County, Lusk to Negotiate Land Lease
The Los Angeles County Board of Supervisors has signed a statement of intent to negotiate exclusively with the Lusk Co. on a 12.16-acre commercial/industrial site at the southwest corner of Imperial Highway and Rives Road in Downey.
Lusk’s proposed $10-million Rancho Business Center would be located at the gateway to an 88-acre parcel that was formed from an excess of land created by the consolidation of the Rancho Los Amigos Hospital development plan.
The ground lease with the county will constitute Phase 1 of the development and will have a 66-year term. It is a two-part agreement based on a minimum ground rent and a share of the net cash flow; revenue to the county over the 66-year term is estimated at $224,923,000.
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