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File #: 2017-0147   
Type: Agreement Status: Passed
File created: 3/2/2017 In control: Executive Management Committee
On agenda: 6/15/2017 Final action: 6/22/2017
Title: AUTHORIZE the Chief Executive Officer (CEO) to execute a seven (7)-year lease agreement ("Lease Agreement") with The Crossroads School for Arts & Sciences, ("Crossroads") to continue leasing Metro-owned property located adjacent to the Expo Light Rail Line, near 17th Street and Colorado Avenue, in Santa Monica ("Premises"). Anticipated total rent income over the 7-year lease term is $1,974,000.
Sponsors: Board of Directors - Regular Board Meeting
Indexes: Bikeways, Budgeting, Light rail transit, Metro Art, Metro Exposition Line, Metro Gold Line, Metro Rail E Line, Metro Rail L Line, Pgl Maintenance Bldg-Hvac (Project), Property Agreement, Santa Monica, Tenants, Westside/Central Service Sector
Attachments: 1. Attachment A - Summary of Lease Key Terms, 2. Attachment B - Site Drawing of Leased Premises, 3. Presentation - Crossroads School Lease
Date Action ByActionResultAction DetailsMeeting DetailsAudio
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Meeting_Body
EXECUTIVE MANAGEMENT COMMITTEE
JUNE 15, 2017

Subject
SUBJECT: LEASE OF METRO PROPERTY FOR CROSSROADS SCHOOL FOR ARTS & SCIENCES

Action
ACTION: AUTHORIZE EXECUTION OF SEVEN (7)-YEAR LONG-TERM LEASE

Heading
RECOMMENDATION

Title
AUTHORIZE the Chief Executive Officer (CEO) to execute a seven (7)-year lease agreement ("Lease Agreement") with The Crossroads School for Arts & Sciences, ("Crossroads") to continue leasing Metro-owned property located adjacent to the Expo Light Rail Line, near 17th Street and Colorado Avenue, in Santa Monica ("Premises"). Anticipated total rent income over the 7-year lease term is $1,974,000.

Issue
ISSUE

Crossroads is directly adjacent to the Expo Light Rail Transit ("Expo LRT") between 17th and 18th Streets, in Santa Monica. Crossroads has been a tenant of Metro since 1999, with an existing month-to-month lease covering an area of approximately 34,549 square feet for supplemental parking and a non-exclusive driveway for ingress/egress to 17th Street. The driveway is also used by Clear Channel for access to its signboard located on said driveway.

Now that the Expo LRT and bike path are completed, Crossroads has requested a term longer than its existing month-to-month term.

Since there are no additional Metro projects anticipated for this site and no impacts to the Crossroads lease area in the foreseeable future, staff recommends the approval of the requested 7-year term.

Discussion
DISCUSSION

The Exposition Right-of-Way that was acquired from Southern Pacific Transportation Company in 1991 terminated at 17th Street in Santa Monica, adjacent to Crossroads. Most of the leases along the Expo Line were subsequently terminated for the Expo LRT. The Crossroads lease was not impacted by the Expo LRT construction and therefore termination was not required, except for a small reduction of 1,913 square feet from the lease area for the bike path.



Determination_Of_Safety_Impact
DETERMINATION OF SAFETY IMPACT
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