THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF LOS ANGELES, CA

M E M O R A N D U M 5

DATE: DECEMBER 6, 2007 LC 6000

TO: CRA/LA BOARD OF COMMISSIONERS

FROM: CECILIA V. ESTOLANO, CHIEF EXECUTIVE OFFICER

RESPONSIBLE PARTIES: MARGARITA DE ESCONTRIAS, REGIONAL ADMINISTRATOR GAZALA PIRZADA, PROJECT MANAGER ROBERT MANFORD, SENIOR PLANNER

SUBJECT: PUBLIC HEARING ON THE DRAFT ENVIRONMENTAL IMPACT REPORT FOR THE EARTHQUAKE DISASTER ASSISTANCE PROJECT FOR THE LAUREL CANYON COMMERCIAL CORRIDOR REDEVELOPMENT PLAN AMENDMENT AND THE PROPOSED VALLEY PLAZA AND RESIDENTIAL AND PARK DEVELOPMENT PROJECT EARTHQUAKE DISASTER ASSISTANCE PROJECT FOR LAUREL CANYON COMMERCIAL CORRIDOR EAST VALLEY REGION (CD 2)

RECOMMENDATION

That the CRA/LA Board of Commissioners conduct a Public Hearing on the Draft Environmental Impact Report (“Draft EIR”) prepared for the Earthquake Disaster Assistance Project for the Laurel Canyon Commercial Corridor Redevelopment Plan Amendment and the Proposed Valley Plaza Shopping Center and Laurel Plaza Residential and Park Development Project (“Proposed Project”)

SUMMARY

The Proposed Project

The 248-acre Earthquake Disaster Assistance Project for Laurel Canyon Corridor is located in the North Hollywood-Valley Village Community Plan area of the City of Los Angeles. The proposed Valley Plaza Shopping Center Site (Valley Plaza Site) consists of a roughly triangle-shaped parcel of land consisting of approximately 23 acres at the southwest corner of the intersection of and Victory Boulevard. The Valley Plaza Site is generally bounded by Victory Boulevard to the north, Laurel Canyon Boulevard to the east, and the to the south and west and is bisected by Bellingham Avenue. The Laurel Plaza Residential and Park Development Site (“Laurel Plaza Site”) consists of an irregularly-shaped parcel of land of approximately 24 acres generally located at the southeast corner of Laurel Canyon Boulevard and Erwin Street and is generally bounded by Erwin Street to the north, Radford Avenue to the east, Laurel Canyon Boulevard and the Hollywood Freeway to the west, and the Hollywood Freeway and Oxnard Street to the south. See Attachment A, location map.

EIR PUBLIC HEARING – VALLEY PLAZA SHOPPING CENTER AND LAUREL PLAZA 2 RESIDENTIAL AND PARK DEVELOPMENT PROJECT

The proposed Amendment to the Earthquake Disaster Assistance Plan (“Plan”) for Laurel Canyon Commercial Corridor includes an eminent domain provision, Plan effectiveness date extension, debt extension, tax increment extension, and debit limit increase. Approval and implementation of the proposed Amendment Plan will permit demolition of an existing public park and development of a new public park, 777,142 square feet of commercial uses, and 742 multi- family residential units.

The Valley Plaza Site would be developed with commercial uses containing up to approximately 777,142 square feet of floor area and includes an approximate 174,000 square foot, two-story department store; an approximately 70,000 square foot, one-story multiplex cinema; other one- to two-story structures containing retail; restaurant uses totaling approximately 533,000 square feet of floor area and an approximately 4,222 space subterranean and above grade parking structure that would have ingress and egress from both Laurel Canyon and Victory Boulevards. The portion of Valley Plaza Park located adjacent to the Valley Plaza Shopping Center would be removed and replaced by a new park of equal size, on the Laurel Plaza Site.

The Laurel Plaza Site development would involve the renovation of the existing Macy’s department store and removal of the surface parking area. The Macy’s department store building would be renovated and remodeled to accommodate multi-family residential uses. The Laurel Plaza Site would be developed with 742 multi-family units: 477 condominiums, 170 apartments, 54 townhouses, 23 boathouses, and 18 penthouses. The existing office building would remain on-site with an adjacent new three-story above ground parking structure with approximately 270 parking spaces. In addition the replacement park would be constructed on the site.

Draft EIR and Public Hearing

Currently, the Draft EIR is out for public review, as mandated by the Environmental Quality Act (“CEQA). The Draft EIR was sent out for public review on November 2, 2007. The EIR public review period began on November 5, 2007 and will end on December 19, 2007.

The purpose of the public hearing is to provide additional opportunity for the public to comment solely on the environmental issues related to the proposed redevelopment plan amendment and development projects, as addressed in the Draft EIR. The comments and testimony taken today will be included and responded to if necessary, in the Final Environmental Impact Report (“Final EIR”). The CRA/LA Board is not being requested to take any other action at this time. The CRA/LA Board may be asked to certify the Final EIR, and to make a discretionary decision on the proposed project, using the information contained in the Final EIR, at a future date.

RE

October 18, 2007 Adoption of Resolution No 7093 to Transmit Preliminary Report on the Proposed Third Amendment to the Earthquake Disaster Assistance Plan For The Laurel Canyon Commercial Corridor.

SOURCE OF FUNDS

No funding is required for this action. EIR PUBLIC HEARING – VALLEY PLAZA SHOPPING CENTER AND LAUREL PLAZA 3 RESIDENTIAL AND PARK DEVELOPMENT PROJECT

PROGRAM AND BUDGET IMPACT

Staff time for the environmental review process is carried under LC6000 (Laurel Canyon Plan Amendment).

ENVIRONMENTAL REVIEW

The public hearing is in conformance with and will further the purposes of the California Environmental Quality Act (“CEQA”).

BACKGROUND

On May 26, 2006, a Notice of Preparation (“NOP”) for the Draft EIR was sent to public agencies and those persons and organizations that, as defined in the CRA/LA’s CEQA Guidelines, may be concerned with the environmental effects of the “Proposed Project”. The 30-day response period for the NOP ended on June 30, 2006.

Although an Initial Study was not attached to the NOP, it identified those environmental topics where the Proposed Project could have adverse environmental effects and indicated that an EIR would be prepared to document these effects. Subsequent to sending out the NOP, an EIR scoping meeting was held by CRA/LA staff on June 15, 2006, to gather community and interested parties’ input on the appropriate scope and content of the environmental information to be included in the Draft EIR. The recipients of the Notice of Preparation have been sent copies of the Draft EIR, which is currently out for public review. The public review period ends on December 19, 2007. A Notice stating that the Draft EIR was available for public review and announcing the date and time of this public hearing was sent to all interested parties including attendees of the EIR scoping meeting, and was published on the CRA/LA’s website and local newspapers (including the Los Angeles Times, and the Valley Edition of the Daily News) during the week of November 12, 2007. The Notice also stated that members of the public could review, borrow or obtain copies of the Draft EIR at the CRA/LA’s Records Center and could review the Draft EIR at the CRA/LA’s North Hollywood Site Office, the North Hollywood Regional Library, and the CRA/LA’s web site.

Cecilia V. Estolano Chief Executive Officer

By

Glenn F. Wasserman Chief Operating Officer

There is no conflict of interest known to me, which exists with regard to any CRA/LA officer or employee concerning this action.

Attachment: A – (Project Location Map)