City Council

E. Consideration and possible action to approve Amendment No. 3 to the employment agreement with Mr. Ara M. Mihranian, AICP, as City Manager. (Bañales) Recommendation: 1) Approve Amendment No. 3 to City Manager Employment Agreement, thereby extending the terms for an additional three years with a term date of February 18, 2026, and increasing the annual salary compensation of the City Manager by 3% to an annual salary of $232,800 and authorize the Mayor to execute the same on behalf of the City of Rancho Palos Verdes, the Successor Agency to the Dissolved Rancho Palos Verdes Redevelopment Agency and the Rancho Palos Verdes Improvement Authority effective February 19, 2022, the first pay period after the amendment is approved; 2) Approve an employee retention payment, not otherwise subject to CalPERS, to the City Manager of approximately 4.5% of his salary in the amount of $10,500 to be paid directly to the City Manager; and, 3) Authorize the Mayor and City Clerk to execute the amendment in a form approved by the City Attorney. Agenda Report