Municipal Facilties Committee report relative to authorizing the Department of General Services to negotiate and execute a lease agreement with Yong Woo Park and Jonathan Park, doing business as Plaza Cards and Gifts, at 201 North Figueroa Street, Suite 199.

The Municipal Facilities Committee recommends authorizing the Department of General Services (GSD) to negotiate and execute a new five-year lease agreement with Yong Woo Park and Jonathan Park, doing business as Plaza Cards and Gifts, for a 455 square foot retail space at 201 North Figueroa Street, Suite 199. The lease is retroactive to July 1, 2025, and includes one five-year option to extend. The base rent starts at $2.50 per square foot ($1,137.50/month) in Year 1, increasing to $3.20 per square foot ($1,456.00/month) in Year 2, with subsequent 3% annual increases. The agreement also resolves an outstanding balance of $8,605.00, with $4,302.50 due prior to attestation and the remainder amortized at $71.71 per month over the lease term. This results in a revised monthly rent of $1,209.21 for Year 1. The lease is considered within market rates for internal-facing retail spaces, functioning as a building amenity. GSD projects $13,902 in base rent receivables for Fiscal Year 2025-26, representing a $4,911.02 increase to the General Fund compared to projected revenue without the new lease.