City Council

(1) 14-0425-S13 CD 3 CONTINUED CONSIDERATION OF ECONOMIC DEVELOPMENT AND JOBS COMMITTEE REPORT relative to proposed Fifth Amendment to the Disposition and Development Agreement (DDA) (Contract No. C-131475), authorizing the transfer to a new business entity from Reseda Theatre Senior Housing LP to the Reseda Theatre and Public Market. Recommendations for Council action: CONFIRM that the sale of the City-optioned property at 18447 West Sherman Way will assist in the economic development of the City and that the public interest is best served by the direct sale of the property. APPROVE the: Transfer from Reseda Theatre Senior Housing LP, a California limited partnership, to Reseda Theatre and Public Market, a California limited partnership, as “Developer” pursuant to Article 8 of the DDA (Contract No. C-131475). Assignment of the DDA to Reseda Theatre and Public Market, a California limited partnership. APPROVE, subject to the receipt of a Letter of Substantial Conformance from the Department of City Planning, the request to amend the use of the theater site from a multiscreen theater with space for dining to a public market with two smaller movie theaters. AUTHORIZE the General Manager, Economic and Workforce Development Department (EWDD), or designee, to prepare and execute all documents necessary to carry out the transfer and the assignment of the DDA to Reseda Theatre and Public Market, a California limited partnership, and to reflect the use of the theater site as a public market with two smaller movie theaters. AUTHORIZE the General Manager, EWDD, to make technical corrections consistent with the Mayor and Council action on this matter.