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rights in connection with Phase III and to develop the Grand
Place Tower building. The Grand Place Tower parcel was assembled
from land that MTP owned.
2. The Cooperation Agreement
A general purpose of the Cooperation Agreement was to
preserve and rehabilitate the Central Library. Under the
Cooperation Agreement, CRA pledged to spend up to $110,400,000
($48,975,000 of which CRA would obtain from MTP pursuant to the
OPA) for that purpose. CRA made the pledge to the City in
consideration for land and other rights it would receive from the
City under the Cooperation Agreement. CRA, in turn, would convey
this land and other rights to MTP pursuant to the OPA.
The City conveyed the Garage Plaza parcel, part of the
Library Tower parcel, and other land to CRA. CRA conveyed that
land to MTP pursuant to the OPA. Under the Cooperation
Agreement, CRA agreed to reserve the same easements, rights, and
covenants that the City had reserved in its conveyance to CRA.
Under the Cooperation Agreement, the City agreed to record a
covenant running with the land for the benefit of the City and
CRA against the Central Library parcel limiting the Central
Library building to 361,000 square feet and prohibiting further
development of the Central Library parcel. The City executed and
recorded this covenant with the Los Angeles County Recorder in
1987. The covenant is binding on the owner of the Central
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Last modified: May 25, 2011