August 9, 2022
SPECIAL MEETING NOTICE
SUBJECT: THE LOS ANGELES BOARD OF HARBOR COMMISSIONERS SPECIAL MEETING – THURSDAY, AUGUST 11, 2022 AT 9:00AM
The Los Angeles Board of Harbor Commissioner are virtually scheduled to meet for a Special Meeting on Thursday, August 11, 2022.
The Special Meeting shall begin concurrently with the Regular Meeting at 9:00am. Please refer to the Port of Los Angeles website at www.portoflosangeles.org for further details.
AMBER M. KLESGES
Board Secretary
Los Angeles Board of Harbor Commissioners
Harbor Administration Building
425 S. Palos Verdes Street
San Pedro, California 90731
Harbor Administration Building
425 S. Palos Verdes Street
San Pedro, California 90731
SPECIAL MEETING AGENDA
THURSDAY, AUGUST 11, 2022 AT 9:00 A.M.
Board of Harbor Commissioners
President Jaime L. Lee
Vice President Edward R. Renwick
Commissioner Diane L. Middleton
Commissioner Lucia Moreno-Linares
Commissioner Anthony Pirozzi, Jr.
ORDER OF BUSINESS
A. Roll Call
B. Comment from the Public on Non-Agenda Items
C. Report from the Neighborhood Council Representatives – An opportunity for a Neighborhood Council to present a Resolution or Motion filed with the Los Angeles Harbor Department to be presented to the Board as it relates to any agenda item being considered or under the purview of the Harbor Department.
D. Board Reports of the Executive Director
Regular Item No. 1
Waterfront & Commercial Real Estate
Summary: Staff requests approval of the proposed Fifth Amendment to Lease No. 915 (Lease) between the City of Los Angeles Harbor Department (Harbor Department) and San Pedro Public Market LLC (SPPM). The Lease is a 66-year agreement with SPPM for the commercial redevelopment of the site formerly known as Ports O’ Call in San Pedro. SPPM is required to secure financing as part of its obligations under the Lease. SPPM has secured conditional funding represented by a signed preliminary term sheet from Petros PACE Finance, LLC (Petros) for $54,863,646 and a signed preliminary letter of interest from Parkview Financial REIT, LP (Parkview) for $44,500,000. The proposed Fifth Amendment proposes to amend the Lease to extend the Option Period no later than November 16, 2022, address SPPM’s financing, including but not limited to modifications pertaining to assignments for security purposes and leasehold mortgages and authorizes the Executive Director to sign the consenting documents, Memorandum of Lease and Estoppel Certificate when escrow opens between SPPM and their lenders or when required prior to closing of the respective loans. The proposed Fifth Amendment is not anticipated to have a financial impact on the Harbor Department.
Recommendation: Board resolve to (1) find that the Director of Environmental Management has determined that the proposed action has been previously evaluated pursuant to the requirements of the California Environmental Quality Act (CEQA) under Article II Section 2(i) of the Los Angeles City CEQA Guidelines; (2) approve the proposed Fifth Amendment to Lease No. 915 with San Pedro Public Market, LLC; (3) direct the Board Secretary to transmit the Fifth Amendment to Lease No. 915 to the City Council pursuant to Charter Section 607; (4) authorize the Executive Director to execute and the Board Secretary to attest to the Fifth Amendment to Lease No. 915 upon approval by City Council; (5) authorize the Executive Director to execute the Estoppel Certificate as contemplated by the Fifth Amendment to Lease No. 915; (6) authorize the Executive Director to execute the Memorandum of Lease as contemplated by the Fifth Amendment to Lease No. 915; (7) authorize the Executive Director to execute and the Board Secretary to attest to the Consent to Hypothecation and Agreement with Parkview Financial upon approval of the Fifth Amendment by City Council and the loan has been conditionally approved indicated by the opening of escrow; (8) authorize the Executive Director to execute and the Board Secretary to attest to the Petros Consent upon approval of the Fifth Amendment by City Council; and (9) adopt Resolution No.____________.
E. Adjournment