City Council

10. EXCLUSIVE NEGOTIATING AGREEMENT WITH LPC WEST LP FOR AN APPROXIMATELY 11 ACRE SITE WITHIN THE PACIFIC CENTER EAST SPECIFIC PLAN AREA Request for authorization to enter into an Exclusive Negotiating Agreement with LPC West LP for the disposition and development of Planning Area 10 of the Pacific Center East Specific Plan. The staff supported recommendation is made by a Mayor appointed Ad Hoc Committee composed of Mayor Pro-Tem Schnell and Councilmember Gallagher. Recommendation: Authorize the City Manager to execute the Exclusive Negotiating Agreement between the City and LPC West LP in the form attached hereto, subject to any non-substantive modifications as may be recommended by the City’s special real estate counsel or the City Attorney.Fiscal Impact: Concurrent with the execution of the Exclusive Negotiating Agreement, LPC West LP will submit a good faith deposit of $250,000 to be applied toward staff and third-party costs incurred by the City including the retention of legal counsel associated with the negotiation. These costs are separate from entitlement expenses that will be borne by LPC West LP.