Muncipal Facilities Committee report relative to proposed lease assignment with Kevin Kim, dba Express News & Lotto for the retail space located at 155-A South Main Street, Los Angeles, CA 90012.

Summary

This item concerns a proposed lease amendment for the retail space at 155-A South Main Street, occupied by Kevin Kim, dba Express News & Lotto. The lease assignment was previously approved by City Council on August 29, 2025. This amendment aims to correct an inconsistency in the previously approved term sheet regarding rental escalations. The revised terms clarify that the initial five-year term (expiring March 31, 2027) will have no annual rental escalations. However, any subsequent extensions, up to two additional five-year periods, will be subject to a 3% annual rental increase based on the base rent at the end of the initial term. The monthly rent for the initial term remains $939.60. The security deposit of $2,160 and the ability to purchase up to two parking spaces at $132/month per space remain unchanged. The tenant is responsible for all maintenance, utilities, and repairs within the premises.

Citizen Impact

This is a procedural update to a business lease within a city-owned building. Residents are not directly impacted by this lease amendment, as it does not involve new fees, services, or changes to public spaces.

Confidence

high