City Council

(13) 14-0094-S3 CD 15 COMMUNICATION FROM THE BOARD OF HARBOR COMMISSIONERS (BOHC) relative to approving the Fourteenth Amendment to Permit No. 692 with Yusen Terminals, LLC, and approving Guarantees from Ocean Network Express Holdings, LTD and Ocean Network Express PTE, LTD. Recommendations for Council action: 1. ADOPT in accordance with the provisions of the California Environmental Quality Act (CEQA) Guidelines Section 15164, the Fourteenth Amendment to Permit No. 692 will not result in any new significant environmental effects or substantially more severe effects than previously analyzed in the adopted Final Environmental Impact Report for the Berths 212-224 [YTI] Container Terminal Improvements Project. 2. APPROVE Port of Los Angeles Resolution No. 23-10190 authorizing proposed approval of the Fourteenth Amendment to Permit No. 692, and authorizing proposed approval of the Guarantees furnished by Ocean Network Express Holdings, LTD and Ocean Network Express PTE, LTD. Fiscal Impact Statement: The City Administrative Officer reports that there is no impact on the City’s General Fund. Under the first five years of the 31-year term extension from October 1, 2026 to September 30, 2031, the Harbor Department expects to receive a guaranteed rent of $224.2 million. Subsequently, the guaranteed rent will be subject to a rate reset every five years, which will establish a new minimum rent at the current market rates. Revenues will be deposited in the Harbor Revenue Fund. Financial Policies Statement: The City Administrative Officer reports that the recommendations in its report and proposed actions comply with the Harbor Department’s Financial Policies.