LA County Board

44. Assessor Lease Agreement\nRecommendation: Authorize the Chief Executive Officer to execute a proposed\nten-year lease with Bristol Capital Ventures LLC (Landlord), for the Assessor’s\nuse of approximately 7,950 sq ft of office space and 40 on-site parking spaces,\nlocated at 6167 Bristol Parkway, Suite 100 in Culver City (Premises) (2), with\nan estimated maximum first-year base rental amount of $391,140, and an\nestimated total lease amount of $5,632,000, with the rental costs to be funded\nby 31.76% subvened funds through Senate Bills 2557 and 813 and the\nremaining 68.24% by Net County Cost (NCC), which is already included in the\nAssessor’s Fiscal Year 2023-24 approved budget; find that the proposed lease\nis exempt from the California Environmental Quality Act; and take the following\nactions:\nAuthorize the Chief Executive Officer to reimburse the Landlord up to\n$596,250 for the County’s Tenant Improvement (TI) contribution, if paid\nin lump sum, or $709,000, if amortized over the first five years at 7%\ninterest per annum;\nAuthorize the Assessor to work with and instruct the Director of Internal\nServices, in coordination with the Chief Executive Officer, for the\nacquisition and installation of telephone, data, and low-voltage systems\nand vendor installation (Low-Voltage Items) at a total amount not to\nexceed $375,362, if paid in a lump sum, or $440,000 if amortized over\nfive years at 10% interest per annum, with the cost for the Low-Voltage\nItems to be in addition to the rental costs and the County’s TI\ncontribution; and\nAuthorize the Chief Executive Officer to execute any other ancillary\ndocumentation necessary to effectuate the terms of the proposed lease,\nand take actions necessary and appropriate to implement the terms of\nthe proposed lease including, without limitation, any early termination\nrights. (23-3154)\nAttachments: Board Letter\nPublic Comment/Correspondence