Opinion ID: 2610751
Heading Depth: 3
Heading Rank: 2

Heading: The McGrath-Macco Boundary Settlement and Exchange (McGrath Agreement)

Text: This agreement deals with undeveloped section 2(b) lands which lie immediately north of and abut upon Marine Stadium. The parcels were formed for the most part by filling which was the result of dredging Marine Stadium. Major parties to the McGrath agreement, are, on the one hand, the city and the state; and on the other hand, the McGrath Testamentary Trust (record owner of lands in the subject area), Macco Realty Company (lessee of McGrath lands) and Security Pacific National Bank (trustee of the McGrath trust). There are four main aspects to the McGrath agreement. First, the boundaries between state lands and McGrath lands are to be settled and fixed according to a 1966 state survey. Second, certain state lands having an aggregate area of 5 acres are to be exchanged for certain McGrath lands having an aggregate area of 8.5 acres which abut either water or existing public trust facilities and are of such a configuration that they can be used more effectively by the city and state in furtherance of public trust purposes. Third, the expenditure of $1,285,895 from the city's tideland trust fund is to be authorized to construct certain park and marina facilities. Fourth, a right of way is to be granted to the Los Angeles County Flood Control District.