LA County Board

90. Vermont Corridor Site 2 Renovation Project\nRecommendation: Certify that the Addendum to the previously certified Final\nEnvironmental Impact Report (FEIR) for the adopted Vermont Corridor Project\nhas been completed in compliance with the California Environmental Quality Act\nand reflects the independent judgment and analysis of the County; find that the\nBoard has reviewed and considered the information contained in the Addendum\ntogether with the previously certified FEIR, prior to authorizing the Project\ndescribed herein and authorize the Addendum; authorize the Site 2 Project and\nestablish the Vermont Corridor Site 2 Renovation, Capital Project No. 87802\n(CP No. 87802) (Project) (2), to fund Project costs that are directly funded by\nthe County, for owner's representative/project management services, legal\nservices, and potential soil remediation activities; authorize the execution of the\nproposed Ground Lease and Facilities Lease Agreements for the Project,\npursuant to which the County will lease and leaseback properties located at 550\nSouth Vermont Avenue and 3175 West 6th Street, for the financing and\nrenovation of an approximately 243,000 sq ft office building to serve as a\nCounty administration office building, public serving uses and ancillary retail;\nauthorize the Chief Executive Officer, to execute the proposed Lease\nAgreements for the Project between the County and Los Angeles County\nFacilities 2 Inc. (LACF2), including any ancillary documents, execute any\nfuture amendments to the agreements thereto that may be necessary to\nimplement the terms set forth therein; approve an ordinance for introduction\namending County Code, Title 6 - Salaries, to add and establish the salary for\none new unclassified classification and to add, delete, and/or change certain\nemployee classifications and number of ordinance positions in various\ndepartments as a result of the budget process for Fiscal Year 2024-25;\nauthorize an appropriation adjustment transferring $500,000 from the completed\nVermont Corridor County Administration Building, CP No. 69950, and\n$2,500,000 from the Various Refurbishment Mitigation/Remediation, CP No.\n86612, to the Project, representative/project management services, legal\nservices, and potential soil remediation activities; adopt a resolution authorizing\nthe financing plan for the proposed Project and the issuance and sale of bonds\nby LACF2 on tax-exempt and taxable basis on behalf of the County to finance\nthe proposed Project cost with a Guaranteed Maximum Price of $210,000,000,\nplus capitalized interest and costs of issuance for the transaction in an\naggregate principal amount not to exceed $260,000,000, authorize the County\nto accept title to Site 2 and any improvements thereon upon payment or\ndefeasance in full of such bonds and to execute and deliver various legal\ndocuments relating to the issuance of the Bonds, and related actions;\nauthorize the Chief Executive Officer to execute any additional transactional\ndocuments and take any other actions and execute any other documents\nconsistent with, and/or necessary for the implementation of the foregoing\nrecommended actions; determine at the Board’s discretion, that the Project\nshall be deemed a “Covered Project” to which the County’s current Community\nWorkforce Agreement (CWA) shall apply; and authorize TCLA Development,\nInc. to perform all administrative duties of the County that are required to be\nperformed by the CWA. (Chief Executive Office) 4-VOTES (Relates to\nAgenda No. 89) (24-2106)