Approval of Purchase Agreements for Properties Located at 8910 12 8914 8916 18 Venice Boulevard and 8930 Venice Boulevard and (2) Approval of a Budget Amendment Related Thereto City of Culver City California Redevelopment Agency Agenda Item Report Meeting Date: 02/28/11 Item Number: A 2 REDEVELOPMENT AGENCY BOARD AGENDA ITEM(1) Approval of Purchase Agreements for Properties Located at 8910 12 8914 8916 18 Venice Boulevard and 8930 Venice Boulevard and (2) Approval of a Budget Amendment Related Thereto. Contact Person/Dept.: Sol Blumenfeld/CDD Todd Tipton /CDD Phone Number: 310 253 5760 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 (02/24/11); (E Mail) Melvin Segal (02/24/11) and Bob and Ben Kalmuk (02/24/11). . Department Approval: Sol Blumenfeld: (02/24/11) Chief Financial Officer Approval: Jeff Muir (by N. Kimball): (02/24/11) Agency General Counsel Approval: Murray Kane: (02/22/11) Executive Director Approval: John M. Nachbar: (02/24/11) RECOMMENDATION: Staff recommends the Culver City Redevelopment Agency Board (Agency Board) approve Purchase Agreements with (1) Melvin Segal in the amount of $6 039 000 for the properties located at 8910 12 8914 8916 18 Venice Boulevard and (2) Bob and Ben Kalmuk for the property located at 8930 Venice Boulevard in an amount of $2 082 400 in connection with the Agency s proposed Washington/National Transit Oriented Development (TOD). BACKGROUND: The Metropolitan Transit Authority (MTA) anticipates operation of the Exposition Light Rail Line (Expo Line) to commence in 2012. The Expo Line will connect Culver City to Downtown Los Angeles during the initial phase and then to Santa Monica during the subsequent phase. Over the past several years the Agency has been assembling properties to create a Transit Oriented Development around the Culver City Expo Statio...
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