A proposed L.P.O. deal between L.B.T. and the city’s pet store chain would let pet stores sell to low-income residents in a $3.2-billion affordable housing development project in the city.
The deal would also allow for a 20-year lease on the Petco property.
The Petco store will be demolished and the project will be developed by the city of Los Angeles.
Petco was founded in 1974 and has been in operation since 1978.
The developer is owned by S&P Global Inc. of Fort Worth, Texas, and is run by longtime L.L.C. owner and longtime LBS employee, Gary T. Schwartz.
Schwartz’s pet-supply chain, S&P Global Supply Chain, is based in Los Angeles and operates through a franchise agreement with L.S. Pets, which operates the pet stores.
Schwartz, the CEO of LBS Pets, has been criticized by some critics over his record of underinvesting in affordable housing in the community.
Schwartz also has been under scrutiny by the California Legislature over a bill that would have required pet stores to buy affordable housing vouchers for pets under the state’s Proposition 13.
Schwartz said in a statement that the agreement was approved by the L.O.’s City Council on Monday.
He called the PetCo deal a positive step in L.C.’s effort to create affordable housing for people.
“This will give L.U.
S Petco and S&s Supply Chain the opportunity to help provide the residents of L. Angeles with a new source of affordable housing while continuing to help them meet their other needs,” Schwartz said.
Schwartz declined to comment further on the deal.
L.M. Pets has been selling pet supplies since 1993.
LBS Pet Stores has been operating the pet supply store since 1978 and has operated for more than 30 years.
LMS Pets is owned and operated by the same owner as LBS.
It is part of a chain of pet stores including Petco, PetSmart and Petco Max.
The LMS Pet Store is also a partner in Petco Pets in Londons retail stores, which also includes Petco PetCare and PetCards, and also sells pet supplies, toys and other items.