Long Beach, CA
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File #: 15-0293    Version: 1 Name: CM - 11 Golden Shore D2
Type: Contract Status: CCIS
File created: 3/18/2015 In control: City Council
On agenda: 4/7/2015 Final action: 4/7/2015
Title: Recommendation to authorize City Manager to execute all documents necessary for the First Amendment to Lease No. 14895 with Eleven Golden Shore L.P., a California limited partnership, for City-owned property adjacent to 11 Golden Shore. (District 2)
Sponsors: City Manager
Indexes: Amendments, Leases
Attachments: 1. 040715-R-14sr&att.pdf
Related files: 14895_001, 14895_002
TITLE
Recommendation to authorize City Manager to execute all documents necessary for the First Amendment to Lease No. 14895 with Eleven Golden Shore L.P., a California limited partnership, for City-owned property adjacent to 11 Golden Shore. (District 2)

DISCUSSION
On October 9, 1979, the City Council adopted Resolution C-22820 authorizing the execution of Lease No. 14895 with Golden Shore Professional Building, predecessor in interest to Eleven Golden Shore L.P. (Tenant), for an approximate 5,397 square foot remnant piece of right-of-way (Leased Premises) created by the development of Golden Shore and Shoreline Drive and its intersection with the State Tidelands Chapter 138 Line (Attachment). As part of its adjoining office development, Tenant constructed a parking structure and the Leased Premises serves solely as vehicular access to the structure. The Lease provides for a 50-year initial term with a Tenant option to further extend the term for an additional 25 years through October 2054. The monthly base rent throughout the term is $1 per year.

Tenant has received entitlements to redevelop the adjoining 5.87 acres, which includes the six-story City National Bank building, the two-story Molina Healthcare building and the 14-story Union Bank of California building (Golden Shore Project). Commensurate with the useful lifetime of the planned improvements, Tenant has requested a lease extension for the maximum allowable term to insure its continued use of the Leased Premises solely for ingress and egress to the Golden Shore Project. Given the size and location of the Leased Premises, it has no development potential and its location minimizes its use for future right-of-way purposes. The Leased Premises is located within the Tidelands and is unavailable for conveyance to the Tenant. As a result, use of the Leased Premises by the Tenant keeps the remnant piece of right-of-way activated, landscaped and maintained on behalf of the City.

The proposed Firs...

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