Port of LA

6. RESOLUTION NO. ____________ - ORDER CONSENTING TO THE TRANSFER OF\nMAJORITY SHARES (CONTROL) OF FRS CAPITAL CORP. (UPSTREAM PARENT OF\nSSA PACIFIC, INC. - PERMIT NO. 907) TO BLACKSTONE INFRASTRUCTURE\nPARTNERS, L.P.\nSummary: Staff requests approval of the proposed Order consenting to the transfer of a majority\nof the shares (control) of FRS Capital Corp. (FRS) from the current shareholder to Blackstone\nInfrastructure Partners, L.P. (Blackstone). Blackstone owns FRS through various affiliated\ncompanies and FRS indirectly owns 100 percent of the outstanding equity interest of City of Los\nAngeles Harbor Department (Harbor Department) tenant, SSA Pacific, Inc. (SSA) and the\nleasehold interest in Permit No. 907. This transfer of the majority shares and controlling interest\nof FRS and ultimately SSA to Blackstone results in Blackstone owning 75.5 percent of the\noutstanding shares in FRS. This transfer does not affect any other leasehold under the control\nof the Harbor Department. This request to consent was not presented earlier due to various\ndelays in receiving pertinent information related to the transaction and limited staffing resources\nthat was caused by the Covid-19 Pandemic. In a separate action, staff will request approval to\nextend Permit No. 907 with SSA for five years, with mutual options for another five years.\nRecommendation: Board resolve to (1) find that the Director of Environmental Management has\ndetermined that the proposed actions are administratively exempt from the requirements of the\nCalifornia Environmental Quality Act (CEQA) under Article II Section 2(f) of the Los Angeles City\nCEQA Guidelines; (2) approve the Order consenting to the transfer of majority shares of FRS\nCapital Corp. from the current shareholder to Blackstone Infrastructure Partners, L.P.; (3)\nauthorize the Executive Director to execute and the Board Secretary to attest to the Order\nconsenting to the transfer of majority shares (control) of FRS Capital Corp. from the current\nshareholder to Blackstone Infrastructure Partners, L.P.; and (4) adopt Resolution\nNo.____________ and Order No.__________.\nWaterfront & Commercial Real Estate