Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
Subject
SUBJECT: LEASE AGREEMENT WITH NREA-TRC 700, LLC, FOR THE LA METRO TRANSIT CUSTOMER CENTER LOCATED AT 700 W. 7TH STREET, SUITE G80, LOS ANGELES
Action
ACTION: APPROVE RECOMMENDATIONS
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer (CEO) to execute a seven (7)-year lease agreement with NREA-TRC 700, LLC ("Landlord") for an LA Metro Transit Customer Center ("TCC") at 700 West 7th Street, Suite G80,Los Angeles (see Attachment A - Lease Location & Plan Draft), commencing approximately August 1, 2020 with a total lease value of approximately $1.8 million (see Attachment B - Deal Points).
Issue
ISSUE
Customer Care has been searching for a location to provide Metro and other related transportation customer services near the 7th Street Metro Station ("7th Street"). Metro Real Estate has been negotiating with the landlord of THE BLOC Retail Complex to secure a location. The lease term and amount exceed the CEO's signatory authority.
Background
BACKGROUND
Metro Customer Centers provide full transit services to customers in Los Angeles County, which include:
1. loading Metro and regional fares on TAP cards,
2. pre-screening and intake of Reduced Fare applications for K-12 students, college, seniors and persons with disabilities;
3. providing access to photo booths for reduced fare applicants for their Reduced Fare applications,
4. distributing transit information and other special promotional TAP related transit items,
5. certifying, issuing and selling Los Angeles County Transit subsidy (buy-down) fares to eligible customers, as well as other transit subsidies such as Low-Income Fares Made Easy (L.I.F.E.) program for low income patrons,
6. trip planning assistance using direct telephone lines to the Contact Center,
7. displaying bus/rail schedules/ brochures, and
8. answering related Metro questions regarding our service.
Metro was offered the opportunity by THE BLOC pr...
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