City Council

(20) 24­0299 CD 15 GOVERNMENT OPERATIONS COMMITTEE REPORT relative to a lease termination agreement with Torrance Knox Land Venture, LLC, for the Los Angeles Housing Department office space located at 680 – 690 Knox Street, Suite 125, in Council District 15. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. AUTHORIZE the Department of General Services (GSD) to negotiate and execute a lease termination agreement with Torrance Knox Land Venture, LLC, to terminate the existing office lease at 680 – 690 Knox Street, Suite 125, Torrance, California 90502, under the terms and conditions set forth in the Municipal Facilities Committee (MFC) report dated, March 11, 2024, attached to the Council file. Tuesday 2. AUTHORIZE- May 7,deposit the 2024 - of the settlement funds PAGE in the13 amount of $80,000 to the City's Systematic Code Enforcement Fee Fund No. 1. AUTHORIZE the Department of General Services (GSD) to negotiate and execute a lease termination agreement with Torrance Knox Land Venture, LLC, to terminate the existing office lease at 680 – 690 Knox Street, Suite 125, Torrance, California 90502, under the terms and conditions set forth in the Municipal Facilities Committee (MFC) report dated, March 11, 2024, attached to the Council file. 2. AUTHORIZE the deposit of the settlement funds in the amount of $80,000 to the City's Systematic Code Enforcement Fee Fund No. 41M, Revenue Source Code 5188 – Miscellaneous Revenue – Other. Fiscal Impact Statement: The MFC reports that the early termination of the lease would result in $80,000, that will be deposited in the Code Enforcement Trust Fund No. 41M, Revenue Source Code 5188, and an additional $57,102 in rent abatement, as a result of the settlement with the landlord. There is no additional impact to the General Fund.