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SR-05-23-1978-6SSanta Monica, California May 5, 1978 TO: Mayor and City Council FROM: City Staff SUBJECT: Partnership Agreement, Jack's Santa Monica Introduction This report covers the new partnership agreement between the present lessee of Jack's Restaurant (formerly Al's Kitchen) on the Santa Monica Pier, Mr. Jack Rosenfeld, and Mr. Keun H. Choi, analyzes the new arrangement, presents the relevant lease sections, and recommends City Council approval. Background On December 13, 1977 City Council approved Mr. Jack Rosenfeld as the lessee of Al's Kitchen, taking over from Mrs. Joan Crowne. Since then he has renovated and restored the restaurant. At this time he plans on taking in a partner, Mr. Keun Hong Choi, who has had considerable experience owning restaurants, (see confidential exhibit "A "). He has successfully operated a supermarket, four restaurants, and presents a strong financial statement, (see confidential exhibit "B "). Analysis The partnership agreement is a standard arrangement of equal investment and equal return to the partners, with provision for a surviving spouse. There is a provision for amendment of the partnership agreement, in which case City Council should reserve the right to approve or 6 j MAY 2 3198 (2) May 5, 1978 Partnership Agreement disapprove any amendment. The City Attorney has read and approved the partnership agreement Applicable Lease Provisions (see confidential exhibit "C ") Lessee shall not assign, encumber, or otherwise transfer this lease, or any right or interest hereunder, or in or to any of the improvements or appurtenances, excluding trade fixtures, that hereafter may be constructed or installed on the Premises, and Lessee shall not sublet the Premises, improvements, or appurte- nances in whole or in part without the prior written consent and approval of Lessor. For purposes of this Article 13, assignment and transfer shall include, but not be limited to, any transfer of common or preferred stock, assignment for benefit of creditors, or otherwise. No such assignment, encumbrance or other transfer, whether voluntary or involuntary, by operation of law, under legal process, through receivership or bankruptcy, or otherwise, and no such subletting shall be valid or effective without such prior written consent and approval. Any consent to one assignment, subletting encumbrance, or other transfer of interest shall not be deemed to be a consent to any subsequent assignment, subletting, encumbrance, or transfer of interest, and Lessor's consent will not unreasonably: be withheld. In granting its consent, Lessor shall have the right to impose upon the assignee, sublessee, encumbrancer, or transferee as condition to its consent, written compliance to all terms, covenants, conditions and agreements in this Lease. (3) May 5, 1978 Partnership Agreement Recommendation It is the recommendation of the staff that City Council approve the partnership agreement between Keun H. Choi and Jack Rosenfeld and recognize Mr. Choi as an equal lessee, and direct the City Manager to execute the appropriate documents with the limitation that should the partnership agreement be amended, Council reserves the right to approve any amendments. Prepared by: Jeremy Ferris Peter Kipp KEUN HONG CHOI 919 South Hudson Avenue Los Angeles, California 90019 (213) 937 -0176 MAY 2 3 1978 SUMMARY Was born in Masan, Korea in 1949. While in high school, family immigrated to Buenos Aires, Argentina where I lived for three years. During this period of time, while attending school, was responsible for operation and management of father's grocery store. In 1968, moved to Los Angeles where I have successfully acquired, restructured, operated and profitably sold the following businesses. PROFESSIONAL EXPERIENCE February, 1977 - November, 1977 Cho Sun Ok Restaurant Los Angeles, California OWNER Reorganized, restaffed, developed and successfully operated this restaurant located on 8th Street. Interviewed suppliers to assure their ability to deliver quality, quantity, and meet cost /schedules. Handled all purchasing, maintained perpetual inventory control, cost and price controls. Established portion controls. Responsible for safety and sanitation. Established and enjoyed excellent customer relations, resulting in increased business. Sold the restaurant at a profit. December, 1976 - February, 1977 Big 7 Burger Long Beach, California PARTNER Took over this closed business. Completely revamped, reorganized and placed the business on a profit basis. At that time, sold the business for a profit. Hired, trained, supervised and coordinated the efforts of 7 people. Assured strict conformance to codes and regulations. July- December, 1976 Golden Sandwich Shop Los Angeles, California OWNER Selected site, purchased and installed all equipment. Hired, trained and supervised personnel engaged in preparation and service of foods to the general public. After successfully establishing and operating the business at a profit, sold the establishment. November, 1973 -July, 1976 The Buffeteria Los Angeles, California OWNER Reorganized and operated this snack shop at a profit for a period of 3 years, at which time I sold the business. KELIN HONG CHOI Page Two PROFESSIONAL EXPERIENCE (Continued) April, 1972 September, 1973 Adlers Market Los Angeles, California OWNER /MANAGER Purchased and successfully operated this supermarket with 15 employees. Responsible for purchasing, stocking, inventory control, and administration of the business, which I sold at a profit. 1966 - 1967 La Paloma Grocery Buenos Aires,Argentina MANAGER While attending school, worked as manager of my father's grocery store in Buenos Aires. PERSONAL DATA Date of Birth: 1949 Health: Excellent Married, 1 child REFERENCES WHOLESALERS Business and personal references are available upon request. The following firms are wholesalers from whom I obtained my supplies and equipment: Young Hoong Corp. 2632 South La Cienega Boulevard Los Angeles, California Telephone: (213) 836 -5323 D. Y. Import Co., Inc. 1701 East 7th Street Los Angeles, California 90021 Angelus Supply Co., Inc. 709 Terminal Street Los Angeles, California 90021 Telephone: (213) 622 -0556 Telephone: (213) 627 -2231 Reference: Contract No. 3024 (CCS)