MITIGATED NEGATIVE DECLARATION, COMMUNICATION FROM THE LOS ANGELES ECONOMIC AND WORKFORCE DEVELOPMENT DEPARTMENT (EWDD) and RESOLUTION relative to the transfer of City-owned property located at 9402-9422 South Broadway (Site) for reuse value to 94th and Broadway, LLC for construction and operations of a full-service supermarket.

Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR:

1. HOLD a public hearing as required by Government Code Section 53083 regarding the proposed below market sale of an approximately 89,824 square foot City-owned property located at the Site.
   
   
2. FIND under the California Public Resources Code, Section 21166 and the California Environmental Quality Act (CEQA), on the basis of substantial evidence contained in the whole record, that since the adoption of the Mitigated Negative Declaration (ENV-2011-1451-MND) by the City Planning Commission on September 22, 2011, for a mixed housing and supermarket project (Project) which included the Project currently being proposed, there have been no changes to the Project, changes with respect to the circumstances under which the Project is being undertaken, or new information of substantial importance concerning the Project, which cause new significant environmental effects or a substantial increase in the severity of previously identified effects in the Mitigated Negative Declaration and therefore no subsequent negative declaration, addendum or further environmental documentation is necessary; and ADOPT the Mitigated Negative Declaration (ENV-2011-1451-MND) filed on August 26, 2011.
   
   
3. ADOPT the accompanying Resolution authorizing the sale of the Site and making certain findings pursuant to Section 7.27.2 of the Los Angeles Administrative Code that the conveyance of the Site at reuse value: (i) serves a public purpose and is for the economic benefit of the City; and (ii) the consideration to be received by the City is not less than the fair reuse value of the Site with the terms and conditions imposed.
   
   
4. ADOPT an ordinance providing for the sale of the Site to 94th and Broadway, LLC, or an assignee, as described herein, without notice of sale or advertisement of bids, as justified by the economic benefits the proposed Project will generate in the public interest.
   
   
5. AUTHORIZE the General Manager, EWDD, to negotiate and execute a purchase and sale agreement, grant deed, covenant and related documents with 94th and Broadway, LLC, or an assignee acceptable to EWDD, for development and operations of the Site on terms consistent with this transmittal and to take such other actions as may be necessary to carry out the transaction, subject to the approval of City Attorney as to form and legality.
   
   
6. AUTHORIZE the General Manager, EWDD, to negotiate, execute and amend documents necessary to address security and intercreditor arrangements between the City and 94th and Broadway, LLC's future tax credit investors and lenders that may be required for 94th and Broadway, LLC to reasonably finance development of the Project and are consistent with these actions, subject to the approval of the City Attorney as to form and legality.
   
   
7. AUTHORIZE the General Manager, EWDD, to prepare Controller Instructions and any necessary technical adjustments consistent with the Mayor and Council actions, subject to the approval of the City Administrative Officer; and, AUTHORIZE the Controller to implement the instructions.
   
   

Fiscal Impact Statement:  The EWDD reports that the subject Site is a former asset of the former Community Redevelopment Agency of the City of Los Angeles and was transferred from that agency's successor organization to the City in 2013 as a Housing Asset. In accordance with State dissolution regulations, any revenue received from the sale or lease of such assets shall be deposited into the City's Low and Moderate Income Housing Asset Fund to further the City's affordable housing goals. There is no impact on the City's General Fund as a result of these actions.

Community Impact Statement:  None submitted.

(Economic Development Committee waived consideration of the above matter)

AMENDING MOTION 13-A (PARKS - KREKORIAN)

Recommendation for Council action:

AMEND to adopt the following in lieu of recommendation No. 4:

4.    REQUEST the City Attorney to prepare and present an ordinance providing for the sale of City-owned property located at 9402-9422 South Broadway to 94th and Broadway, LLC or an assignee as described herein, without notice of sale or advertisement of bids, as justified by the economic benefits the proposed Project will generate in the public interest; and INSTRUCT the City Clerk to publish notice of this ordinance (pursuant to Government Code Section 6606) and place this ordinance on the Council Agenda for June 24, 2015 for consideration and adoption.