LA County Board

25. 555 West 5th Street, 350 South Figueroa Street, and 333 South Flower\nStreet Acquisition\nRecommendation: Approve and authorize the Chief Executive Officer to execute\na Purchase and Sale Agreement to acquire the Gas Company Tower, located at\n555 West 5th Street in Los Angeles, and airspace parcels located at 350 South\nFigueroa Street and 333 South Flower Street in Los Angeles, for $200,000,000,\nincluding $100 as independent consideration, plus an amount not to exceed\n$5,000,000 for closing costs; find that approval of the recommended actions\nare either not a project or, in the alternative, are exempt from the California\nEnvironmental Quality Act; and take the following actions:\nAuthorize the Chief Executive Officer to take all further actions\nnecessary and appropriate to complete the acquisition, including opening\nand the management of escrow, any administrative adjustments to the\ntransfer documents, execution of all the requisite documentation for the\ncompletion of the acquisition and acceptance of the deed conveying title\nto the Gas Company Tower to the County; execute any and all\nagreements, contracts, applications, assignments, and documents\nnecessary for the County's occupancy and operation of the Gas\nCompany Tower following acquisition;\nEstablish and approve the 555 West 5th Street, 350 South Figueroa\nStreet, and 333 South Flower Street Acquisition, Capital Project (CP) No.\n7A004;\nApprove an appropriation adjustment to transfer $205,000,000 as follows:\n$133,000,000 from the Provisional Financing Uses budget unit;\n$48,000,000 from the Hall of Administration Seismic Retrofit Project, CP\nNo. 87599; $10,000,000 from the Hall of Administration 7th Floor\nRenovation Project, CP No. 87702; $8,000,000 from the Hall of\nAdministration Electrical System Replacement Project, CP No. 87911;\n$3,000,000 from the Various Refurbishment Mitigation/Remediation\nProject, CP No. 86612; and $3,000,000 from the Various Septic System\nImprovements Project, CP No. 86726, to CP No. 7A004;\nAdopt a reimbursement resolution of the Board declaring its intention to\nreimburse certain capital expenditures from the proceeds of tax-exempt\nobligations; and\nInstruct the Assessor to place the Gas Company Tower under the\ncomplete ownership of the County, and remove the Gas Company Tower\nfrom the tax roll effective upon the transfer of title to the County.\n(24-4494)