Port of LA

5. RESOLUTION NO. ____________ - ORDER RESETTING COMPENSATION UNDER\nCONCESSION AGREEMENT NO. 521 WITH 2500 VIA CABRILLO MARINA, LLC, A\nCALIFORNIA LIMITED LIABILITY COMPANY\nSummary: Staff requests approval of an Order resetting compensation under Concession\nAgreement No. 521, which grants 2500 Via Cabrillo Marina, LLC, a California Limited Liability\nCompany the use of approximately 39,531 square feet of City of Los Angeles Harbor Department\nland at 2500 Via Cabrillo Marina, San Pedro, for constructing, operating and maintaining facilities\nfor a convenience restaurant, charter vessel facility, vessel brokerage and insurance offices,\nother marine-related offices, marina-related retail sales, and incidental purposes. Via Cabrillo\nowns the improvements located within the premises and remits ground lease payments to the\nHarbor Department as rent for the land upon which the improvements are located. Under the\nproposed Order, effective compensation as of September 1, 2022, will remain at $88,485 per\nyear which is consistent with the annual rent calculated using the change in the Consumer Price\nIndex for all Items, All Urban Consumers for Los Angeles-Long Beach-Anaheim as of July 1,\n2022. Effective July 1, 2023, and annually thereafter over the five-year reset period, rent will\ncontinue to be adjusted by the annual change in CPI.\nRecommendation: Board resolve to (1) find that the Director of Environmental Management has\ndetermined that the proposed action is administratively exempt from the requirements of the\nCalifornia Environmental Quality Act (CEQA) under Article II, Section 2(f) of the Los Angeles\nCity CEQA Guidelines; (2) approve the Order resetting compensation under Concession\nAgreement No. 521 for the five-year period from September 1, 2022, through August 31, 2027;\n(3) authorize the Board Secretary to attest to the Order resetting compensation to be paid by\n2500 Via Cabrillo Marina, LLC pursuant to Section 4(1) of Concession Agreement 521; and (4)\nadopt Resolution No. ___________.\nOffice of the City Attorney