LA County Board

37. Office of the Assessor Lease\nRecommendation: Authorize the Chief Executive Officer to execute a proposed\nlease with Palmer/Flower Street Properties, a California limited partnership, for\napproximately 10,833 sq ft of office space and 71 on-site parking spaces,\nlocated at 325 West Adams Boulevard in Los Angeles (1) (Premises), to be\noccupied by the Assessor, for a term of ten years, the estimated maximum first\nyear base rental amount is $423,000, the estimated total proposed lease\namount, including costs for parking, Heating, Ventilation, and Air Conditioning,\ninterior maintenance, Tenant Improvement (TI) and low-voltage costs, is\n$8,863,000 over the ten-year term, the rental costs will be funded by 31.76%\nthrough Senate Bills 2557 and 813, and the remaining 68.24% by Net County\nCost (NCC), the Assessor will not be requesting additional NCC for this action;\nauthorize the Chief Executive Officer to reimburse the Landlord up to\n$1,040,000 for the County’s TI contribution, paid in lump sum upon TI\ncompletion; authorize the Assessor to contract with the Director of Internal\nServices, in coordination with the Chief Executive Officer, for the acquisition\nand installation of telephone, data, and low-voltage systems and vendor\ninstallation (Low-Voltage Items), at a total amount not to exceed $513,000 if paid\nin a lump sum or $618,000 if amortized over five years at 10% interest per\nannum, the costs for the Low-Voltage Items is in addition to the rental costs and\nthe County’s TI contribution payable to the Landlord; direct the Chief Executive\nOfficer to execute any other ancillary documentation necessary to effectuate\nthe terms of the proposed lease, and take actions necessary and appropriate to\nimplement the proposed lease including, without limitation, exercising early\ntermination rights and up to three options to renew the proposed lease for an\nadditional period of two-years each; and find that the proposed lease is exempt\nfrom the California Environmental Quality Act. (24-1810)\nCounty Operations