Port of LA

5. RESOLUTION NO. ____________ - APPROVE ORDERS RESETTING COMPENSATION\nUNDER PERMIT NOS. 712 AND 713 WITH SHORE TERMINALS LLC\nSummary: Staff requests approval of the Orders resetting compensation under Permit Nos. 712 and\n713 with Shore Terminals LLC, a wholly owned subsidiary of NuStar Energy L.P. (collectively\nreferred to as “NuStar”), which are currently in month-to-month holdover status. The proposed\ncompensation reset is for the five-year period of June 25, 2024 through June 24, 2029. Under the\nproposed compensation reset Orders, the annual minimum land rent will be adjusted by $326,448,\nor 20.19 percent, from $1,616,690 to $1,943,138 effective June 25, 2024. In addition to the annual\nminimum land rent, NuStar will continue to pay all tolls and charges pursuant to Port of Los Angeles\nTariff No. 4. The applicable five-year compensation reset was due on June 25, 2024; consequently,\nNuStar has agreed and will be assessed the compensation reset retroactively to June 25, 2024.\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 Guideline; (2) approve the Orders resetting compensation under Permit Nos. 712 and 713\nwith Shore Terminals LLC; (3) authorize the Board Secretary to attest to the Orders resetting\ncompensation under Permit Nos. 712 and 713; and (4) adopt Resolution No. ____________ and\nOrder Nos. ____________.\nWaterfront & Commercial Real Estate