City Council

(13) 18­0356 CD 11 CATEGORICAL EXEMPTION and TRADE, TRAVEL AND TOURISM COMMITTEE REPORT relative to the Third Amendment to Lease No. LAA­8758 with Denny's Inc. covering premises located at 5535 West Century Boulevard at Los Angeles International Airport (LAX). Recommendations for Council action: Wednesday - August 14, 2024 - PAGE 16 1. ADOPT the determination by the Board of Airport Commissioners (13) 18­0356 CD 11 CATEGORICAL EXEMPTION and TRADE, TRAVEL AND TOURISM COMMITTEE REPORT relative to the Third Amendment to Lease No. LAA­8758 with Denny's Inc. covering premises located at 5535 West Century Boulevard at Los Angeles International Airport (LAX). Recommendations for Council action: 1. ADOPT the determination by the Board of Airport Commissioners (BOAC) that this action is exempt from the California Environmental Quality Act (CEQA) pursuant to Article III, Class 1(14) of the Los Angeles City CEQA Guidelines. 2. APPROVE the Third Amendment to Lease No. LAA­8758 with Denny's Inc. to extend the term by one year, with a one­year extension option, covering premises located at 5535 West Century Boulevard at LAX. 3. CONCUR with the BOAC’s action on April 4, 2024, by Resolution 27930, authorizing the Chief Executive Officer, Los Angeles World Airports (LAWA), or designee, to execute said Third Amendment to Lease No. LAA­8758 with Denny's Inc. Fiscal Impact Statement: The BOAC reports that there is no impact to the General Fund. The City Administrative Officer reports that approval of the proposed lease between the LAWA and Denny’s Inc., for property located at 5535 West Century Boulevard will result in annual rent revenue of at least $264,000 during the first year, and $528,000 over two years if the one­year extension option is exercised (excluding automatic annual adjustments to the Minimum Annual Guarantee). The lease revenue will be deposited into the LAWA Revenue Fund. The recommendations in the report comply with the LAWA’s adopted Financial Policies. Approval of the proposed lease agreement will have no impact on the City’s General Fund.