Prefer instance data to static data.
Static data is effectively global state. Do you have only one event in the lifetime of your program? What if you need to support multithreading? This is object-oriented programming; use objects.
Encapsulate data.
Avoid making fields public. Prefer properties, as others have stated. Note that this allows assigning the creation time at construction (and only then).
Use appropriate types.
If you are storing a date/time value, normally you would use the DateTime class.
Favor immutability.
If you know the values of properties at construction time, set them then and don't allow them to be changed.
Think about names.
Descriptive names matter, especially when you're doing maintenance after six months. I didn't change the name of LocalDB in my example, as I don't know your domain or use case. However, this class looks more like an event than a database to me. Would Event be a better name?
The following example uses C# 6 syntax; earlier versions would need to add private setters and move the initialization to the constructor.
public class LocalDB
{
public LocalDB(int sessionID, string eventName)
{
SessionID = sessionID;
EventName = eventName;
}
public int SessionID { get; }
public string EventName { get; }
public DateTime TimeCreate { get; } = DateTime.UtcNow;
}
public class Other
{
public void DoSomething()
{
NewEvent = new LocalDB(1, "Other Event");
}
public LocalDB NewEvent { get; private set; }
}
A flaw in this example is that the NewEvent property of an Other instance will be null on creation. Avoid nulls where possible. Perhaps this should be a collection of events; not knowing your use case I can't say.