Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
NOVEMBER 18, 2020
Subject
SUBJECT: 1ST & SOTO JOINT DEVELOPMENT
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer to execute an amendment to an existing Exclusive Negotiation Agreement and Planning Document with a joint venture between Bridge Housing Corporation - Southern California and East LA Community Corporation extending the term for twelve (12) months to December 30, 2021 and providing for up to an additional twelve-month term extension, if deemed necessary or prudent, to allow for the continued pursuit of a joint development of Metro-owned property at 1st and Soto Streets in Boyle Heights.
Issue
ISSUE
Metro and a joint venture between Bridge Housing Corporation - Southern California and East LA Community Corporation (the "Developer") are parties to an Exclusive Negotiation Agreement and Planning Document (the "ENA") for the development of a mixed-use project (the "Site A Project") on Metro-owned property at and adjacent to the Soto Station on the Metro L Line (Gold) ("Site A") and the refurbishment of a historic Victorian home ("Site B Project) on Metro property situated across Soto Street from the station ("Site B"). The ENA is set to expire on December 31, 2020, and an extension of the ENA term is necessary to provide the time necessary to complete pre-development activities and finalize the terms of each project's development agreements for consideration by the Metro Board of Directors ("Board").
Discussion
DISCUSSION
Background
Metro and the Developer entered into an ENA for development of the projects in June 2016. The ENA provided a framework for exploring and refining each project's scope and design, as well as receiving project-related community feedback. The extension of the ENA term is necessary to provide the time necessary to (a) further refine each project's design, (b) identify funding and obtain any needed entitlem...
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