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Tasty! Molly's Burger Will Move on for $1.1 Million

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"I'll have a cheeseburger, a Coke and a large side of cash, please." In what can only be described as a very tasty deal for hardworking burger slinger Kwok Yi, a $1.1 million payout may be coming her way. Tomorrow, the Community Redevelopment Agency will vote on an agreement with Yi in regard to 1601 N. Vine, that proposed office tower that will rise on the site of Molly's Burger. The settlement ultimately comes down to this: Yi, who apparently didn't want to move her business into the new office tower (at one point, that was being talked about), will get $700,000 from developer Pacifica Ventures and $400,000 from the CRA, to move on. If there's litigation over the arrival of the new tower, the terms of the agreement change. (And raise your hand if you don't think someone won't sue.) At this point, it's not clear if Yi, represented by popular land use attorney Robert Silverstein, will retire or take her "Gilligan's Island" looking shack (sorry, historical roadside eatery) and move elsewhere, but in an age of Del Tacos, there's probably some people who will miss seeing this funky-looking stand in Hollywood.

Nevertheless, Yi and the developer have already signed a settlement agreement, according to a source, so the CRA just to has to OK its part of the deal. Then the City Council has to approve the development agreement between the CRA and the city. And the developer has to go back to the City Council to complete the entitlement process.

On his blog today, Ron Kaye also covers the CRA settlement, and raises some more questions about the whole arrangement (his math is a little different because those figures are pre-CRA reimbursement). Meanwhile, from Kaye's site and a link to a CRA memorandum, here's some more history about how long this has been going on:

"In September 2006, CRA/LA entered into an Exclusive Negotiation Agreement with the Developer which most recently on April 1, 2010 concluded in the approval of a DDA by the CRA/LA Board of Commissioners.CRA staff and the relocation have been in contact with Molly’s Burgers since 2007 providing various relocation services and attempting to make a satisfactory of benefits. However, as of the date that the DDA was approved, an agreement had not been reached, and upon the scheduled consideration of the matter by City Council, Molly’s Burgers retained legal counsel and took action to oppose the project."

· The Art of the Deal: CRA, Molly's Burgers, Hal Katersky -- and Your Money [Ron Kaye]
· Greasy Burger Shack Threatened by Purple-Hued Office Project [Curbed LA]