SR-417-007 (24)
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JAN 2 2 lf85
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Councll Meeting: 1/22/85
Santa Monica, Callfornla
TO:
Mayor and Clty Councl1
FROM:
Cl ty Staff
SUBJECT: Recommendation to Approve Terms and Procedures for Leas-
lng the Commerclal Space 1n Park1ng Structure No. 2
INTRODUCTION
Improvements to ParkIng Structure No. 2 1n the Downtown area are
near completion and the retail space constructed on the ground
floor WIll soon be ready to be leased. This report proposes the
terms and procedures for leaslng that space and recommends Coun-
cll approval.
BACKGROUND
On February 28, 1984, the ParkIng Authorlty approved prelIminary
plans for Improvements to Par k~ng Structure No.2.
The plans
provIded for the development of 7,000 square feet of commercIal
space on the ground floor.
At tha t tIme s taf f was directed to
prepare and return to Councll an appropriate leasing strategy for
the commercIal space.
DISCUSSION
Staff has consul ted with local comffi2 r cIal brokers, surveyed ex-
lstlng rents and developed a leaslng strategy ln conJunctIon With
the Third Street Development Corporat10n.
The CommunIty and
EconomlC Development Department, Economic Development Divlslon
wlll be responslble for negotlatlng Individual lease terms. The
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JAN 2 2 1985
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