TITLE
Recommendation to authorize City Manager, or designee, to execute any and all documents necessary for the Second Amendment to Lease
No. 27940 (Parcels J8A and J8B) with Pacific Jet Center, LLC, a California limited liability company, for City-owned property at 2601 East Spring Street at the Long Beach Airport. (District 5)
DISCUSSION
On August 8, 2017, the City Council authorized the First Amendment to Lease No. 27628 (Parcel J9) and the First Amendment to Lease No. 27940 (Parcels J8A and J8B) with Pacific Jet Center, LLC (Tenant). Both amendments provided for the assignment of the leases to Tenant with certain provisions to bring both agreements in line with the most current version of the Airport’s Minimum Standards for Aeronautical Activities (Airport Minimum Standards).
Currently, the City and Tenant wish to consolidate the leaseholds covered under both agreements into one lease and include several modifications to increase the efficiency and safety of the development. Specifically, the proposed Second Amendment will incorporate the Parcel J9 leasehold into Lease No. 27940, provide for a safer and more efficient reconfiguration of the Airport Perimeter Road around the development, include requirements for removal of the below ground storage tanks to reduce the likeliness of future soil contamination, and modify the use provisions to further conform with the Airport Minimum Standards.
Negotiations between the City and Tenant have resulted in a proposed Second Amendment to Lease No. 27940 containing the following major terms and conditions:
· Landlord: City of Long Beach, a municipal corporation.
· Tenant: Pacific Jet Center, LLC, a California limited liability company.
· Leased Premises: Approximately 3.75 acres of land at 2601 East Spring Street at the Long Beach Airport.
· Term: The lease shall remain unchanged and terminate as scheduled on March 11, 2039.
· Rent: The initial rent for the Leased Premises shall be $9,324 per month...
Click here for full text