(Added by Ord. No. 157,737, Eff. 7/25/83.)
A. Eligibility. A lessee holding a parcel of real property under a long term lease may offer to dedicate or convey a street easement for the term of the lease only in satisfaction of the requirements of Section 12.37 of this Code providing the following conditions are met.
1. Such lease is of record in the office of the County Recorder, and the lessee certifies under penalty of perjury that, except for the rental provided for by such lease, the owners will receive no financial benefit or other income from the proposed development during the term of the lease.
2. The area of real property to be so dedicated will be used for sidewalk only, and not for vehicular traffic and not for the installation of any subsurface or above surface lines, pipes, or other public or private utility facilities, except for such facilities which will connect from the fully dedicated streets into the buildings to be constructed.
3. That notwithstanding that the adjacent public street is fully improved with all improvements as specified in Section 12.37-A-3, the sidewalk will be fully constructed and all other necessary or desirable public improvements in the adjacent street will be fully constructed by the lessee as a part of its development on the leasehold estate, and the lessee shall post the requisite bonds to guarantee such construction, and
4. The total value of the improvements to be constructed for which the dedication is required is $3,000,000.00 or more, as determined by the Department of Building and Safety.
B. Dedication Document. The dedication of the leasehold estate for street purposes pursuant to this section shall be a form of deed making specific reference to the document creating the leasehold estate and the deed shall convey only the leasehold rights. The City Engineer is authorized to accept such deeds and place same of record with the County Recorder of Los Angeles County without further authority of the City Council, upon the approval of such deed as to form by the City Attorney. Dedication of a leasehold estate for street purposes shall not be approved and no building shall issue if the City Attorney determines that the granting of such public right will cause a forfeiture or termination of the leasehold rights in the area to be dedicated.