RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST HOLLYWOOD APPROVING THE GROUND LEASE WITH THE OPTION TO PURCHASE REAL PROPERTY LOCATED AT 8327-8329 SANTA MONICA BOULEVARD, IN THE CITY OF WEST HOLLYWOOD [S. CAMPBELL, B. LEAGUE, A. BARTLE]
Staff Direction • 2025-08-04 • Item F.2 • Tracking ID DIR-2025-F217C1
Tracking ID: DIR-2025-F217C1
Full tracking history, completion evidence, and related council actions available on the main site.
Plain language summary
The City Council will consider adopting a Resolution approving the ground lease with an option to purchase real property located at 8327-8329 Santa Monica Boulevard in the City of West Hollywood. Approval of the property ground lease and purchase option Agreement is not a "project" under State CEQA Guidelines section 15378(a) and, alternatively, is exempt from CEQA review.
What this means to you
The City Council will consider adopting a Resolution approving the ground lease with an option to purchase real property located at 8327-8329 Santa Monica Boulevard in the City of West Hollywood. Approval of the property ground lease and purchase option Agreement is not a "project" under State CEQA Guidelines section 15378(a) and, alternatively, is exempt from CEQA review.
Fiscal impact
25-________: "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST HOLLYWOOD APPROVING THE GROUND LEASE WITH AN OPTION TO PURCHASE REAL PROPERTY LOCATED AT 8327-8329 SANTA MONICA BOULEVARD, IN THE CITY OF WEST HOLLYWOOD"; 2) Authorize the Director of Finance and Technology Services to allocate $9,539,164 from Unallocated General Fund Reserves in Fiscal Year 2026 to account number 301-4-40-57-702030 for the Ground Lease and Option to Purchase Agreement. The total purchase price includes the exclusive $6,000,000 option to purchase at the end of the 10-year period, the $300,000 base rent for the lease per year with an annual 3% escalation, a deposit of $75,000, and up to $25,000 for due diligence and closing costs; and 3) Authorize the City Manager to negotiate and execute all necessary documents for the Ground Lease with the option to purchase and any easements or restrictive covenants necessary for the purchase of real property located at 8327-8329 Santa Monica Boulevard.