USC Lease Announcements
LEASE AGREEMENT WITH THE UNIVERSITY OF SOUTHERN CALIFORNIA December 2012 Update
On May 14, 2012, the Los Angeles Memorial Coliseum Commission approved the Amended and Restated USC Lease, as released to the public on April 24. This document covers the period through December 31, 2054, the expiration date of the Coliseum Commission’s two separate leases with the State of California for: (a) the Los Angeles Memorial Coliseum; and (b) the Los Angeles Memorial Sports Arena. The April 24 document approved on May 14 is available here.
Section 17.12 of the Amended and Restated USC Lease lists three agreements between USC and the State of California that are “Transactions Contingencies,” to be completed before the Amended and Restated USC Lease can become effective. These three agreements between USC and the State of California would be:
1. A Non-Disturbance Agreement for the Amended and Restated USC-Coliseum Commission lease;
2. An additional lease agreement with the State of California beyond December 31, 2054 for the Coliseum and Sports Arena properties; and
3. A separate lease with the State of California for the operation of the parking lots in Exposition Park owned by the State of California.
Since May 2012, USC and the State of California have been in negotiations regarding these agreements. The State of California has been represented by: (a) the office of the Secretary of the State and Consumers Services Agency, Ms. Anna Caballero; and (b) representatives of the Board of Directors of the California Science Center/Exposition Park (Sixth District Agricultural Association).
On December 17, 2012 the documents describing the draft agreements negotiated between USC and the State of California were released by Secretary Caballero for public review and comment. Copies of these documents, accompanied by a statement from Secretary Caballero, may be found at:
* The website of the USC Office of Real Estate and Asset Management (link: www.re.usc.edu).
Term Sheet for Amended and Restated USC Lease – December 2011
To Access The Complete Term Sheet for the Amended and Restated Sublease between the Los Angeles Memorial Coliseum Commission and the University of Southern California, please click here.
Statement issued by Commission President David Israel on December 21, 2011 (click here)
Statement jointly announced on January 11, 2012 by USC and the Coliseum Commission about the Term Sheet. (click here)
Presentation to Board of Directors of the California Science Center/Exposition Park
Coliseum Commission President Don Knabe and interim General Manager John Sandbrook attended the September 5 meeting of the Board of Directors of the California Science Center/Exposition Park on Wednesday, September 5 to provide a presentation regarding the Amended and Restated USC Lease that the Coliseum Commission Board approved on May 14, 2012.
The following four documents were presented to the Board of Directors in Open Session:
1. Remarks by Mr. Knabe (4 pages)– click here
2. Narrative Report (40 pages) – click here
3. List of 31 Exhibits (1 page) – click here
4. Transmittal Letter for Report (3 pages)—click here
After reviewing the list of the 31 exhibits provided to the Board of Directors, any member of the public who wishes to receive one, some or all of the 31 exhibits should forward the request to Ms. Donna Lee Dominguez in the office of the General Manager at: (213) 765-6387.
Additional Documents Pertaining to Proposed Restated Lease Agreement with USC
The following documents are provided as supplemental background information regarding the proposed restated lease agreement between USC and the Los Angeles Memorial Coliseum Commission: