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REQUEST FOR <br />AGENCY ACTION <br />AGENCY BOARD MEETING DATE: <br />MAY 17, 2004 <br />TITLE: <br />SECOND LEASE AMENDMENT WITH <br />CALIFORNIA STATE UNIVERSITY, <br />FULLERTON FOUNDATION FOR THE <br />GRAND CENTRAL ART CENTER <br />EXECUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />Eduction itt <br />AGENCY SECRETARY USE ONLY: <br />APPROVED <br />❑ <br />As Recommended <br />❑ <br />As Amended <br />❑ <br />Ordinance on 1" Reading <br />❑ <br />Ordinance on 2ntl Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Direct the Agency General Counsel to prepare and authorize the Executive <br />Director to execute a Second Lease Amendment to the approved agreement <br />with California State University, Fullerton Foundation. <br />DISCUSSION <br />On April 5, 2004, the Community Redevelopment Agency approved an amended <br />agreement with the California State University, Fullerton Foundation to <br />extend their operating agreement for the Grand Central Art Center for an <br />additional 20 years, which brings the total operating period to 30 years. <br />The subject amendment will modify the "Early Termination" section of the <br />agreement, which states that commencing in Year 16 (i.e., on January 1, <br />2015) though Year 30 (i.e., January 1, 2029), CSUF Foundation may request <br />early termination of this lease upon one year's notice due to economic <br />hardship or other unforeseen circumstances. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />J P. Reekstin <br />E ecutive Director <br />JPR /LDY /kla <br />H: Actions\ 2004CRA\ AmendAgreeCSUFullerFndtnGmdC trlArtCtr- 5 -17 -04 <br />i <br />