TITLE
Recommendation to authorize City Manager to execute all documents necessary for the First Amendment to Lease No. 30225 with PT-1 Hangers, LLC; the First Amendment to Lease No. 26120 with White Buffalo Holdings, LLC; the First Amendment to Lease No. 30547 with Aeroexec Services Inc.; the First Amendments to Lease Nos. 26761 and 26762 with Tom’s Aircraft Maintenance, Inc.; the First Amendment to Lease No. 30546 with Candace A. Larned Enterprises, Inc.; and the First Amendments to Lease Nos. 27940 and 27628 with FliteServe, LLC; for City-owned property at 2501-2901 East Spring Street at the Long Beach Airport. (District 5)
DISCUSSION
In 1996, the City executed Lease No. 26120 with Westland Construction (Westland) for the development of City-owned property located at the corner of Spring Street and Temple Avenue at the Long Beach Airport. Westland developed the property into what is now known as the Parcel J development (Parcel J), which largely supports the Airport’s general aviation activities. As Parcel J was developed, individual parcels were subdivided from Lease No. 26120 and leased separately to other tenants. Consisting of eleven parcels, Parcel J is operated by six tenants under the terms of eight similar leases. Further, these leaseholds comprise an association that shares common space (primarily parking areas) spanning the entire development. The common areas are set forth in a property map as an exhibit in all of the leases.
In 2011, Lease No. 26120 was acquired by White Buffalo Holdings, LLC. As part of the assignment process, it was discovered that the legal descriptions for Lease No. 26120 were not correct. Upon closer examination, it was clear that following the completion of Parcel J, the legal descriptions were not revised to reflect the final development. The affected parcels were resurveyed and the legal descriptions were modified to reflect the true boundaries. As a result of this effort, the common areas of Parcel J were also...
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