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City approves exclusive talks with LevelUp for former 'Fun Factory' site; waterfront parking rates to rise Aug. 20
Summary
Staff reported City Council approved an exclusive negotiating agreement with LevelUp to develop the former Fun Factory site on the pier (60‑day concept period), and noted waterfront parking meter rates will increase from $2.00 to $2.25 per hour starting Aug. 20 under the new city budget.
Staff told the commission that on July 21 the City Council approved an exclusive negotiating agreement (ENA) with LevelUp, giving that operator 60 days to prepare conceptual drawings and begin lease negotiations for the former Fun Factory space on the pier. The ENA reserves negotiations with other tenants while LevelUp completes its due diligence and designs.
"The exclusive negotiating agreement is the city committing that we're not discussing the site or potentially showing it to anybody else at this time," staff said. LevelUp's concept includes bowling, arcade and food, and staff noted the operator has an existing successful location in Palos Verdes.
Staff also reported that, under the new city budget, waterfront parking rates will increase from $2.00 to $2.25 per hour starting Aug. 20. Commissioners discussed the ENA time frame and potential leverage issues for the city during later lease negotiations; staff said the ENA is intended to keep negotiations moving and that the ENA contains a limited schedule.
