TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary for the Fifth Amendment to Lease No. 27103 with LALB Harbor, LLC, for warehouse space at 1400 Canal Avenue, for the continued operation of the Long Beach Police Department’s crime lab and property detail. (District 1)
DISCUSSION
On February 16, 2021, the City Council authorized the execution of the Fourth Amendment to Lease No. 27103 with LALB Harbor, LLC (Lessor), for the continued operations of the Long Beach Police Department’s crime lab and property detail.
Since 2001, the Long Beach Police Department (LBPD) has leased approximately 17,400 square feet (SF) of warehouse space at 1400 Canal Avenue (Leased Premises) from PCH Properties, a California general partnership, predecessor in interest to Lessor, for its crime lab and property detail functions. The current lease expired on April 30, 2021 and is currently on a month-to-month holdover status. While staff from LBPD and the Economic Development Department continue to review long-term options for the crime lab and property detail, an extension to the Lease has been negotiated extending the current term through April 30, 2026.
To facilitate the extension of the Lease term, a Fifth Amendment has been negotiated containing the following major terms and conditions:
· Lessor: LALB Harbor, LLC, a California limited liability company.
· Lessee: City of Long Beach, a municipal corporation.
· Leased Premises: Approximately 17,400 SF of industrial warehouse space on approximately 30,900 SF of land at 1400 Canal Avenue.
· Lease Term: Lease will be extended through April 30, 2026.
· Base Rent: Effective May 1, 2021, the base rent will be $1.09 per SF or $18,985 per month, which includes the amortization of real property taxes and insurance. Rent will be adjusted by no less than 4 percent annually.
· Annual Rent Adjustments: The Base Rent will be adjusted annually based on the Consumer Price Index (CPI) but no ...
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