TITLE
Recommendation to authorize City Manager to execute First Amendment to Lease No. 26484 with 444 W. Ocean LLC, an Arizona limited liability company, for City-owned property beneath the Queensway Bridge to amend the leased premises, extend the term of the lease, provide for periodic fair market rent adjustments and identify a 20-foot area of protection within the leased premises. (District 2)
DISCUSSION
On August 17, 1999, the City Council approved Lease No. 26484 between the City of Long Beach and 444 W. Ocean LLC (Tenant) for use of city-owned property beneath ,the Queensway Bridge. The property, measuring approximately 19,212 square feet, is utilized as a 70-space parking lot (Site) to augment the Tenant's parking requirements for its adjacent 15-story office structure also known as the California Bank & Trust building (Exhibit "A"). The Lease provides for a 40-year term expiring on June 30, 2039.
The Tenant is currently in the process of developing a six-level, 300-space, parking structure to be built on its property adjacent to the Site as part of its larger planned development for a future high-rise residential structure. 2003 Uniform Building Code requires the establishment of a 20-foot wide "area of protection" along and within the eastern edge of the Site prohibiting the construction or placement of any structure that would adversely affect the parking structure's fire and auto exhaust ventilation requirements. This protection area would not preclude the City from reconstructing and/or retrofitting the Queensway Bay Bridge above the Site. In the event that any future reconstruction and/or retrofit of the bridge causes the parking structure to become non-compliant with the Uniform Building Code fire and auto exhaust ventilation requirement, the Tenant at its sole cost would modify the parking structure to achieve compliance with the then current Uniform Building Code.
Additionally, development in the vicinity of the Site has triggered a related p...
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