December 17, 2012

December 17, 2012:

RELEASE OF STATE OF CALIFORNIA/UNIVERSITY OF SOUTHERN CALIFORNIA LEASE DOCUMENTS

At its May 14, 2012 public meeting, the Coliseum Commission approved the Amended and Restated Sublease of the Coliseum to the University of Southern California. The commencement date and effectiveness of the Amended and Restated Sublease is contingent upon the satisfaction or waiver of the following contingencies:

  • Execution by the State of California and the Board of the California Science Center (formerly the 6th District Agricultural Association – the state-appointed local governing body of the state-owned land in Exposition Park) (collectively, the “State”) of a non-disturbance agreement that allows the university to remain in possession of the Premises as a direct tenant of the State in the event the ground lease between the State and the Commission is terminated;
  • Execution by the State and the university of a coterminous lease of Parking Lots 1-6 located in Exposition Park; and
  • Execution by the State and the university of an option agreement for the university to lease the Coliseum and Sports Arena, plus Parking Lots 1-6 in Exposition Park, commencing on January 1, 2055 and continuing for 57 years, so that the university has a potential total lease term of 99 years.

Representatives of the university and the State have been working diligently to negotiate and draft the documents for these three contingencies. In an effort to promote and support a transparent and public process, the university and State are posting drafts of these documents:

The university welcomes comments on these documents from the public. Comments can be submitted to the university at comments@re.usc.edu or to the State at ExpoParkProposalComments@scsa.ca.gov. We anticipate that the California Science Center Board will also place this matter on the agenda for its January 9, 2013 public meeting. All members of the public will be able to make comments to the Board on this matter at the meeting as well. As further meetings are scheduled regarding this matter and as revised documents become available, we will post the information on this site. Please check back regularly for additional information. Thank you in advance for your support!