Report to Mayor and City Council
Tuesday, June 20, 2017
Discussion
SUBJECT:
Title
CONSIDER PROVIDING CITY CONSENT FOR A PARTIAL ASSIGNMENT AGREEMENT BETWEEN CARSON HOLDINGS LLC AND MBK RENTAL LIVING LLC FOR TRANSFER OF CERTAIN PROPERTY AND RIGHTS UNDER THE DEVELOPMENT AGREEMENT BETWEEN CARSON MARKETPLACE LLC AND THE CITY AND THE SETTLEMENT AGREEMENT PERTAINING TO THE 11-ACRE PARCEL (ASSESSOR PARCEL NO. 7336-010-013) (CITY COUNCIL)
Body
I. SUMMARY
Carson Marketplace LLC ("Original Developer"), was once the owner of a 168-acre parcel of property generally bounded by the San Diego Freeway to the west, Main Street to the east Torrance lateral channel to the south and an electrical transmission lines right-of-way to the north (the "Property"). Original Developer negotiated with Carson Holdings LLC ("Carson Holdings") for the sale of an 11-acre portion of the Property known as the "Del Amo Parcel." The Del Amo Parcel is north of Del Amo Boulevard, and is a part of the Carson Marketplace Specific Plan.
The Del Amo Parcel is owned by Carson Holdings and is subject to a Development Agreement with the City, dated March 21, 2006 and amended on April 5, 2011 (the "Development Agreement"). Carson Holdings also entered into a Settlement Agreement in October, 2016 with the City and other parties that, among other things, further clarified the development rights of the Del Amo Parcel under the Boulevards at South Bay Specific Plan ("Settlement Agreement").
Section 12.2 of the Development Agreement permits Carson Holdings to sell one or more portions of the Del Amo Parcel for residential development subject to any approved final subdivision map to one or more residential builders for construction of residential houses, townhomes, condominiums, or apartments in accordance with the terms of the Development Agreement, and to assign its rights and responsibilities under the Development Agreement with respect to that portion of the Property, provided that such residential bu...
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