City Council

(32) 24­0939 COMMUNICATION FROM THE BOARD OF WATER AND POWER COMMISSIONERS (Board) relative to the First Amendment to a Commercial Lease Agreement between the Los Angeles Department of Water and Power (LADWP) and REDS Holding and Development Inc. for the LADWP Harbor Field Office located at 796 West 9th Street, San Pedro, California 90731. Recommendation for Council action: APPROVE Board Resolution 025­016, which approves the First Amendment to a Commercial Lease Agreement with REDS Holding and Development Inc. for the LADWP Harbor Field Office located at 796 West 9th Street, San Pedro, California 90731 ­ LADWP File No. J­ 102071. Fiscal Impact Statement: The City Administrative Officer (CAO) reports that the approval of the proposed Amendment to the commercial lease agreement (LADWP File No. J­102459) with REDS Holding and Development, Inc. for LADWP’s continued use of office space in the Harbor area will not have an impact on the General Fund. The base rent of $4,250 per month or $51,000 for the first year, and total estimated cost of $584,657.76, 10, 2024 will be funded - the LADWP Water Revenue Fund and/or Power Revenue Fund. The recommendations in the CAO report West 9th Street, San Pedro, California 90731 ­ LADWP File No. J­ 102071. Fiscal Impact Statement: The City Administrative Officer (CAO) reports that the approval of the proposed Amendment to the commercial lease agreement (LADWP File No. J­102459) with REDS Holding and Development, Inc. for LADWP’s continued use of office space in the Harbor area will not have an impact on the General Fund. The base rent of $4,250 per month or $51,000 for the first year, and total estimated cost of $584,657.76, will be funded from the LADWP Water Revenue Fund and/or Power Revenue Fund. The recommendations in the CAO report comply with LADWP’s adopted Financial Policies.