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CC - Approval of Proposed Transfer and Assignment of Disposition and Development Agreement for Parcel B from Combined/Hudson 9300 Culver LLC (Developer) to HC 9300 Culver, LLC (Managed and Controlled by Hackman Capital Partners, LLC) and Authorizing the City Manager to Consent in Writing to the Assignment and Assumption Agreement Providing for Such Transfer.
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Meeting Date: November 14, 2016
Contact Person/Dept: Sol Blumenfeld, Community Development
Phone Number: (310) 253-5700
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [X] Attachments: []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (11/10/16);
Department Approval: Sol Blumenfeld, Community Development Director (11/10/16)
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RECOMMENDATION
Staff recommends the City Council approve the proposed Transfer and Assignment of Disposition and Development Agreement for Parcel B from Combined/Hudson 9300 Culver LLC (Developer) to HC 9300 Culver, LLC (managed and controlled by Hackman Capital Partners, LLC) and authorize the City Manager to consent in writing to the Assignment and Assumption Agreement providing for such transfer.
BACKGROUND
On January 30, 2012, the City of Culver City (City) approved a Disposition and Development Agreement (DDA) with the Developer for the development of Parcel B, and the construction of an expanded Town Plaza on adjoining public property (City Parcel), and the construction of approximately 100 public parking spaces, anticipated at the time to be under Town Plaza and accessed from the Developer's parking structure under Parcel B (collectively, the Public Parking Improvements).
Parcel B and the City Parcel were originally owned by the former Culver City Redevelopment Agency (CCRA). As a result of the dissolution of the CCRA on February 1, 2...
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