TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary for the Third Amendment to Amended and Restated Lease No. 34918 with Downtown Long Beach Alliance for the continued occupancy and management of City-owned property, generally located at the southeast corner of Pine Avenue and Ocean Boulevard, within Victory Park, commonly referred to as “The Loop.” (District 2)
DISCUSSION
On January 23, 2018, the City Council authorized the execution of Amended and Restated Lease No. 34918 (Lease) with Long Beach Economic Partnership, formerly known as the Long Beach Downtown Development Corporation, for its continued operation and management of an interactive art installation on the southeast corner of Pine Avenue and Ocean Boulevard, within Victory Park, commonly referred to as “The Loop” (The Loop). The Loop, which has been open to the public since April 15, 2016, continues to serve as a focal point, linking the Convention Center and waterfront to destinations north of Ocean Boulevard, as well as gathering space and iconic social media destination in one of the City’s more vital thoroughfares.
On December 10, 2019, the Long Beach Economic Partnership assigned its interest in the Lease to Downtown Long Beach Alliance (DLBA), a 501(c)(6) nonprofit organization (Tenant). As the current term of the Lease expires on March 20, 2020, and DLBA is desirous of an extension to continue its operation and management of The Loop, a Third Amendment to the Lease is required.
The Economic Development Department has negotiated an Amendment to the Lease, which contains the following amended terms and provisions:
· Landlord: City of Long Beach, a municipal corporation.
· Tenant: Downtown Long Beach Alliance, a 501(C)(6) nonprofit organization.
· Amended Term: The Lease is for a period of six months, through September 21, 2020.
· Renewal Options: The Lease may be extended for three consecutive periods of six months each, at the discretion of...
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