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As to the covenants running with the land which the City
would record against the Central Library parcel, the Cooperation
Agreement provided in pertinent part:
ARTICLE VIII
Covenants on Library Parcel
8.1 Covenant on Library Parcel Restricting
Further Development. City agrees to record, among the
land records of Los Angeles County, a covenant running
with the land against Library Parcel limiting the
Floor Area of the rehabilitated and expanded Central
Library to 361,000 net useable square feet and
prohibiting the development of any other Floor Area on
such property. Said covenant shall be recorded
concurrently with the close of Phase I Escrow and
shall be for the benefit of City and Agency [CRA].
* * * * * * *
8.3 Covenant on Library Parcel to Satisfy
Designated Building Site Ordinance. City agrees to
record, among the land records of Los Angeles County,
a covenant running with the land against Library
Parcel fulfilling the requirements of the Designated
Building Site Application and Designated Building Site
Ordinance defined herein. This covenant shall also be
recorded concurrently with the close of Phase I Escrow
and shall be for the benefit of City.
The draft Cooperation Agreement attached to the OPA contained
identical provisions concerning covenants on the Central Library
parcel.
G. Library Square and Fifth & Grand Tax Returns and
Respondent’s FPAA Determinations
Library Square allocated $14,249,918 of the $33,192,567
that MTP paid to CRA to land which MTP acquired from CRA.
Library Square included the remaining $18,942,649 that MTP paid
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