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Planning & Programming Committee Agenda*

Location & Date

Metro Board Room, One Gateway Plaza, 3rd Floor, Los Angeles
Wednesday, November 16, 2011 1:00 p.m.

Agenda

Call to Order

Directors:
Diane DuBois, Chair
Zev Yaroslavsky, Vice Chair
Michael Antonovich
Richard Katz
Pam O'Connor
Michael Miles, non-voting member

Officers:
Arthur T. Leahy, Chief Executive Officer
Michele Jackson, Board Secretary
Karen Gorman, Ethics Officer
Karen Gorman, Acting Inspector General
County Counsel, General Counsel

  1. CONSIDER:
    1. finding that it is in MTA's best interest to amend an existing Joint Development Agreement ("JDA") with Taylor Yards, LLC, a development entity created by McCormack Baron Salazar, Inc. ("MBS"), to, among other things,
      1. increase the projected number of for-rent, affordable, family apartments proposed for the 20.2-acre portion of Taylor Yard depicted on the Site Plan (the "Site") by 77 units;
      2. reduce the projected number of for-sale, condominiums proposed for the Site by 157 units;
      3. add 10, for-rent, live/work units to the proposed product mix for the Site;
      4. provide for a new ground lease (the "Infrastructure Ground Lease") for all of the Site's street and utility infrastructure that will not be dedicated to the City of Los Angeles and all of the Site's common area and open space;
      5. allow the Chief Executive Officer ("CEO") certain flexibility with respect to the form of the completion bonds or guarantees required for each phase of the multi-phase development project;
      6. extend the initial term of the JDA two years to April 2, 2015 and provide the CEO with the authority to extend the term of the JDA to July 1, 2019;
      7. change MTA's method of reimbursement for Taylor Yards, LLC's cost to remediate certain hazardous materials present on the Site;
      8. resolve a disagreement regarding Holding Rent due MTA under the JDA and the method of payment of the same;
      9. eliminate the requirement that MTA receive a resale transfer fee equal to 1.5% of the resale price of each condominium for all sales occurring after the initial sale to the original homeowner;
      10. amend the date the appraisal of the Site will be performed and change the definition of the Value of the Site; and
      11. acknowledge that certain affordable housing funding sources may require the recordation of long-term affordability covenants against all or a portion of the Site (including MTA's fee interest therein), and agree to review and consider such covenants in good faith. The specific terms of the JDA amendment will be in substantial accordance with the key terms and conditions;
    2. authorizing the CEO to execute and enter into the JDA amendment, ground leases (including the Infrastructure Ground Lease noted above), and other related documents and agreements with Taylor Yards, LLC, MBS or their affiliates relating to the proposed development of the Site in substantial accordance with the terms and conditions approved by the Board in March 2008;
    3. authorizing the CEO to execute prior to or after Taylor Yards, LLC, MBS or their affiliates entering into any ground leases for the development of the Site (other than the Infrastructure Ground Lease):
      1. dedications (and other grants of real property rights) to the City of Los Angeles for public streets and utilities related to the proposed development, and
      2. affordable housing and other covenants encumbering the Site (including MTA's fee interest in the Site) for purposes related to the proposed development, in each case subject to conditions to be determined by the CEO.
    4. authorizing the Chief Executive Officer to amend the FY12 budget to add up to $800,000 to revenues and an equal amount to expenses in cost center 2210, New Business Development for the purpose of funding MTA's obligation to reimburse the developer for its cost to remediate the Site.
  2. CONSIDER:
    1. awarding $5 million in Transit Oriented Development Grants to the 5 eligible jurisdictions; and
    2. authorizing the Chief Executive Officer to execute Memorandums of Understanding for the grant funds.
  3. RECEIVE AND FILE the Regional Rail Update for October 2011.[HANDOUT]
  4. RECEIVE AND FILE status report on prioritization and transfer process of state-owned park and ride lots to LACMTA. [HANDOUT]
  5. RECEIVE AND FILE report regarding the Draft Environmental Impact Statement/Environmental Impact Report for the High Desert Corridor. [HD]
  6. RECEIVE report of the Chief Executive Officer.

Consideration of items not on the posted agenda, including: items to be presented and (if requested) referred to staff; items to be placed on the agenda for action at a future meeting of the Committee or Board; and/or items requiring immediate action because of an emergency situation or where the need to take immediate action came to the attention of the Committee subsequent to the posting of the agenda.

COMMENTS FROM THE PUBLIC ON ITEMS OF PUBLIC INTEREST WITHIN COMMITTEE'S SUBJECT MATTER JURISDICTION

ADJOURNMENT

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