LA County Board

30. Department of Economic Opportunity Life Science Strategy and Action Plan Sole Source Agreements Recommendation: Authorize the Director of Economic Opportunity to execute sole source agreements with Local Initiatives Support Corporation (LISC) and with Pacific Asian Consortium in Employment (PACE) and PACE Finance Corporation (PFC), to implement the Department Economic Opportunity’s Life Science Strategy and Action Plan and expand access to graduation space for life sciences firms in LA County from July 1, 2026 through June 30, 2031, in an amount not to exceed $12,300,000 and $11,000,000 respectively, effective upon execution, and continuing through June 30, 2031, unless otherwise extended or modified. Authorize the Director to take the following actions: (Department of Economic Opportunity) APPROVE Execute amendments to these agreements with LISC and PFC as needed to add, delete, and/or change certain terms and conditions as mandated by Federal and State law, the County Code and/or County policies; reflect administrative changes and/or non-material modifications; increase or decrease funding based on the availability of funding provided that the total allocation does not exceed available funding; revise scopes of work, performance measures and/or budget allocations as necessary; and extend the term of the sole source agreements as needed to align with future State and County funding timelines. The Director shall provide written confirmation to the Board and the Chief Executive Office within 30 calendar days of executing any such amendments to these agreements. Take all necessary actions to implement the terms of these agreements including accepting additional funds, and executing all related documents, certifications, and reporting requirements associated with, but not limited to California Job’s First and other entities, in support of the program. (26-3742)