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CC - CONSENT ITEM: Approval of an Amendment to the Existing Parking License Agreement with Century Wilshire Inc, which Owns and Operates The Culver Hotel to Extend the Agreement Term by 14 Months.
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Meeting Date: September 29, 2025
Contact Person/Dept: Elaine Warner/Economic Development Director
Phone Number: (310) 253-5777
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Attachments: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (09/24/2025)
Department Approval: Jesse Mays, Assistant City Manager (09/12/2025)
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RECOMMENDATION
Staff recommends the City Council approve an amendment to the existing parking license agreement with Century Wilshire, Inc. which owns and operates The Culver Hotel (The Hotel) to extend the agreement term by 14 months.
BACKGROUND
On January 15, 2011, an Owner Participation Agreement (OPA) was executed between the former Culver City Redevelopment Agency (CCRA) and Century Wilshire, Inc (The Hotel) which includes a Parking License Agreement (Parking Agreement) that provides the Hotel with employee, valet and guest self-parking in the City’s downtown parking structures and lots. The OPA required a $2.1 million capital investment in the property which was completed in 2017. The agreement had an initial term of five years, with two five-year extensions ending on January 15, 2026.
In December 2020, the Hotel requested assistance in lowering parking costs by pausing the parking license fees/obligations as well as requesting an extension on the term of agreement for the duration of time the hotel was closed and unable to provide service due to the Covid-19 pandemic.
In August 2025, the City engaged Walker Parking Consultants to perform a parking rate study for the Downtown Parking Structures and meters to ensure competitive alignment with industry practices. The Downtown Parking Structure fee study is currently underway; however, the final report is not anticipated to be brought to the Council until November/December 2025, at the earliest, for consideration.
DISCUSSION
Given this timing, the Hotel has requested that its previous request to extend the term of the agreement, for an approximate period that the hotel was closed due to the Covid-19 pandemic from March 17, 2020, to July 15, 2021, be considered while the City considers/approves any new parking fee schedule. An extension would also give staff time to negotiate a new parking agreement. The Hotel currently receives a 50% discount for the following spaces, which they would like to retain, pursuant to the original and amended OPA:
• Ince Parking Structure - 20 spaces ($60 per space/per month)
• Ince Parking Structure - Up to 30 spaces for special events (as necessary) ($60 per space/per month)
• Culver Steps - 5 tandem (10 spaces) ($60 per space/per month)
• Cardiff/Watseka/Ince - 20 spaces ($60 per space/per month)
• Canfield - 1 tandem (2 spaces) for ($75 per space/per month)
The existing agreement also provides 46 spaces in the Ince Parking Structure; however, The Hotel is willing to release these spaces moving forward. The proposed new monthly fees would be $3,150 per month, exclusive of event parking.
FISCAL ANALYSIS
As part of the original parking license, The Hotel was required to ensure a minimum annual TOT threshold to maintain the parking discount. The current TOT threshold is $102,000 annually. The Hotel is open to increasing the guaranteed TOT to $500,000 annually in order to secure preferential parking pricing during the extension and in any future agreement. The total subsidy of parking fees, exclusive of event related parking, for the 14-month extension would be $44,100. The proposed subsidy does not impact the anticipated revenues or expenditures for Fiscal Year 2025-2026 in the Parking Authority (Fund 475).
ATTACHMENTS
None.
MOTION
That the City Council:
Approve an amendment to the existing parking license agreement with Century Wilshire, Inc. which owns and operates The Culver Hotel to extend the agreement term by 14 months.