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File #: 2016-0141   
Type: Policy Status: Passed
File created: 2/8/2016 In control: Planning and Programming Committee
On agenda: 3/16/2016 Final action: 3/24/2016
Title: CONSIDER: A. AUTHORIZING the Chief Executive Officer (CEO) to execute an agreement (Master Agreement) with EQR-4th & Hill LP (EQR) in which the Los Angeles County Metropolitan Transportation Authority (METRO) agrees to grant to EQR, and take all necessary steps to record, certain "Real Estate Interests" in the METRO owned property located at the northeast corner of 4th and Hill, subject to all conditions as set forth in the Master Agreement. On the terms set forth in the Master Agreement and ancillary agreements, EQR will (1) pay an agreed upon fair market value of the easements, (2) regrade and install, operate and maintain "Enhanced Plaza Improvements" on the Metro Plaza (at the northeast 4th/Hill portal) pursuant to a design approved by METRO, and (3) pay for changes required to mitigate impacts to Metro-Clark Contract C1073 due to EQR Project; and B. DELEGATING to the CEO the authority to approve the fair market value of the various temporary and permanent easements and lease ...
Indexes: Americans With Disabilities Act, City of Los Angeles, Construction, Escalators, Grant Aid, Maintenance, Metro Red Line, Pedestrians, Policy, Property acquisition, Protection, Station 606, Transfers
Attachments: 1. Attachment A – Site Map of Portal Property and EQR Property, 2. Attachment B – Portal Property with Current Improvements, 3. Attachment C – Depiction of Proposed EQR Project (with Building Overhang over Metro’s Portal Property)
Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
MARCH 16, 2016

Subject/Action
SUBJECT: REAL ESTATE AGREEMENT WITH EQR-4TH & HILL, LP FOR JOINT USE OF TRANSIT PLAZA AT 4TH & HILL METRO RED LINE STATION AND CHANGES TO METRO-CLARK CONTRACT C1073

Heading
RECOMMENDATION

Title
CONSIDER:

A. AUTHORIZING the Chief Executive Officer (CEO) to execute an agreement (Master Agreement) with EQR-4th & Hill LP (EQR) in which the Los Angeles County Metropolitan Transportation Authority (METRO) agrees to grant to EQR, and take all necessary steps to record, certain "Real Estate Interests" in the METRO owned property located at the northeast corner of 4th and Hill, subject to all conditions as set forth in the Master Agreement. On the terms set forth in the Master Agreement and ancillary agreements, EQR will (1) pay an agreed upon fair market value of the easements, (2) regrade and install, operate and maintain "Enhanced Plaza Improvements" on the Metro Plaza (at the northeast 4th/Hill portal) pursuant to a design approved by METRO, and (3) pay for changes required to mitigate impacts to Metro-Clark Contract C1073 due to EQR Project; and

B. DELEGATING to the CEO the authority to approve the fair market value of the various temporary and permanent easements and lease agreement up to the amount of $1,000,000.

Issue
BACKGROUND AND DESCRIPTION OF PROJECT
The former Southern California Rapid Transit District ("SCRTD") acquired certain property interests at the northeast corner of 4th and Hill ("Portal Property") in April 1987 from System Parking Investment, Inc. et.al. ("System"), as necessary to construct and operate the Metro Red Line 4th and Hill Street northeast station and portal. The Portal Property is comprised of a fee simple interest to approximately 8,645 square feet of subsurface, surface and airspace up to an upper limit of 298.0 feet above mean sea level (i.e. approximately 20 feet above current grade). METRO has previously constructed, and continues to op...

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