Port of LA

4. RESOLUTION NO. ____________ - APPROVE ORDER RESETTING COMPENSATION\nUNDER PERMIT NO. 936 WITH PBF ENERGY WESTERN REGION LLC\nSummary: Staff requests approval of the Order resetting compensation under Permit No.936 with\nPBF Energy Western Region LLC, a wholly owned subsidiary of PBF Energy (collectively referred\nto as “PBF”). The proposed compensation reset is for the five-year period commencing July 1, 2024,\nfor the use of Berths 238-239 in Terminal Island, as a marine oil terminal. Under the proposed\naction, PBF’s minimum annual land rent will increase by $491,996, or 6.75 percent, from $7,291,644\nto $7,783,640 effective July 1, 2024. Thereafter, annual rent will increase by the year-over-year\nchange in the Consumer Price Index (CPI). In addition to the annual minimum land rent, PBF will\ncontinue to be financially responsible for payment of all tolls and charges pursuant to Port of Los\nAngeles Tariff No. 4. The applicable five-year compensation reset was due on July 1, 2024;\nconsequently, PBF has agreed and will be assessed the compensation reset retroactively to July 1,\n2024.\nRecommendation: Board to resolve (1) find that the Director of Environmental Management has\ndetermined that the proposed action is administratively exempt from the requirements of the\nCalifornia Environmental Quality Act (CEQA) under Article II Section 2(f) of the Los Angeles City\nCEQA Guidelines; (2) approve the Order resetting compensation under Permit No. 936 with PBF\nEnergy Western Region LLC; (3) authorize the Board Secretary to attest to the Order resetting\ncompensation under Permit No. 936; and (4) adopt Resolution No. ____________ and Order No.\n____________.\nWaterfront & Commercial Real Estate