Meeting_Body
EXECUTIVE MANAGEMENT COMMITTEE
JUNE 16, 2016
Subject/Action
SUBJECT: 1ST AND LORENA JOINT DEVELOPMENT
ACTION: AUTHORIZE AMENDMENT TO EXTEND EXISTING EXCLUSIVE NEGOTIATING AGREEMENT FOR 12 MONTHS
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer to execute an amendment to the Exclusive Negotiations and Planning Agreement with A Community of Friends to extend its term for an additional 12 months, for the joint development of Metro-owned property at 1st and Lorena Street along the Metro Gold Line Eastside Extension.
Issue
ISSUE
In December 2015, the LACMTA Board of Directors (Board) authorized a 6- month extension to the Exclusive Negotiations and Planning Agreement (ENA), dated June 27, 2013, with A Community of Friends (ACOF) (Developer) for the development of a 49-unit mixed-use affordable housing project (Proposed Project) at 1st and Lorena Street (See Attachment A, Site Map). During this extension term, the Developer has diligently pursued and performed its obligations under the ENA and the proposed project was on track to proceed to the Joint Development Agreement (JDA) phase with Metro by the end of the 6-month extension term. However, Metro recently learned that a CEQA appeal has been filed against the Proposed Project with the City of Los Angeles (City). In light of this appeal and the need for additional time to allow Developer to resolve the matter, Metro staff recommends that the Board authorize an additional extension to the ENA term for a period of 12 months and grant an exception to the JD Policy's term limit to allow a full ENA term for a period of 48 months.
Discussion
DISCUSSION
Background
On June 27, 2013, the Developer and Metro entered into the ENA to plan and consider the terms and conditions of a potential JDA and Ground Lease (GL) for development of a transit-oriented mixed-use affordable housing development at 1st and Lorena in Boyle Heights. The term of the original ENA was 18 months. Du...
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