City Council

(12) 12­1359 CD 2 GOVERNMENT OPERATIONS COMMITTEE REPORT relative to authorizing the Department of General Services (GSD) to negotiate and execute a lease termination agreement with Lankershim Los Angeles Apartments, LLC, to terminate an existing office lease at 5240 Lankershim Boulevard. Recommendations for Council, SUBJECT TO APPROVAL OF THE MAYOR: 1. AUTHORIZE the GSD to negotiate and execute a termination agreement with Lankershim Los Angeles Apartments, LLC to terminate the existing office lease at 5240 Lankershim Boulevard, North Hollywood, California 91601, under the terms and conditions set forth in this report. 2. AUTHORIZE the GSD to deposit revenue settlement funds in the amount of $270,608 into Revenue Source Code 5188 – Miscellaneous Revenue – Other, and therefrom transfer funds into the Citywide Leasing Account No. 100/63/000024. Fiscal Impact Statement: The MFC reports that there is no additional impact to the General Fund. Approval of the lease termination will result in a settlement fee of $270,608 paid by the property owner, and deposited Tuesday into Revenue Source Code - May 28, 5188 - – Miscellaneous Revenue 2024 15 2. AUTHORIZE the GSD to deposit revenue settlement funds in the amount of $270,608 into Revenue Source Code 5188 – Miscellaneous Revenue – Other, and therefrom transfer funds into the Citywide Leasing Account No. 100/63/000024. Fiscal Impact Statement: The MFC reports that there is no additional impact to the General Fund. Approval of the lease termination will result in a settlement fee of $270,608 paid by the property owner, and deposited into Revenue Source Code 5188 – Miscellaneous Revenue – Other