City of Culver City, California
Agenda Item Report
Page 1 of 4
Meeting Date: 03/07/2011 Item Number: _J-4
JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM:
Adoption of Resolutions Approving Certain Actions Related to the Transfer of Real
Property and Other Assets of the Culver City Redevelopment Agency to the City of
Culver City.
Contact Person/Dept.:
Todd Tipton / CDD
Phone Number:
(310) 253-5783
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date: _______________
Public Notification: (E-Mail) Meetings and Agendas – Redevelopment Agency (03/04/11);
(E-Mail) Meetings and Agendas – City Council (03/04/11)
Department Approval:
Sol Blumenfeld: (03/04/11)
Agency General Counsel Approval:
Murray Kane: (03/04/11)
Chief Financial Officer Approval:
Jeff Muir: (03/04/11)
Executive Director Approval:
John M. Nachbar : (03/04/11)
RECOMMENDATION:
Staff recommends that:
(1) the City Council adopt Resolution No. 2011-_____, approving certain actions
related to the transfer of assets and obligations of the Culver City Redevelopment
Agency to the City of Culver City to meet existing obligations set forth in the
Cooperation, Implementing and other Agreements with the Agency and to
accomplish other important public purposes, authorizing an amendment to the
Cooperation Agreement between the City and the Agency, authorizing the City
Manager or designee to take all necessary, reasonable and appropriate actions to
implement the transfer of assets and obligations from the Agency to the City, and
authorizing the City Clerk to execute Certificates of Acceptance.
(2) the Culver City Redevelopment Agency Board (the “Agency Board”) adopt
Resolution No. 2011-_____, approving certain actions related to the transfer of
assets and obligations of the Agency to the City of Culver City to meet existing
obligations set forth in the Cooperation, Implementing and other Agreements with
the City and to accomplish other important public purposes, authorizing an
amendment to the Cooperation Agreement between the Agency and the City,
and authorizing the Executive Director or designee to take all necessary, reasonable
and appropriate actions to implement the transfer of assets and obligations from the
Agency to the City.
BACKGROUND/DISCUSSION:
City of Culver City, California
Agenda Item Report
Page 2 of 4
The City Council adopted Redevelopment Plans for the Culver City Redevelopment
Projects (collectively, the “Project Areas”), which results in the allocation of taxes
from the Project Areas to the Agency for purposes of redevelopment.
Pursuant to Section 33220 of the California Community Redevelopment Law (Health
and Safety Code Section 33000 et seq.) (the “CRL”), certain public bodies, including
the City may aid and cooperate in the planning, undertaking, construction, or
operation of redevelopment projects.
As a result of the governor’s proposal to eliminate Redevelopment Agencies
throughout the State, the Agency Board has been taking various actions to transition
activities of the Agency to the City in order to implement the Redevelopment Plan,
to create affordable housing, redevelop, revitalize and/or eliminate blight in the
Project Areas as set forth in the Cooperation Agreement dated December 15, 2009,
as amended by the Implementing Agreement approved on January 15, 2011, the
Cooperation Agreement dated January 15, 2011, as amended by a First
Amendment to Cooperation Agreement dated February 22, 2011, the Cooperation
Agreement dated February 22, 2011, and related implementing documents (the
“Cooperation Agreements”).
Based on anticipated actions by the State, Agency General Counsel has
recommended that the Agency transfer its real property and other assets to the City
in order to facilitate the implementation of the Cooperation Agreements.
Below is a list of real property and other assets that will be transferred by the
Redevelopment Agency to the City, and accepted by the City to complete activities
set forth in the Cooperation Agreements and to benefit the general public.
Asset Name Property
Parcel
Number
Estimated
Value
Real Property owned by the
Agency
See attached
list
Over $100
million
Revenues and payments
owed to the Agency
See attached
list
Approximately
$100 million
Total Value N/A Approximately
$200 million
Staff is also recommending that the Agency use its cash on hand to prepay its
payment obligations to the City under the Cooperation Agreements.
In addition, staff is recommending that the Agency assign to the City its rights and
obligations under the Disposition and Development Agreement by and between the
Redevelopment Agency and Axis Mundi REII, LLC dated February 2008 relating to
the Baldwin project and transfer to the City the Agency’s interest in the Agency
property that is the subject of that DDA, to facilitate possible revisions to and the City of Culver City, California
Agenda Item Report
Page 3 of 4
implementation of this project. In connection with this assignment, staff is
recommending that the Cooperation Agreement be amended to provide for the City
to implement the project and the Agency to pay the City those implementation costs.
The Agency currently receives revenue relating to the Lease Agreement by and
between the Agency and OliverMcMillan Culver City Theatres, LLC dated April 2002.
Staff is recommending that the Agency’s rights arising from that Lease Agreement
be assigned to the City.
In connection with the transfer to the City of the parking structures and surface lots
that are owned by the Agency, staff is recommending that the Agency assign to the
City its rights and obligations under the Agency’s 2002 parking agreement with
OliverMcMillan Culver City LLC, relating to parking for Trader Joe’s and the Pacific
12 Theatre in the Ince Parking Garage, the 2011 Owner Participation Agreement by
and between the Agency and Century Wilshire Incorporated related to parking for
the Culver Hotel, and all other existing Agency agreements relating to third party use
of the Agency-owned parking structures and surface lots that are being transferred
to the City.
FISCAL ANALYSIS:
In total, the Agency is transferring a real property portfolio that has an estimated
value of over $100 million to the City. Staff believes State legislation is eminent that
will restrict, limit, or eliminate the Culver City Redevelopment Agency’s ability to
continue its effort to implement the Redevelopment Plan to create affordable
housing, redevelop, revitalize and/or eliminate blight as set forth in the Cooperation
Agreements.
Therefore, the Agency has determined that it is appropriate and necessary at this
time to transfer said real property and other assets to the City to ensure that the
Agency will be able to continue to meet its obligations outlined in the Cooperation
Agreements and related documents to complete redevelopment/affordable housing
projects and activities through ownership and use of said real property and assets.
If the transfer of real property and other assets to the City is not impaired by the
State or held to be otherwise invalid, the City will receive assets in the total
estimated amount of $100 million in addition to the $100 million value of the
transferred property and assets noted herein (a total of $200 million). The real
property will be transferred to the City upon its exercising the Option Agreement by
the Mayor on behalf of the City.
ATTACHMENTS:
1. City Council Resolution No. 2011 - City of Culver City, California
Agenda Item Report
Page 4 of 4
2. Redevelopment Agency Resolution No. 2011-____
3. List of real property owned by the Culver City Redevelopment Agency
4. List of revenues and payments owed to the Culver City Redevelopment
Agency
MOTIONS:
That the Culver City Council:
1. Adopt Resolution No. 2011-_____, approving certain actions related to the
transfer of assets and obligations of the Culver City Redevelopment Agency
to the City of Culver City to meet existing obligations set forth in the
Cooperation, Implementing and other Agreements with the Agency and to
accomplish other important public purposes, authorizing an amendment to the
Cooperation Agreement between the City and the Agency, authorizing the
City Manager or designee to take all necessary, reasonable and appropriate
actions to implement the transfer of assets and obligations from the Agency to
the City, and authorizing the City Clerk to execute Certificates of Acceptance.
That the Culver City Redevelopment Agency Board:
1. Adopt Resolution No. 2011-_____, approving certain actions related to the
transfer of assets and obligations of the Agency to the City of Culver City to
meet existing obligations set forth in the Cooperation, Implementing and other
Agreements with the City and to accomplish other important public purposes,
authorizing an amendment to the Cooperation Agreement between the
Agency and the City, and authorizing the Executive Director or designee to
take all necessary, reasonable and appropriate actions to implement the
transfer of assets and obligations from the Agency to the City.
MEETING DATE: 03/07/11
AGENDA ITEM:
JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD
AGENDA ITEM: Adoption of Resolutions Approving Certain Actions
Related to the Transfer of Real Property and Other Assets of the
Culver City Redevelopment Agency to the City of Culver City.
ATTACHMENTS
Item Description Page
1 City Council Resolution No. 2011 - ___ 1-5
2 Redevelopment Agency Resolution No. 2011-____ 6-10
3 List of real property owned by the Redevelopment Agency 11-35
4 List of Revenues and Payments to the Redevelopment Agency 36-38
Attachment No. 1
Page 1Attachment No. 1
Page 2Attachment No. 1
Page 3Attachment No. 1
Page 4Attachment No. 1
Page 5Attachment No. 2
Page 6Attachment No. 2
Page 7Attachment No. 2
Page 8Attachment No. 2
Page 9Attachment No. 2
Page 10Legal Descriptions:
1. CARDIFF PARKING STRUCTURE 3846 Cardiff Avenue 4206-028-900,901,005.
Purchased land in 1997-1998 for $1,669,360 plus $5.5M for the cost to build the structure is
$7,169,360 total.
LOTS 11, 12, 13, 14, 15, 16, 17 AND 18 OF TRACT NO. 2444, AS PER MAP RECORDED IN BOOK 24, PAGE 7
OF MAPS OF THE OFFICE OF THE COUNTY RECORDER FOR THE COUNTY OF LOS ANGELES.
2. INCE PARKING STRUCTURE 9099 Washington Blvd. 4206-032-926. Purchased for
1979-1985 for $3,650,000 plus $9M for the cost to build the structure is $12,650,000 total.
Lot 3 of Parcel Map No. 25831 recorded in April 2002 with APN No. 4206-029-932
BEING A SUBDIVISION OF LOTS 1 TO 15 INCLUSIVE, AND LOTS 20 TO 28 INCLUSIVE AND LOT 34 AND
PORTIONS OF LOTS 16, 17, 18, 19, 29, 30, 31, 32, 33 IN BLOCK 19 O TRACT NO. 2444 AS PER MAP
RECORDED IN BOOK 24 PAGES 5 TO 7 INCLUSIVE OF MAPS, TOGETHER WITH A PORTION OF THAT 10
FOOT AND VARIABLE WIDTH ALLEY IN SAID BLOCK 19 AS DEDICATED BY THE MAP OF SAID TRACT NO.
2444 TOGETHER WITH THAT PORTION OF THE 10 FOOT ALLEY AND THAT PORTION OF INCE BLVD.
FORMERLY SHERMAN PLACE WITHIN SAID BLOCK 19 OF SAID TRACT NO. 2444 VACATED BY RESOLUTION
NO. 84-R073 RECORDED JUNE 5, 1984 AS INSTRUMENT NO. 84-66851 AND RECORDED SEPTEMBER 21,
1987 AS INSTRUMENT NO. 87-1502139 OFFICAL RECORDS, TOGETHER WITH LOTS 1 THROUGH 16 BLOCK
18 OF SAID TRACT NO. 2444 AND WITH THAT ALLEY WITHIN SAID BLOCK 18 VACATED BY ORDER OF
BOARD OF SUPERVISORS RECORDED MAY 29, 1917 AS INSTRUMENT NO. 515 IN BOOK 257, PAGE 271 OF
MISCELLANEOUS RECORDS, AND PORTIONS OF CULVER BOULEVARD (FORMERLY PUTNAM AVENUE),
MAIN STREET AND WASHINGTON BOULEVARD AS DEDICATED BY SAID TRACT NO 2444.
3. WATSEKA PARKING STRUCTURE 3844-48 & 3864 Watseka Ave. 4207-001-900-904.
$970,607 acquired in 1984-1989 plus $4.5M for the cost to build the structure is $5,470,607.
LOTS 19, 20, 21, 22, 23, 24 AND 25 OF TRACT 2444, IN THE CITY OF CULVER CITY, AS PER MAP
RECORDED IN BOOK 24 PAGES 5, 6 AND 7 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDED OF SAID
COUNTY.
4. 12343 WASHINGTON BOULEVARD 4232-009-018. Acquired for
$2,232,718.74 in 2007.
Those portions of Lots 96, 97, and 98 of the East Ocean Park Tract, in the City of Culver City, as per Map
recorded in Book 6 Page 82 of Maps, in the office of the County Recorder of said County, lying
Southeasterly of a line drawn through a point in the Southwesterly line of said Lot 96, said line being
parallel to the South line of said Lot 96 and distant 140.78 feet measured Northwesterly along the
Southwesterly lines of Lots 96, 97 and 98 from the Southwesterly corner of said Lot 98 and lying
Southwesterly of a line which is distant 120 feet Northeasterly, measured at right angles from said
Southwesterly lines of said Lots 96, 97 and 98.
ATTACHMENT NO. 3
Page 115. 12337 WASHINGTON BOULEVARD 4232-009-018. Acquired for $638,800 in
2007.
Portions of Lots 96,97, 98 in the East Ocean Block Tract, Tract No. 16273, as per Map recorded in Book6
Page 82 and 83 of Maps in the office of the County Recorder of said county.
6. 12403-12423 Washington Blvd/ 4061 Centinela Avenue 4231-002-044 to 049, 051, 061
Acquired on 9/11/07 in the amount of $8,725,000.
Parcel 1:
Lots 1 through 7 inclusive and lots 16 and 17 of Tract No. 7863, in the City of Culver City, in the County
of Los Angeles, State of California, as per map recorded in book 93 pages(s) 26 and 27 of maps, in the
office of the County Recorder of said County.
Parcel 2:
Lots 9 and 10 of Tract No. 7863, in the City of Culver City, County of Los Angeles, State of California, as
per map recorded in book 93 pages(s) 26 and 27 of maps, in the office of the County Recorder of said
County.
Parcel 3:
Lots 20 and 21 of Tract No. 7863, in the City of Culver City, County of Los Angeles, State of California, as
per map recorded in book 93 page(s) 26 and 27 of maps, in the office of the County Recorder of said
County.
Parcel 4:
That portion of lot 39 of Tract No. 7863, in the City of Culver City, County of Los Angeles, State of
California, as per map recorded in book 93 page (s) 26 and 27 of maps, in the office of the County
Recorder of said County, lying southeasterly of a line described as follows:
Beginning at a point in the Northeasterly line of said lot, distant north 32º 23’ 15” west 10.58 feet from
the most easterly corner of said lot; thence south 57º 29’ 32” west 69.89 feet to a point in the southerly
line of said lot, distant north 84º 29’ 45” east 55.05 feet from the southwesterly corner of said lot
Parcel 5:
Lot 8 of Tract No. 7863, in the City of Culver City, County of Los Angeles, State of California, as per map
recorded in book 93 page (s) 26 and 27 of maps, in the office of the County Recorder of said County.
7. 4064 COLONIAL AVE. 4231-002-060. $1,204,949.00 acquisition in 6/30/07. Note this is
City, not Agency land; however its acquisition was funded by the Agency for inclusion in the
Washington/Centinela project.
ATTACHMENT NO. 3
Page 12PARCEL 1:
THE NORTHERLY 49.95 FEET OF LOT 39 OF TRACT 7863, IN THE CITY OF CULVER CITY, COUNTY OF LOS
ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 93 PAGES 26 AND 27 OF MAPS, IN
THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEL 2:
LOT 39, TRACT 7863, IN THE CITY OF CULVER CITY, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS
PER MAP RECORDED IN BOOK 93, PAGE 26, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF
SAID COUNTY.
EXCEPT THE NORTHWESTERLY 49.95 FEET THEREOF.
ALSO EXCEPT THAT PORTION LYING SOUTHEASTERLY OF A LINE DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT IN THE NORTHEASTERLY LINE OF SAID LOT, DISTANT NORTH 32 DEGREES 23
MINUTES 15 SECONDS WEST 10.58 FEET FROM THE MOST EASTERLY CORNER OF SAID LOT; THENCE
SOUTH 57 DEGREES 29 MINUTES 32 SECONDS WEST 69.89 FEET TO A POINT IN THE SOUTHERLY LINE OF
SAID LOT, DISTANT NORTH 84 DEGREES 29 MINUTES 45 SECONDS EAST 55.04 FEET FROM THE
SOUTHWESTERLY CORNER OF SAID LOT.
8. PARCEL 'B' 9300 Culver Boulevard 4206-029-934, $7.5 M FMV appraisal
from December 2009
Parcel 1 of Final Parcel Map No. 6158. Being a subdivision of Parcel 1 of Parcel Map No. 25831, as per
map filed in book 506 pages 92 to 94 inclusive of parcel maps, together with a portion of Main Street as
shown on said parcel map, together with a portion of Washington Boulevard as shown on map of Tract
No. 2444, as per map recorded in Book 24 pages 5 to 7 inclusive of maps, both in the office of the
County recorded of said County.
ATTACHMENT NO. 3
Page 13
9. VIRGINIA PARKING LOT 10401-10601 Virginia Ave. 4209-027-905 , 4209-029-900 & 923-
925. Acquired in 1979 to 1982 for $536,657.
ATTACHMENT NO. 3
Page 14
ATTACHMENT NO. 3
Page 15
10. VENICE PARKING LOT 9415-25 Venice Blvd. 4313-019-900-903 Purchased for
$551,900 in 1997.
Legal Description: Lots 20, 21, 22 and 23 of block 8 of tract no. 2444
3433 WESLEY STREET 4312-028-901. Appraised in June 2009 for $395,000
ATTACHMENT NO. 3
Page 16ATTACHMENT NO. 3
Page 17
ATTACHMENT NO. 3
Page 1811. 8831 EXPOSITION BOULEVARD 4312-014-039. $3,043,966 acquired in August 2006
12. 8829 EXPOSITION BOULEVARD 4312-014-038. $610,000 acquisition cost.
13. 8843 EXPOSITION BOULEVARD 4312-014-042. $525,000 acquisition cost.
14. 8828 National Blvd 4312-014-027. (see the next entry for a combined cost)
15. 8824, 8825, NATIONAL BOULEVARD; 8801, 8803 WASHINGTON BLVD
4312-014-029, 031, 058. $5,579,450 acquired for.
ATTACHMENT NO. 3
Page 1917. 3713-15 ROBERTSON BLVD. 4206-033-916-917, 926-928. $69,600 acquired in 1981.
ATTACHMENT NO. 3
Page 20
18. 3727 ROBERTSON BLVD/ADJ. 4206-033-925. Part of 3757 Robertson purchase.
19. 3757 ROBERTSON BLVD. 4206-033-921. Acquired for $414,268 in 1985.
Being a portion of lots 25 and 26 of tract no. 3872, in the city of Culver City, county of Los Angeles, and
State of California, recorded in book 42, page 25 official records of the county recorder of said county.
ATTACHMENT NO. 3
Page 2120. FORMER STUDIO DRIVE-IN PROPERTY REMNANT PIECE (Machado Rd.). Currently in escrow
per a DDA for its sale at $200,000
21. 8846 National Blvd 4312-014-010, 020, 046, 047, 048, 053. $4,429,701
acquired in February 2008.
22. 8841 EXPOSITION BOULEVARD 4312-014-041. $1,036,210 acquired in May, 2006.
ATTACHMENT NO. 3
Page 22
23. 8842 NATIONAL BOULEVARD 4312-014-021. $550,000 acquired in June 2006.
24. 8839 NATIONAL BOULEVARD 4312-014-040. $625,450 acquired in August 2006.
25. 8836-8838 NATIONAL BOULEVARD 4312-014-0023, 024. $1,200,000
acquired in July 2006.
26. 8840 EXPOSITION BOULEVARD 4312-014-022. $554,657 acquired in August 2006.
ATTACHMENT NO. 3
Page 23
27. 8830 NATIONAL BOULEVARD 4312-014-059. $2,028,633 acquired in August
2006.
28. 12823 WASHINGTON BOULEVARD 4236-021-007. $980,000 acquired in
March 2005.
Real property in the city of Culver City, county of Los Angeles, state of California, as described as follows:
Lots 55, 56 and 57 of tract no. 5951, in the city of Culver City, as per map recorded in book 77 page 72 of
maps, in the office of the county recorder of said county
29. 12813 WASHINGTON BOULEVARD 4236-021-008. $760,000 acquired
in March 2005.
Real property in the city of Culver City, county of Los Angeles, state of California, as described as follows:
Those portions of lots 58 and 59 of tract no.5951, in the city of culver city, as per map recorded in book
77 page 72 of maps, in the office of the county recorder of said county.
ATTACHMENT NO. 3
Page 2430. 12811 WASHINGTON BOULEVARD 4236-021-009. $945,000 acquired
in January 2006
Real property in the city of Culver City, county of Los Angeles, state of California, as described as follows:
Lots 60 and 61 of tract no.5951, in the city of Culver City, as per map recorded in book 37, page 72 of
maps, in the office of the county recorder of said county.
Apn: 4236-021-009
31. 12803 WASHINGTON BOULEVARD 4236-021-010. $925,000 acquired
in December 2005.
Real property in the city of Culver City, county of Los Angeles, state of California, as described as follows:
Lots 62 and 63 of tract 5951, in the city of Culver City, as per map recorded in book 77 page 72 of maps,
in the office of the county recorder of said county.
32. 11056 WASHINGTON BOULEVARD 4213-007-003. $3,250,000 acquired in
2006.
Real property in the city of Culver City, county of Los Angeles, state of California, as described as follows:
Lots 4, 5, 6, 7 and 8 of tract no. 9648, in the City of Culver City, county of Los Angeles, state of California,
as per map recorded in book 142, page(s) 13 to 15 inclusive of maps, in the office of the county recorder
of said county.
33. 11054 WASHINGTON BOULEVARD 4213-007-002. $1,052,000 acquired in
June 2008.
Real property in the city of Culver City, county of Los Angeles, state of California, as described as follows:
Lots 3 of tract no. 9648, in the City of Culver City, county of Los Angeles, state of California, as per map
recorded in book 142, page(s) 13, 14 ando 15 inclusive of maps, in the office of the county recorder of
said county.
34. 9814 WASHINGTON BLVD. 4207-006-915. Acquired in 1995 for $280,000.
Real property in the city of Culver City, county of Los Angeles, state of California, as described as follows:
That portion of lot 27, block 1 of tract no. 1775, as per map recorded in book 21 page 190 of maps, in
the office of the county recorder of said county.
ATTACHMENT NO. 3
Page 25
35. KIRK DOUGLAS THEATRE 9820 Washington Blvd. 4207-006-914. $1,593,771 acquired in 1985.
36. IVY SUBSTATION/ MEDIA PARK 9070 Venice Blvd. 4206-030-902 & 4206-034-904. THE
AGENCY DOES NOT OWN THIS, BUT HAS A LONG-TERM LEASE FOR THE SITE.
Real property in the city of Culver City, county of Los Angeles, state of California, as described as follows:
That portion of lot 2, block 17, tract no. 2444, as per map recorded in book 24, pages 5 to 7, inclusive of
maps in the office of the County recorder of Los Angeles County
37. JACKSON AVENUE APARTMENTS 4031-35 Jackson Avenue 4209-001-903.
Acquired in 2002 for $1,010,000.
ATTACHMENT NO. 3
Page 26
38. 9743-49 BRADDOCK DR. & 4075 LAFAYETTE PL 4207-008-914-916. $685,864
acquired in 1990
39. 4044 GLOBE AVENUE 4233-033-014. Acquired for $346,500.00 on January 31,
2005.
ATTACHMENT NO. 3
Page 2740. 4048 GLOBE AVENUE 4233-033-003. Acquired for $349,200.00 on January 31,
2005.
41. 4050 GLOBE AVENUE 4233-033-004. Acquired for $342,000.00 on January 31,
2005.
42. 4054 GLOBE AVENUE 4233-033-005. Acquired for $532,000.00 on January 31,
2005.
43. 4058 GLOBE AVENUE 4233-033-006. Acquired for $432,000.00 on January 31,
2005.
44. 4062 GLOBE AVENUE 4233-033-007. Acquired for $423,000.00 on January 31,
2005 .
ATTACHMENT NO. 3
Page 28
45. 4068 GLOBE AVENUE 4233-033-008. Acquired for $468,000.00 on January 31,
2005.
46. CANFIELD PARKING LOT 3825 Canfield Avenue 4206-030-901
No legal description available
47. LANDSCAPED BUFFER So. Side of Slauson Ave. between Hannum & 90 Fwy. 4134-020-903
No legal description available
48. FOX HILLS SIGN Bristol Parkway @ Centinela Ave. 4134-440-018-002.
Acquired for $3,500 in 2006.
No legal description available
49. BALLONA CREEK REMNANT Overland @ Ocean 4205-026-001. $62,768 in August
2005.
No legal description available
50. LA BALLONA CREEK PARCEL 4205-005-909.
51. LA BALLONA CREEK PARCEL 4209-030-901-902
ATTACHMENT NO. 3
Page 29
ATTACHMENT NO. 3
Page 3052. TOWN PLAZA DOWNTOWN (Expansion Area Only):
ATTACHMENT NO. 3
Page 31ATTACHMENT NO. 3
Page 3253. PASEO
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ATTACHMENT NO. 3
Page 33
ATTACHMENT NO. 3
Page 34Attachment No. 2 Proposed Schedule of Accounts
Account Name/Financial Institution Account Number Balance as of 3-03-11*
1 Union Bank of California No. XXXXXX1631 $19,950.890.10
2 Bank of America RDA-LAIF No. XX-X9-020 $23,068,448.93
3 Bank of America-RDA MAIN ACCOUNT No. XXXXX-X0362 $447,886.56
4 Bank of America RDA-LAIF No. XX-X9-072 $9,692,957.51
5 Fidelity Investments Institutional Services Company No. XXXXXXX1768 $57,239.13
6 Fidelity Investments Institutional Services Company No. XXXXXXX1750 $1,107,789.21
7 U.S. Bank – 2011 Series A Bond Proceeds No. XXXXX1006 $12,200,000.00
8 U.S. Bank – 2011 Series B Bond Proceeds No. XXXXX1007 $29,128,414.89
Total Cash & Investment Assets $95,656,626.33
*The actual amounts may vary depending on deposits in transit and checks under clearance.
ATTACHMENT NO. 4
Page 35MORTGAGE ASSISTANCE PROGRAM
PARTICIPANTS (alphabetically)
COVENANT LOAN COUNTY RECORDER NUMBER
NAME SIGNED AMOUNT
Abbus, Aris/Cassim, Fatima/Min, Htike 08/21/2001 $60,000.00 01-1603793
Bell-Burchett, Margaret 10/17/1994 $22,500.00 98-1773842
Brusavich, Brian 12/11/1996 $13,350.00 96-2026511
Calma, Lora 11/26/2001 $38,000.00 01-2321984
Cancino, Albert & Sonia 07/18/1995 $27,000.00 95-1184186
Cepeda, Carlos/Hadjidemetriou, Chrystalla 04/15/1997 $31,500.00 97-591248
Demian, Nagy & Fayrouz 03/16/2001 $32,000.00 01-0553785
Ehrich, Diane 12/19/2001 $29,000.00 02-0010891
Eshetu, Zenebech/Andarge, Lakech 10/24/2001 $37,600.00 03-2753299
Esperanza, Michelle 09/17/2002 $43,800.00 02-2248644
Gomez, Eulogio, Rosa & Arnaldo 10/30/2001 $37,400.00 01-2188583
Gutierrez, Charles & Yvonne 09/29/2000 $30,000.00 00-1553263
Happy, Jamee 09/05/2002 $39,000.00 02-2148205
Kohut, Timothy & Jennifer 07/24/2002 $49,000.00 40525900
Land, Billie 10/04/1995 $10,900.00 951656968
Marlowe, Bonnie 01/23/2002 $48,000.00 20223571
Maung, Htay/Aung, Khin 06/28/2001 $40,540.00 11195766
McCullough, Malcolm/DeVelasco, Begona 02/18/2000 $21,300.00 264357
Melchor, Rosa 12/29/2000 $34,600.00 10006185
Min, Aung San/Aung, Saw Myat Sanda 10/27/2000 $49,040.00 1684850
Mohsin, Mohamed & Samia 06/04/2001 $59,000.00 1684850
Mooney, Patricia 03/18/2003 $37,800.00 30876013
Oden, Wanda 12/20/1999 $31,000.00 352535
Rodriguez, Camilla/Whittle, Jerus 03/12/2002 $36,400.00 20922146
Rudoy, George & Natalia 10/28/2003 $52,800.00 33307204
Schmidt, Tiffany 10/31/2000 $30,400.00
Sorenson, Ron & Sally 04/17/2001 $53,700.00
Taylor, David & Karen 01/12/1996 $25,500.00
Tcherepachnets, Iouri & Raissa 11/05/2001 $39,000.00
Tenorio, Benjamin & Rachel 06/09/1994 $21,000.00
Therianto, Juanda/Purwatiningsih, Eny 03/07/1996 $15,150.00
Thiha, Naing/Ohnmar, Ma 10/31/2002 $50,860.00
Welty, Macia 11/12/2001 $31,800.00
Wicen, Michele 11/05/2001 $29,400.00
ATTACHMENT NO. 4
Page 36OTHER PROJECTS: LIST OF INDEBTEDNESS PROMISSORY NOTES
Date
Title of
Document
Amount Party
Document # Legal
Description/APN
Feb 19, 1992 Owner
Participation
Agreement
$60,588.13 K Lyou County
Recorder # 89-
1750298
Oct 15 1996 Loan $50,000 Seth H Ellis and Josetta
M Speglia
9355 Culver Blvd,
Culver City, CA 90232
April 7, 2008 Participation
Agreement
$263,280.66 Frederick N. Smith and
3555 Hayden Partners
3535 Hayden Avenue,
Culver City, CA 90232
August 28,
2002
Lease
Agreement
$1.2 M Oliver McMillian Culver
City Theatres, LLC
9500 Culver Blvd,
Culver City, CA 90232
July 17,1997 Participation
Agreement
$325,000 Tindara Mollica Trustee
of Mollica Trust
8692 Washington Blvd
and 3304 Helms
Avenue, Culver City, CA
90232
July 17,1997 Participation
Agreement
$179,000 Tindara Mollica Trustee
of Mollica Trust
8692 Washington Blvd
and 3304 Helms
Avenue, Culver City, CA
90232
Sept 22,
1997
Owner
Participation
Agreement
$60,000 Vernon B Larsen and
Darlene R. Larsen
Trustees of the Larsen
Family Trust and Culver
Motor Clinic
Incorporated
10707-10719 Jefferson
Blvd, Culver City, CA
90230
June 15,
1995
Owner
Participation
Agreement
$2,152,813.75 George and Sophie
Petrelli
5615 Sepulveda Blvd,
Culver City, CA 90230
September
26, 1994
Owner
Participation
Agreement
$2,147,586.00 George and Sophie
Petrelli
5615 Sepulveda Blvd,
Culver City, CA 90230
December
17, 1990
Loan
Agreement
$880,500 Culver City Mobile
Home Owners
Incorporated
County
Recording # 90-
2134427
ATTACHMENT NO. 4
Page 37
HOUSING PROGRAMS: LIST OF PROMISSORY NOTES
Date Name Amount County Recorder # Type
April 17, 2001 Ronald & Sally
Sorensen
$53,700 01-0695094 Loan
June 14, 2001 Uriel Angel
Velasquez
Siqueiros
$23,000 9595486-13 &
4209-31-9
Loan
May 4, 1994 Margariete
Spinella
$32,635 94881518 Loan
November 6, 2001 Iouri & Raissa
Tcherepachenets
$39,000 012195871 Loan
June 9, 1994 Benjamin &
Rachael Tenorio
$21,000 032802466 Loan
October 31, 2002 Naing Thiha and
Ma Ohnmar
$50,860 022666023 Loan
April 12, 2002 Iyesha Turner $28,000 020884055 &
020884056
Loan
November 13,
2001
Macia Welty $31,800 012256193 &
012256192
Loan
October 31, 2001 Kar Chong Cheah
and Leyna Ling
Wong
$41,500 012100288 &
012100289
Loan
ATTACHMENT NO. 4
Page 38