City of Culver City, California
Agenda Item Report
Meeting Date: 03/07/11 Item Number: J-3
JOINT CITY COUNCIL AND REDEVELOPMENT AGENCY AGENDA ITEM: (1) City
Council and Agency Board Approval of a Memorandum of Understanding; (2)
Agency Board Approval of a Budget Amendment Related Thereto; and (3) City
Council Approval of a Purchase and Sale Agreement for a Parking Lot Project
Located along the Former Metropolitan Transportation Authority Spur between
Hayden Avenue and Eastham Drive.
Contact Person/Dept.:
Joe Susca / Community Development
Todd Tipton / Community Development
Contact Person/Dept.:
310-253-5763
310-253-5783
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date: _______________
Public Notification: (E-Mail) Meetings and Agendas – City Council (03/04/11); (E-Mail)
Meetings and Agendas – Redevelopment Agency (03/04/11); (E-Mail) Redevelopment
Agency – Projects (03/04/11); The (Former) Metro Spur Property Owners (03/04/11).
Department Approval:
Sol Blumenfeld: (03/02/11)
Agency Counsel Approval:
Murray Kane: (03/02/11)
City Attorney Approval:
Carol Schwab (by H. Baker) (03/04/11)
Chief Financial Officer Approval:
Jeff Muir (by N. Kimball) (03/04/11)
City Manager/Executive Director Approval:
John M. Nachbar (03/04/11)
RECOMMENDATION:
Staff recommends the Culver City Redevelopment Agency Board (Agency Board)
approve a Memorandum of Understanding (MOU) that funds $1,050,000 ($250,000 in
soft costs and half the construction costs estimated at $800,000) to improve the former
Metropolitan Transportation Authority (Metro) railroad Spur between Hayden Avenue
and Eastham Drive with a landscaped parking lot and allows the Agency to assign its
obligations under the MOU to the City of Culver City, without release of such obligations
without owners approval and approve a budget amendment related thereto.
AND
Staff recommends the City Council approve a Purchase and Sale Agreement for the
City-owned portion of the Spur to the Spur Property Owners
BACKGROUND:
Businesses located in the Hayden Tract generate significant tax revenues for the
City and Agency. The Agency Board has expressed strong interest in developing
needed parking for the Hayden Tract to support the area and foster its growth. City of Culver City, California
Agenda Item Report
In 2006 the City sold the parking lot located at 8511 Warner Drive to Conjunctive
Points Warner Development. The sale did not include the adjacent 26 foot wide
portion of the former railroad Spur. When combined with the opposing property
owner, the entire Spur is approximately 52 feet wide and 1,000 feet long. In 2008,
Metro relinquished its railroad easement along the Spur, and control of the property
was returned to its owners. With the exception of one property owner, the Spur
remains unimproved and is a blighting influence in the Hayden Tract.
DISCUSSION:
For more than a year, staff has been discussing improvement of the former Metro
Spur with the Spur property owners by constructing a landscaped parking lot
creating approximately 121 spaces (the Project).|1010| All but one Spur property owner is
willing to participate in the Project.|1010| The Project will be constructed with Agency
participation and would subsequently be controlled / maintained by the 7 Spur
property owners through the formation of an Association. Using a “percentage of
Spur ownership” method of allocating the 121 parking spaces amongst the owners,
approximately 24 would be located on the City-owned portion of the Spur adjacent to
the Warner Lot. (See the attached Spur Parking Lot Conceptual Plan.) Approval by
Agency Board of the MOU will lead to the execution of an Owner Participation
Agreement between the Agency and the Spur owners.
Deal Points:
The proposed terms include a 50/50 construction cost sharing arrangement between
the Spur property owners and the Agency. The Agency will also furnish all of the
soft costs for design. The total Agency contribution is estimated to be $1,050,000
(see the Fiscal Analysis section of this report for a breakdown of the Project cost).
City/Agency:
? Provide temporary parking lost during construction of the Project (special
permit parking at no cost to the Spur property owners) along the adjacent
streets or phase the Project so that parking can be provided onsite as
construction progresses (which somewhat increases Project costs but
reduces parking inconvenience during construction). Further engineering
study is required to determine the feasibility of phasing.
? Fund soft costs for the Project estimated at $250,000 and one-half the
construction costs estimated at $800,000 (a total of $1,050,000);
? Offer 24 City-owned parking spaces for sale to the Spur property owners for
$13,015 per stall ($6,557 per stall construction cost plus $6,458 land cost).|1010|
? Upon consummation of the land sale, the Agency will commence with the
preparation of Project plans and construction. City of Culver City, California
Agenda Item Report
? Provide a 5-year secured loan at 6% interest to any Spur property owners
who elect to receive a loan to cover their portion of the construction costs.
Spur Property Owners:
? Enter into reciprocal easements to allow use and access to common parking.
? Form an association (at owners’ cost) for the purpose of insuring and
maintaining the improvements once built.
? Fund one half of the pro rata cost to construct the Project, estimated at
$800,000.
There is a significant undersupply of parking in the Hayden Tract due to the area’s
transition from manufacturing to creative office uses. The proposed Project provides
an important first step to address the area’s parking needs. The Project will also
eliminate blight and provide needed additional area parking that is privately owned
and operated at approximately one-half the cost of above-ground spaces and three
times less costly than subterranean parking.
Environmental Determination for the City Land Sale:
Staff has determined that the Purchase and Sale Agreement is a project subject to
the environmental review requirements of the California Environmental Quality Act
(CEQA). Staff has further determined that the Purchase and Sale Agreement has no
potentially significant adverse impacts on the environment and is therefore
Categorically Exempt pursuant to Section 15312 of CEQA from further
environmental impact assessment, because the project consists of the sale of
surplus government property which (1) does not have a significant value for wildlife
habitat or other environmental purpose and (2) the property, due to size, shape and
accessibility, is incapable of independent development or use, and the application of
that categorical exemption is not barred by one of the exceptions set forth in CEQA
Guidelines Section 15300.2. Accordingly, pursuant the State CEQA Guidelines, a
Notice of Exemption will be filed.
Environmental Determination for the Project:
Staff has determined that the Project pursuant to the MOU is a project subject to the
environmental review requirements of CEQA. The Project pursuant to the MOU is a
linear landscaped parking lot creating approximately 121 parking spaces along the
former MTA railroad spur. Consequently, staff has determined that the Project
pursuant to the MOU is an exempt project pursuant to State CEQA Guidelines
Section 15332 in that the Project is an in-fill development and is consistent with the
City’s General Plan and Zoning Ordinance; occurs on a project site of no more than
five acres and is surrounded by urban uses; the Project site has no value as habitat
for endangered, rare or threatened species; approval of the Project does not result in
any significant effects relating to traffic, noise, air quality, or water quality; the Project
site can adequately be served by all required utilities and public services; and the City of Culver City, California
Agenda Item Report
application of that categorical exemption is not barred by one of the exceptions set
forth in CEQA Guidelines Section 15300.2. Accordingly, pursuant to the State
CEQA Guidelines, a Notice of Exemption will be filed.
FISCAL ANALYSIS:
The Project’s estimated costs are summarized as follows:
Item Cost Agency Property Owners
Design/Plans $200,000
ALTA Survey $ 50,000
Total Soft Costs: $250,000 $250,000 $0
Construction/Estimated: $1,600,000 $800,000 $800,000
(50%) (50%)
Total Costs: $1,850,000 $1,050,000 $800,000
_________________________________________________________________________
Estimated Cost per Space: $8,606 $6,557
Net Cost if all 24 City spaces were sold: $737,640
($1,050,000 - $312,360)|1010|
Net Cost per Space: $6,100
_________________________________________________________________________
Since most of the parking spaces will be for private business use or leased to other
existing businesses, tax exempt bond funds may not be used to fund this project.
Taxable proceeds from the 2011 Bond issue will be used to fund this project. A
budget amendment is needed to appropriate the funds.
Once revenue from sale of the City spaces ($312,360) is deducted from the total
Agency cost of $1,050,000, the net cost of the Project is $737,640. The Project will
generate minimal City taxes and Agency tax increment.
ATTACHMENTS:
1. Spur Parking Lot Conceptual Plan
2. Parking Space Allocation Plan
3. Memorandum of Understanding
4. Notice of Categorical Exemption
MOTIONS:
That the Agency Board: City of Culver City, California
Agenda Item Report
1. Approve a budget amendment appropriating $1,050,000 from the 2011
Taxable Bond issue for the Hayden Tract Spur parking improvements; and,
2. Approve a Memorandum of Understanding that funds $1,050,000 ($250,000
in soft costs and $800,000 for half the construction costs) to improve the
former Metropolitan Transportation Authority (Metro) railroad Spur between
Hayden Avenue and Eastham Drive with a landscaped parking lot; and,
3. Authorize the Agency Executive Director to execute all documents necessary
and appropriate to carry out and implement the MOU and to administer the
Agency’s obligations, responsibilities and duties to be performed under the
MOU on behalf of the Agency; and
4. Authorize the Agency General Counsel to review/prepare the necessary
documents; and
5. Authorize the Executive Director to execute such documents on behalf of the
Agency.
That the City Council:
1. Approve a Purchase and Sale Agreement for the City-owned portion of the
Spur to the Spur Property Owners in an amount of $312,360; and,
2. Authorize the City Attorney to review/prepare the necessary documents; and,
3. Authorize the City Manager to execute such documents on behalf of the City.
NOTES:
|1010|The Spur is zoned Transportation, which allows a parking lot to be built upon its surface. The
Project will be built in a green manner and include grading, stormwater drainage, concrete
pavement, lighting, security fencing, and enhanced tree and ground cover landscaping. |1010|The owner of 8461 Warner Drive is not willing to participate in the Project and instead, will
improve his portion of the Spur with parking. |1010| A March 2010 appraisal placed the fair market value of the City-owned Spur at $155,000 if it
was not assembled with the adjacent 8511 Warner parcel. $155,000/24 spaces are $6,458 each. |1010|The sale per space is $13,015 for the City’s 24 spaces (50% of the construction costs
amounting to $6,557 + $6,458 for the land) = $312,360 total.
MEETING DATE: 03/07/11
AGENDA ITEM: REDEVELOPMENT AGENCY BOARD AND CITY
COUNCIL JOINT ITEM: Approval of a Commitment
Agreement Letter and Memorandum of
Understanding for a Parking Lot Project Located
along the former Metropolitan Transportation
Authority Spur between Hayden Avenue and
Eastham Drive.
ATTACHMENTS
Item Description Pages
1
2
3
4
Spur Parking Lot Conceptual Plan
Parking Allocation Table
Memorandum of Understanding
Notices of Exemption
1
2
3-14
15-16
ATTACHMENT NO. 1
Spur Parking Lot Conceptual Plan
Page 1PRELIMINARY DRAFT
SPUR PARKING LOT PROJECT: Alternative Parking Space Reallocation Based on Percentage of Ownership
Includes Annual Maintenance, Annual Insurance, and Association Formation Costs
AGENCY BOARD MUST APPROVE ALL AGENCY PARTICIPATION IN PROJECT
OWNER ADDRESS
SPUR
SQUARE
FEET
PERCENTAGE
OF TOTAL
SPUR
NUMBER OF
PARKING
SPACES|1010|ANNUAL
MAINTENANCE
2
ANNUAL INSURANCE
COST|1010|ASSOCIATION
FORMATION COST|1010|Eastham Culver Associates 3623 Eastham Drive, 8439 Warner Dr. 5,624 12% 15 $1,444 $380 $918
City of Culver City 8511 Warner 9,058 20% 24 $2,326 $612 $1,478
Regents of the Univ. of California 3600 Hayden Drive 4,884 11% 13 $1,254 $330 $797
Jack E & Blanche Howard Trust 3578 Hayden Drive 5,169 11% 14 $1,327 $349 $844
8500 Steller Drive LLC 8500 Steller Drive 5,237 11% 14 $1,345 $354 $855
8476 Steller Drive 8476 Steller Drive 7,875 17% 21 $2,022 $532 $1,285 , $, $ $,
8454 Steller Drive LLC 8454 Steller Drive 2,656 6% 7 $682 $179 $433
Gregory Toomey Trust 8432 Steller Drive 5,451 12% 14 $1,400 $368 $890
TOTAL 45,954 100% 122 $11,800 $3,103 $7,500|1010| Assumes no driveways and reallocation of parking spaces based on percentage of land area owned.|1010|Annual Maintenance Costs Estimated at $11,800|1010|Directors & Officers: $1,305 annually for $1M with $5K deductible; Commercial General Liability is $1,798 for $1M per occurrence/$2M aggregate w/$500 deductible.|1010|$7,500 one-time fee estimate prepared by Alex Steinberg to write the bylaws, etc.
ATTACHMENT NO. 2
Parking Allocation Table
Page 2
Memorandum of Understanding
-1-
MEMORANDUM OF UNDERSTANDING
[SPUR PARKING LOT PROJECT]
This MEMORANDUM OF UNDERSTANDING (this “MOU”) is entered into
as of ______________________, 2011 by and among the Culver City
Redevelopment Agency (the “Agency”) and Eastham Culver Associates, a
, the Regents of the University of California, a
, Moise Emquies, a ,
Steller Associates LLC, a , 8476 Steller Drive LLC, a
, 8454 Steller Drive LLC, a _______________the
Gregory Toomey Trust, a (collectively, and jointly
and severally, the “Owner”).
RECITALS
A. The purpose of this MOU is to effectuate the Redevelopment Plan
approved and adopted by the City Council of Culver City on November 23, 1998
by Ordinance No. 98-105 and amended on January 12, 2004 (the
“Redevelopment Plan”).
B. The parties hereto desire to redevelop certain property along the former
Metropolitan Transportation Authority railroad spur (the “Metro Spur”) located
between Hayden Avenue and Eastham Drive in the Hayden Tract of Culver City,
California and more particularly depicted on Exhibit 1 (the “Site Map”) as a linear
landscaped parking lot creating approximately 121 parking spaces (the
“Project”).
C. The Metro Spur is located within the geographical area of the
Redevelopment Plan for the Culver City Redevelopment Project, Component
Area 3 (the “Project Area”). The proposed Project complies with and furthers
the goals and objectives of the Redevelopment Plan.
D. The City of Culver City (the “City”) owns an approximately 25 foot wide
portion of the Metro Spur abutting the parking lot located at 8511 Warner Drive
(the “Warner Lot”) as depicted in the Site Map.
E. The Agency intends to construct the Project and contribute up to
$1,050,000 for the costs thereof, including all of the soft costs for design and
one-half of the construction costs under the terms and conditions set forth herein
below. The Owner intends to purchase the property described in Recital D,
contribute to the construction costs for the Project and thereafter maintain the
improvements on the Metro Spur under the terms and conditions set forth herein
below.
ATTACHMENT NO. 3
Page 3
Memorandum of Understanding
-2-
F. The redevelopment of the Metro Spur, and the fulfillment generally of this
MOU, are in the vital and best interests of the City and the health, safety, morals
and welfare of its residents, and in accord with the public purposes and
provisions of applicable state and local laws and requirements under which the
redevelopment of the Project Area is being undertaken.
G. The Agency may assign its obligations under this commitment to the City
of Culver City, but would not be released from those obligations without owners
approval related to the improvements to the Metro Spur.
TERMS
NOW, THEREFORE, in consideration of the above premises and of the
mutual covenants and agreements contained herein, Agency and Owner do
hereby agree, on behalf of themselves and each of their successors and assigns,
as follows:
1. The Agency shall:
a. Provide all administrative and professional services required for
design and construction of the Project.
b. Act with full authority to execute and comply with the terms of
design and construction contracts for the Project.
c. Develop the contract terms and conditions for design and
construction of the Project.
d. Assign qualified personnel to the Project and be responsible for the
general administration of the work performed on the Project through
its work force, consultants, subconsultants, and approved
contractors.
e. Provide quality assurance services during design and construction
to ensure all required inspections, tests, submittals, and other
contract requirements are met by the consultants and contractor.
f. Ensure compliance with all necessary entitlement and construction
permits as required by law.
g. Inform Owner of any potential cause(s) which are reasonably likely
to result in the delay of design or construction.
h. Provide Owner with a Project budget breakdown into the following
categories: Third Party Consulting Fees (including Third Party
ATTACHMENT NO. 3
Page 4
Memorandum of Understanding
-3-
Engineering Consultant Fees), Permits, Construction, Contingency,
and Construction Management.
i. Provide Owner with a copy of all contracts relating to the Project,
including contract change orders and amendments.
j. Provide Owner with a Summary of Construction costs including a
copy of all invoices and charges related to the Agency funded
construction costs for review and approval prior to payment,
including but not limited to construction and permit costs. Owner
will not unreasonably withhold approval so long as proper
documentation to substantiate each invoice for payment of
construction costs is received. Once approved Owner will return
each approved invoice to the Agency and, subject to the condition
precedent set forth in Paragraph 1.k of this MOU, the Agency can
then use Agency funds to make the payment for each approved
invoice.
k. Ensure that the necessary Agency funds for soft costs not to
exceed $250,000 and one-half the construction costs not to exceed
$800,000 (a total of $1,050,000) in accordance with the Project
Budget as set forth in Exhibit 2 is in place and approved for
expenditure; provided, however, that as a condition precedent to
the expenditure of any Agency funds pursuant to this MOU, the
following shall have occurred within 180 days of approval of this
MOU:
(1) Owner shall submit to the Agency Assistant Executive
Director for review and approval an Operation and Maintenance
Program to re-open, operate and maintain the improvements on the
Metro Spur, including landscaping (the “Improvements”). Said
Operation and Maintenance Program shall include, among other
things, a plan and budget for the continued repair and replacement
of the Improvements. The Agency Executive Director will not
unreasonably withhold approval of the Operation and Maintenance
Program submitted by the Owner provided that the Operation and
Maintenance Program provides a proforma of (i) the sources of
funds available; and (ii) the estimated costs demonstrating the
feasibility of the parking on the Metro Spur being operated and
maintained by a qualified and financially capable operator(s) with
expertise in the areas of maintenance and management; and
(2) Owner shall submit to the Agency Assistant Executive
Director for review and approval evidence demonstrating the
undersigned have formed an association, at Owner’s cost, for the
purpose of insuring and meeting the obligations of this MOU,
ATTACHMENT NO. 3
Page 5
Memorandum of Understanding
-4-
including Paragraph 2.e. below (the “Property Owners
Association”); and
(3) Owner shall submit to the Agency Assistant Executive
Director for review and approval evidence demonstrating the
undersigned have executed reciprocal easements to allow for the
use and access to common parking on the Metro Spur.
l. Agency shall make available to any of the undersigned additional
Agency funds in the form of a 5-year loan at 6% interest secured by
real property for the purpose of assisting the undersigned with the
initial capital outlay by the Owner towards construction costs for the
Project.
2. The Owner shall:
a. Ensure that the necessary Owner funding in an amount not to
exceed $800,000 for the Project is in place and approved for
expenditure; provided, however, that as a condition precedent to
the expenditure of any Owner funds pursuant to this MOU, the
following shall have occurred:
(1) The Owner shall have successfully made arrangements with
the City for temporary parking lost as a result of the construction
during the Project (including special permit parking at no cost to the
undersigned) along the adjacent streets or, alternatively, to phase
the Project so that parking can be provided on the Metro Spur as
construction progresses; and
(2) The Property Owner Association shall have obtained fee
simple title from the City described in Recital D for 24 parking
spaces that shall be reallocated for the benefit of the undersigned
by the Property Owner Association.
b. Review any changes in the scope of work to be done on the Project
and ensure that if approval is needed it shall not be unreasonably
or untimely withheld.
c. Participate in Project team design meetings and on-site
construction meetings as necessary.
d. Participate in and approve the final inspection of the Project prior to
final acceptance; provided, however, that such approval shall not
be unreasonably or untimely withheld.
ATTACHMENT NO. 3
Page 6
Memorandum of Understanding
-5-
e. The Owner shall reopen, operate, maintain and repair the
Improvements in accordance with the Operation and Maintenance
Program which is approved pursuant to Paragraph 1.k(1) of this
MOU, and shall be responsible for the care and maintenance of the
Improvements and the cost of any and all capital repairs and/or
replacements of capital improvements to the Improvements.
3. General Conditions
a. The parties hereto shall comply with all federal, state, and local
laws and ordinances applicable to the work to be performed under
the terms of this MOU.
b. This MOU shall be effective on and from the date above-written.
c. Notices required or permitted pursuant to this MOU shall be
sufficiently given in writing and either served personally or mailed
by U.S. mail to:
To Agency: Culver City Redevelopment Agency
9770 Culver City Blvd.
Culver City, CA 90232
Attention: Mr. Sol Blumenfeld
Assistant Executive Director
To Owner:
With Copy To:
With Copy To:
With Copy To:
With Copy To:
ATTACHMENT NO. 3
Page 7
Memorandum of Understanding
-6-
With Copy To:
ATTACHMENT NO. 3
Page 8
Memorandum of Understanding
-7-
With Copy To:
With Copy To:
or such other person and address as any party shall advise the
other, in writing, in conformity with this Paragraph 3.c.
d. In the event of litigation or mediation with respect to this MOU or
the interpretation thereof, and in respect to all disputes or
controversies arising hereunder, this MOU shall be construed in
accordance with, and governed by, the laws of the State of
California. Venue in respect to any suit or proceeding brought
under or in connection with this MOU shall be the County Los
Angeles, State of California.
e. This MOU and all rights and obligations contained herein shall be in
effect whether or not either of the parties to this MOU have been
succeeded by another entity, and all rights and obligations of the
parties signing this MOU shall be vested and binding on their
successor of interest.
f. No failure of any party to insist on strict performance by any other
party of any covenant, agreement, term, or condition of this MOU or
to exercise any right or remedy consequent of a breach thereof,
shall constitute a waiver of any such breach or of such covenant,
agreement, term, or condition. No waiver of any breach shall affect
or alter this MOU, but each and every covenant, agreement, term
and condition of this MOU shall continue in full force and effect
without respect to any other existing or subsequent breach.
g. The Owner agrees to defend, indemnify, protect, and hold the
Agency, and their officers and employees harmless from any and
all claims asserted or liability established for damages or injuries to
any person or property, including injury to the Agency’s employees,
agents, or officers, which arise from or are connected with or are
caused or claimed to be caused solely by the acts or omissions of
the Owner and its contract agents, officers or employees resulting
from the design and construction of the Project and all expense of
investigating and defending against same; provided, however, that
the Owner’s duty to indemnify and hold harmless shall not include
any claim or liability arising from the established sole negligence or
ATTACHMENT NO. 3
Page 9
Memorandum of Understanding
-8-
willful misconduct of the Agency, their agents, officers or
employees.
h. This MOU represents the entire understanding of the parties as to
those matters contained herein. No prior oral or written
understanding shall be of any force or effect with respect to those
matters covered herein. This MOU may not be modified or altered
except in writing signed by all parties.
i. The parties agree that this MOU is made solely for the benefit of
the Agency and Owner and no third person or entity shall be
deemed to have any rights or remedies hereunder.
j. Termination of this MOU shall be effective after completion of the
Project in accordance with this MOU and all attachments.
k. Owner shall submit for Agency approval all corporate and
partnership or limited liability formation documents and authorizing
resolutions, as applicable.
l. Each person executing this MOU represents and warrants that he
or she has the authority to bind his or her respective party to the
performance of its obligations hereunder and that all necessary
board of directors’, shareholders’, partners’ and/or other approvals
have been obtained.
m. This MOU may not be modified, amended or otherwise changed in
any manner, except by a written amendment executed by all
parties, or their respective successors in interest.
n. This MOU may be executed in one or more counterparts, each of
which shall be deemed an original, and all of which, taken together,
shall constitute one and the same instrument.
[SIGNATURES BEGIN ON NEXT PAGE]
ATTACHMENT NO. 3
Page 10
Memorandum of Understanding
-9-
IN WITNESS WHEREOF, the parties hereto have executed this MOU as
of the day and year first written above.
"AGENCY”
CULVER CITY REDEVELOPMENT AGENCY,
a community redevelopment agency organized and existing under the California
Community Redevelopment Law
By:
Name:
Its:
ATTEST:
Agency Secretary
Approved as to form and legality:
Kane, Ballmer & Berkman
Agency General Counsel
By:
[SIGNATURES CONTINUE ON NEXT PAGE]
ATTACHMENT NO. 3
Page 11
Memorandum of Understanding
-10-
“OWNER”
EASTHAM CULVER ASSOCIATES
3623 Eastham Drive, 8439 Warner Drive
Culver City, CA 90232
REGENTS OF THE UNIVERSITY OF
CALIFORNIA
3600 Hayden Drive
Culver City, CA 90232
MOISE EMQUIES
3578 Hayden Drive
Culver City, CA 90232
Steller Associates, LLC
8500 Steller Drive
Culver City, CA 90232
8476 STELLER DRIVE LLC
8476 Steller Drive
Culver City, CA 90232
8454 STELLER DRIVE LLC
8454 Steller Drive
Culver City, CA 90232
GREGORY TOOMEY TRUST
8432 Steller Drive
Culver City, CA 90232
ATTACHMENT NO. 3
Page 12
EXHIBIT 1
SITE MAP
ATTACHMENT NO. 3
Page 13
EXHIBIT 2
PROJECT BUDGET
Item Estimated Cost Agency Property Owners
Design/Plans $200,000
ALTA Survey $ 50,000
Total Soft Costs: $250,000 $250,000 $0
Construction/Estimated: $1,600,000 $800,000 $800,000
(50%) (50%)
Total Costs: $1,850,000 $1,050,000 $800,000
ATTACHMENT NO. 3
Page 14ATTACHMENT NO. 4
Page 15ATTACHMENT NO. 4
Page 16