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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 5, 2011 <br />TITLE: <br />AMENDMENT TO LEASE AGREEMENT <br />WITH GRAND CENTRAL <br />?l `? <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Ordinance on 1s` Reading <br />0 Ordinance on 2rtl Reading <br />? Implementing Resolution <br />? Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and the Clerk of the Council to execute the attached third <br />amendment to the lease agreement with California State University, Fullerton, subject to non- <br />substantive changes approved by the City Manager and City Attorney. <br />DISCUSSION <br />In 1995, the Community Redevelopment Agency entered into an agreement with the California <br />State University, Fullerton (CSUF) Foundation to operate its Graduate Visual Arts Program at the <br />Grand Central building located at East Second Street and Broadway in the Artists Village. The <br />building was completely renovated by the Agency for use by the University. On April 5, 2004, at <br />a joint hearing, the Agency amended the lease agreement with CSUF extending the term for an <br />additional 20 years and executed an agreement assigning the lease to the City. The Grand <br />Central Art Center includes three art galleries, a live performance "black box" theater, a <br />printmaking studio and a restaurant. There are also 27 student residential units with studio space <br />for each resident use. <br />Since opening in February 1999, the facility has been a tremendous asset to the City, the <br />University, the Artists Village and the entire Downtown. Under the terms of the agreement and <br />consistent with the intended use of the building, CSUF sublet space to a printmaking studio, <br />Watermark Printmaking Workshop and Gallery. Watermark Printmaking Workshop and Gallery <br />has occupied the tenant space since the opening of the Grand Central Arts Center. However, <br />due to the decrease in demand-for this type of service, they have given CSUF a 90-day notice to <br />terminate their sublease agreement. In recent years, the fine art print market has diminished <br />substantially; and CSUF has indicated that to find a similar service to fill the space would prove to <br />be difficult. <br />Given the evolution of the arts, the University focused its efforts on attracting a business to fill the <br />space that could collaborate with them in outreaching to the community in the areas of <br />25B-1