“Friday afternoon councilmembers received an e-mail from the city attorney,” Herpin said. “She said that LandCo and the city have resolved their differences, and have prepared a new economic development agreement to submit to the USOC (U.S. Olympic Committee) Board.”
Under the proposed agreement, Herpin said, “LandCo would complete the building shell, and another entity would finish the interior. LandCo would retain the two bottom floors of the building.”
Herpin also said that the agreement would be made public before being submitted to council for final approval.
“That will give members of the public and the press time to study it, and comment,” he said.
Public records also seem to indicate that an agreement is in the offing.
Earlier this month John Stinar, an attorney who has represented LandCo and Ray Marshall, registered a company with the Secretary of State’s office, 27 South Tejon Investors LLC.
Title to 27 South Tejon, the presumed future home of the USOC, is currently held by 27 South Tejon Partners LLC, a company that was created during November of last year.
27 South Tejon Investors company was, according to multiple sources in the real estate industry, created to hold LandCo’s interest in the restructured deal.
Given the multiple lawsuits, contractor’s liens and associated events that have swirled around the building, its owners, future occupants and lenders, it seems unlikely that an ownership change could take place without a new EDA in place, and all legal claims resolved.
Council will hold a “closed executive session” this afternoon at the conclusion of the scheduled informal meeting. The agenda describes the session’s purpose in very general, unspecific terms – unlike the last such session, which made specific reference to LandCo.
“The issue to be discussed involves determining positions relative to matters that may be subject to negotiations, developing strategy for negotiations and instructing negotiators, receipt of legal advice from the City Attorney’s Office regarding the possible purchase, acquisition, lease, transfer or sale of real property.”
Herpin said that, to the best of his knowledge, the actual agreement will not be presented to council at today’s meeting.
“It won’t be today,” he said, “but it will be very, very soon.”