City Council

(16) 24­0503 CD 6 ADMINISTRATIVE EXEMPTION and COMMUNICATION FROM THE BOARD OF AIRPORTS COMMISSIONERS (Board) relative to Board Resolution No. 27876 authorizing Los Angeles World Airports to execute a lease with David Gutierrez dba Old Mission Financial, Inc, for office space in the Los Angeles World Airports­owned Aviation Plaza, located at 16461 Sherman Way. Recommendations for Council action: 1. ADOPT the determination by the Board that the proposed action is exempt from the California Environmental Quality Act (CEQA) pursuant to Article II, Section 2.f and Article III, Class 1(18)(c) and (e) of the Los Angeles City CEQA Guidelines. 2. APPROVE the 64­month Lease with David Gutierrez dba Old Mission Financial, Inc. covering office space in the Los Angeles World Airports­owned Aviation Plaza, located at 16461 Sherman Way, Van Nuys. 3. CONCUR with the Board’s action on January 18, 2024, by Wednesday - May Resolution No.29, 2024authorizing 27876, - PAGE 16 the Chief Executive Officer, or designee, of Los Angeles World Airports to execute said Lease with exempt from the California Environmental Quality Act (CEQA) pursuant to Article II, Section 2.f and Article III, Class 1(18)(c) and (e) of the Los Angeles City CEQA Guidelines. 2. APPROVE the 64­month Lease with David Gutierrez dba Old Mission Financial, Inc. covering office space in the Los Angeles World Airports­owned Aviation Plaza, located at 16461 Sherman Way, Van Nuys. 3. CONCUR with the Board’s action on January 18, 2024, by Resolution No. 27876, authorizing the Chief Executive Officer, or designee, of Los Angeles World Airports to execute said Lease with David Gutierrez dba Old Mission Financial, Inc. Fiscal Impact Statement: The City Administrative Officer reports that approval of the proposed lease between the LAWA and David Gutierrez dba Old Mission Financial, Inc. at Aviation Plaza will result in annual rent revenue of $15,062 during the first year. LAWA is projected to receive net revenues of approximately $98,455 over the 64­month term of the lease (excluding automatic annual rental rate adjustments) after deductions for expenses such as broker commissions, tenant improvements, and rent abatement. The expenses associated with the proposed lease agreement will be appropriated from the LAWA Van Nuys Revenue Fund, while revenue generated through the lease will be deposited into the same LAWA Van Nuys Revenue Fund. The recommendations in the report comply with the Department’s adopted Financial Policies. Approval of the proposed lease agreement will have no impact on the City’s General Fund.