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File #: 2021-0449   
Type: Agreement Status: Passed
File created: 6/17/2021 In control: Board of Directors - Regular Board Meeting
On agenda: 9/23/2021 Final action: 9/23/2021
Title: AUTHORIZE the Chief Executive Officer or their designee to execute amendments to a Perpetual Easement Agreement and Perpetual Reciprocal Easement Agreement, accept Grant Deeds and enter into other related documents with Ivy Station LLC and/or its affiliates under common control (Developer) for the mixed-use development adjacent to the Metro E Line (Expo) Culver City Station.
Sponsors: Planning and Programming Committee
Indexes: Agreements, City of Los Angeles, Construction, Culver City, Easements, Exposition Light Rail Transit Project, Grant Aid, Jd - Park & Retail Tod At Culver City Station (Project), Maps, Metro Exposition Line, Metro Rail E Line, Park and ride, Project, Redevelopment, Station 1023, Subdivisions, Transit Oriented Community, Transit Oriented Development, Westside/Central Service Sector
Attachments: 1. Attachment A - Site Map, 2. Presentation
Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
SEPTEMBER 15, 2021

Subject
SUBJECT: CULVER CITY STATION ADJACENT DEVELOPMENT

Action
ACTION: APPROVE RECOMMENDATION

Heading
RECOMMENDATION

Title
AUTHORIZE the Chief Executive Officer or their designee to execute amendments to a Perpetual Easement Agreement and Perpetual Reciprocal Easement Agreement, accept Grant Deeds and enter into other related documents with Ivy Station LLC and/or its affiliates under common control (Developer) for the mixed-use development adjacent to the Metro E Line (Expo) Culver City Station.

Issue
ISSUE

In 2017, Metro, the City of Culver City (City) and the Developer entered into a Perpetual Easement Agreement and a Perpetual Reciprocal Easement Agreement (Easement Agreements) related to the development of a mixed-use development (Project) on certain real property, including some Metro-owned property, adjacent to the Metro E Line (Expo) Culver City Station (Station). The Project Site has been subdivided into several airspace lots associated with the Project's various uses such that the property for each development type can be sold or financed separately. However, numerous airspace lots straddle the boundary between property owned in fee by Metro and property owned in fee by the Developer and it has been determined that such straddle lots cannot legally or practically be conveyed or mortgaged. With construction substantially complete, amendments to the Easement Agreements and acceptance by Metro of Grant Deeds are necessary for the Developer to convert from construction financing to permanent financing. These actions will establish Metro as unified fee ownership of ground and airspace lots that straddle property lines (as an interim step and subject to easements and restrictions) and authorize Metro to reconvey such portions once the Developer secures approvals from local jurisdictions for revisions to subdivision maps.

Background
BACKGROUND

In 2000, the City commenced ...

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