File #: 2022-0833   
Type: Agreement Status: Passed
File created: 12/5/2022 In control: Planning and Programming Committee
On agenda: 2/15/2023 Final action: 2/23/2023
Title: AUTHORIZE: A. the Chief Executive Officer to execute an amendment to the Exclusive Negotiation Agreement and Planning Document (ENA) with WIP-A, LLC, a wholly-owned subsidiary of Watt Companies (WIP-A), Inc. and the County of Los Angeles (County) in regard to the joint development of 1.77 acres of Metro-owned property and 1.66 acres of County-owned property adjacent to the K Line Expo/Crenshaw Station to extend the term for twelve months, and provide for an additional twelve month option to be exercised at staff's discretion; and B. the modification of the ENA's assignment provision to allow for the assignment of the ENA to one or more developer entities, each of which shall be made up of the following entities or an affiliate or instrumentality of such entities: WIP-A, West Angeles Community Development Corporation, The Richman Group of California Development Company LLC and the Housing Authority of the City of Los Angeles (Limited Partnership(s)).
Sponsors: Program Management (Department), Maria Luk
Indexes: Affordable Housing and Sustainable Communities Program, Agreements, Budgeting, California Environmental Quality Act, Central Los Angeles subregion, City of Los Angeles, Construction, Crenshaw Station, Crenshaw/LAX Transit Corridor Project, Exclusive Negotiation Agreement, Expo/Crenshaw Jd (Project), Expo/Crenshaw Station, Grant Aid, Housing, Joint development, Joint Development Agreement, Maps, Metro Rail C Line, Metro Rail E Line, Metro Rail K Line, Outreach, Partnerships, Project, Property Agreement, San Fernando Valley subregion, South Bay Cities subregion, Station 1217, Westside Cities subregion, Zoning
Attachments: 1. Attachment A - Site Map, 2. Presentation
Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
FEBRUARY 15, 2023

Subject
SUBJECT: EXPO/CRENSHAW JOINT DEVELOPMENT

Action
ACTION: APPROVE RECOMMENDATIONS

Heading
RECOMMENDATIONS
Title
AUTHORIZE:

A. the Chief Executive Officer to execute an amendment to the Exclusive Negotiation Agreement and Planning Document (ENA) with WIP-A, LLC, a wholly-owned subsidiary of Watt Companies (WIP-A), Inc. and the County of Los Angeles (County) in regard to the joint development of 1.77 acres of Metro-owned property and 1.66 acres of County-owned property adjacent to the K Line Expo/Crenshaw Station to extend the term for twelve months, and provide for an additional twelve month option to be exercised at staff's discretion; and

B. the modification of the ENA's assignment provision to allow for the assignment of the ENA to one or more developer entities, each of which shall be made up of the following entities or an affiliate or instrumentality of such entities: WIP-A, West Angeles Community Development Corporation, The Richman Group of California Development Company LLC and the Housing Authority of the City of Los Angeles (Limited Partnership(s)).

Issue
ISSUE

Metro, County, and WIP-A are parties to an Exclusive Negotiation Agreement and Planning Document dated October 15, 2018, as amended (collectively, the ENA) regarding the development of a mixed-use project (Project) adjacent to the Expo/Crenshaw Station (See Attachment A - Site Map). WIP-A is seeking approval to assign the ENA to Limited Partnership(s) to increase the Project's competitiveness for affordable housing funding. The ENA will expire in April 2023. A 12 month extension of the ENA term is necessary to allow the Project sufficient time to secure financing, finalize the Project scope, advance design review, and complete negotiations of the Joint Development Agreement (JDA) and Ground Lease (GL) terms, which terms shall be subject to Metro Board of Directors (Metro Board) and County Board of Supervisors...

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