CONTRACT 5751A AmendmentAgreement No. 5751A
FIRST AMENDMENT TO DEVELOPMENT
AGREEMENT
BEACH CITIES MEDIA CAMPUS
(FORMER AIR PRODUCTS SITE)
THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (the "Amendment")
is dated as of legs, , 2025 by and between the CITY OF EL SEGUNDO, a municipal
corporation (the "Cites"), and LA RE DEVELOPMENT HOLDINGS, LLC, a Delaware limited
liability company (the "Developer"), collectively, the "Parties."
RECITALS
A. City and Rosecrans-Sepulveda Partners 4, LLC entered into a Development
Agreement dated August 20, 2019 (the "Agreement") and recorded on December 11, 2019 in
the official records of Los Angeles County as Instrument No. 20191380759.
B. On or about September 15, 2025, pursuant to Sections 3.2 and 3.3 of the
Agreement, Rosecrans- Sepulveda Partners 4, LLC assigned all of its rights, interests, duties,
obligations and requirements under the Agreement to Developer, and Developer assumed all
rights, interests, duties, obligations and requirements of Rosecrans-Sepulveda Partners 4, LLC
under the Agreement.
C. The Parties now wish to amend the Agreement to allow for an additional
development alternative that would allow for professional sports team headquarters and
practice facility uses within the Project.
D. Each of the initially capitalized terms used in this Amendment and not
otherwise defined in this Amendment shall have the meaning given to it in the Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and conditions set
forth herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties agree as follows:
1. The definitions of "Beach Cities Media Campus," "Media Campus," "Alternatives,"
"Project," and "Site Plan" set forth in Section 1 of the Agreement are hereby deleted
in their entirety and replaced with the following, respectively:
"Beach Cities Media Campus" or "Media Campus" means development of the
Property with a development of a mixture of creative office, retail/cafe, and studio
and production facilities, professional sports team headquarters and training
facility that would consist of a maximum of: 240,000 square feet of creative
office/professional sports team headquarters and training facility with the option
to incorporate a roof deck; 66,000 square feet of studio and production facilities
building; 7,000 square feet of retail/caf6 uses for a total of 313,000 square feet of
floor area with an associated FAR of 1.13 to 1; and the provision of parking
Agreement No. 5751A
spaces in a combination of surface parking, underground parking, and a parking
structure all as shown in the Conceptual Site Plan attached hereto as Exhibit B.
"Alternatives" means Alternatives 1, 2, 3, or 4 as described below:
Alternative 1 shall consist of the following development
components: (a) 25,000 square feet of retail space; (b) 100,000
square feet of general office space with the option to
incorporate a roof deck; and (c) 188,000 square feet of studio
and production facilities, as shown in the Site Plan attached to
the Agreement as Exhibit C.
Alternative 2 shall consist of the following development
components: (a) 100,000 square feet of research and
development; (b) 10,000 square feet of retail; and (c) 100,040
square feet of creative office space with the option to
incorporate a roof deck, as shown in the Site Plan attached to
the Agreement as Exhibit D.
Alternative 3 shall consist of the following development
component: (a) 261,990 square feet of creative office space with
the option to incorporate a roof deck, as shown in the Site Plan
attached to the Agreement as Exhibit E.
Alternative 4 shall consist of the following development
component: (a) up to 65,000 square feet of professional sports
team headquarters and practice facilities uses with the option to
incorporate a roof deck; (b) 200,000 square feet of office
facility uses; and (c) 7,000 square feet of retail/cafe uses.
"Project" means the development of the Property for the Beach
Cities Media Campus or one of the Alternatives in substantial
conformance with the site plans attached to the Agreement and this
Amendment as Exhibits B through F, in accordance with the Project
Approvals and Applicable Rules.
"Site Plan" refers to the conceptual development plans for the
Beach Cities Media Campus and each of the four Alternatives as
shown on Exhibits B through F, attached hereto and incorporated
herein by reference.
2. Section 2.6 of the Development Agreement is hereby deleted in its entirety and
replaced with the following:
2.6 This Agreement is intended to provide flexible entitlements to
develop the Media Campus or one of the four Alternatives, within the
parameters set forth herein and subject to the terms and conditions
hereof, to meet the changing market demands that are likely to occur
throughout the Term of this Agreement.
Agreement No. 5751A
3. Section 4.13.1(a) of the Development Agreement is hereby deleted in its entirety and
replaced with the following:
a. Minor Modifications include:
i. A modification to the Site Plan for the Media Campus, or the
Alternatives, provided the Director determines, in his/her
discretion, that the Site Plan is substantially similar to the
approved Site Plans attached hereto as Exhibits B through F; the
modification complies with the Development Constraints; and
there is no change which would qualify as a Major Modification
under section 4.13.2 below;
ii. A different mix of retail space, general or creative office space,
studio and production facilities, research and development uses,
or professional sports team headquarters and practice facilities
uses provided that it meets the Development Constraints and the
Director determines that no subsequent or supplemental EIR is
required and any new impacts can be mitigated; and
iii. Any other change that does not qualify as a Major Modification
as defined below.
4. Exhibit F ("Assignment and Assumption Agreement") to the Agreement is hereby
redesignated as Exhibit G.
5. Anew Exhibit F ("Site Plan for Alternative 4"), copy of which is attached hereto and
incorporated herein by this reference, is hereby added to the Agreement.
6. Section 19 of the Agreement is deleted in its entirety and replaced with the following:
Notices. Any notice that a party is required or may desire to give the other
must be in writing and must be sent by: (i) personal delivery; (ii) deposit in
the United States Mail, postage prepaid; (iii) registered or certified mail,
return receipt requested; (iv) overnight delivery using a nationally recognized
overnight courier providing proof of delivery; or (v) electronic delivery,
evidenced by confirmed receipt, addressed as follows:
If to City: City of El Segundo
350 Main Street
El Segundo, CA 90245
Attn: City Manager
Email: a.�<,gorg
With a Copy to: City of El Segundo
350 Main Street
El Segundo, CA 90245
Attn: Director of Planning and Building Safety
Agreement No. 5751A
Email: mgm➢l��
With a Copy to: Hensley Law Group
2600 W. Olive Street, Suite 500
Burbank, California 95105
Attn: Mark D. Hensley, Esq.
Email:d�aNa� c�1te�tge 0�mc:a.pcl�p
To Developer: LA RE DEVELOPMENT HOLDINGS, LLC
Attn: Tim Katt
1900 W Loops #1300
Houston, TX 77027
Email: tim.katt@transwestem.coim
With a Copy to: DLA Piper LLP (US)
Attn: Andrew Brady
2000 Avenue of the Stars Suite 400
Los Angeles, CA 90067
Email: Andrew.brady@us.dlapiper.com
7. Recognition of Assignment. Pursuant to Sections 3.2 and 3.3 of the Agreement, all
rights duties and obligations under the Agreement were assigned from Rosecrans-
Sepulveda Partners, 4 LLC to LA RE Development Holdings, LLC, a Delaware limited
liability company on or about September 15, 2025 ("Assignment"). The Parties hereby
recognize that LA RE Development Holdings, LLC has assumed all rights, interests,
duties, obligations and requirements of Developer under the Agreement. The Parties
further recognize that the Assignment also includes an assignment and assumption of
all rights, interests, duties and obligations to LA RE Development Holdings, LLC with
respect to entitlements, permits and approvals for the Project, and to any and all
applications for permits, inclusive of all plans, submittals and fees submitted and paid
to City related to same. The Parties agree to hereafter work in good faith to take any
reasonably required steps to ensure the assignment and assumption of all rights, duties,
obligations and requirements under the Agreement are fully and properly effectuated.
8. Ratification. Except as expressly amended by this Amendment, the Agreement is in
full force and effect and is hereby ratified and confirmed by the Parties in all respects.
9. Counterparts. This Amendment may be executed in one or more counterparts,
each of which shall be deemed an original, and all of which together shall be
deemed to be one and the same instrument. A facsimile transmission of an original
signature shall be deemed to be an original signature.
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly
executed as of the day and year first above written.
Agreement No. 5751A
CITY:
The City of El Segundo, a municipal corporation,
By— ....._ _ .._�
Cluis Pimentel, Mayor
DEVELOPER:
LA RE Development Holdings, LLC
BY
Andrew Brady
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City of El Segundo
Agreement No. 5751A
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EXHIBIT F
SITE PLAN FOR ALTERNATIVE 4
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