Port of LA

4. RESOLUTION NO. ____________ - APPROVE REVOCABLE PERMIT NO. 24-01 WITH\nMORTIMER & WALLACE, LLC AND LOS ANGELES HARBOR GRAIN TERMINAL, LLC,\nAS JOINT TENANTS\nSummary: Staff requests approval of Revocable Permit No. 24-01 with Mortimer & Wallace, LLC\nand Los Angeles Harbor Grain Terminal, LLC, as joint tenants, concerning the use and\noccupancy of City of Los Angeles Harbor Department property located at 2422 E. Sepulveda\nBlvd in Los Angeles for purposes of the processing, handling, and storage of bulk agricultural\nproducts, petroleum coke, and other incidental purposes. Revocable Permit No. 24-01 would\nconsolidate and serve as the successor to three existing revocable permits with Mortimer &\nWallace for the same locations and permitted uses. Approval of the proposed Revocable Permit\nwill increase monthly rent by $15,375.55, or 60 percent, from $25,625.91 currently to $41,001.46\nper month as proposed. Provided that Revocable Permit No. 24-10 is not sooner terminated,\neffective July 1, 2025, monthly rent will increase to $59,862.13, effective July 1, 2026, and\nannually thereafter, monthly rent will increase by the greater of the annual change in the\nConsumer Price Index or three percent.\nRecommendation: Board resolve to (1) find that the Director of Environmental Management has\ndetermined that the proposed action is categorically exempt from the requirements of the\nCalifornia Environmental Quality Act (CEQA) under Article III Class 1(14) of the Los Angeles\nCity CEQA Guidelines; (2) approve Revocable Permit No. 24-01 with Mortimer & Wallace, LLC\nand Los Angeles Harbor Grain Terminal, LLC, as joint tenants; (3) authorize the Executive\nDirector to execute and the Board Secretary to attest to Revocable Permit No. 24-01; and (4)\nadopt Resolution No. ___________.\nSPECIAL MEETING AGENDA\nFRIDAY, MARCH 15, 2024 AT 10:00 AM\nCargo & Industrial Real Estate