Board Meeting

Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
OCTOBER 16, 2019

Subject
SUBJECT: FIRST AMENDMENT TO AMENDED AND RESTATED PARKING LICENSE AGREEMENT WITH WEST ANGELES CHURCH OF GOD IN CHRIST FOR TRANSIT PARKING AT 3500 CRENSHAW BOULEVARD IN LOS ANGELES

Action
ACTION: APPROVE RECOMMENDATIONS

Heading
RECOMMENDATION

Title
AUTHORIZE the Chief Executive Officer to execute a First Amendment to the existing License Agreement ("First Amendment") with West Angeles Church of God in Christ ("Landlord"), for the use of 450 parking spaces at a parking garage located at 3500 Crenshaw Boulevard, Los Angeles ("Parking Garage") for five additional years commencing January 1, 2020 at a monthly rate of $57,608 for a total value of $4,418,999 including annual escalations of approximately two percent. There are three five-year options to extend the term under the existing lease through December 31, 2040.

Issue
ISSUE

Metro has had a license with the Landlord to use parking spaces in the Parking Garage since April 2, 2012. In 2015, Metro determined that it had overestimated the parking demand at the Expo Crenshaw Station and entered into a new license to reduce the number of parking spaces by half from 450 to 225 parking spaces.

Due to the anticipated opening of the Crenshaw/LAX transit line in 2020, Metro Parking Management anticipates there will be an increased demand for parking at the Parking Garage and has determined that it is now time to revise the agreement to lease all the 450 spaces available in the Parking Garage again and implement the Supportive Transit Parking Program to support the operation of the new transit corridor.

Discussion
DISCUSSION

The Parking Garage owned by the Landlord has served as the park-and-ride facility for the Expo/Crenshaw Station since 2012. With the upcoming operation of the Crenshaw/LAX transit line, staff expects increased parking demand at the garage. The Expo/Crenshaw Station will be the northern terminus of the Crenshaw/LA...