(1) Approval of Purchase Agreements for Properties Located at 8906 8910 12 8914 8916 18 8926 and 8936 Venice Boulevard and (2) Approval of a Budget Amendment Related Thereto. Meeting Date: 03/07/11 City of Culver City California Agenda Item Report Item Number: A 1 REDEVELOPMENT AGENCY BOARD AGENDA ITEM: (1) Approval of Purchase Agreements for Properties Located at 8906 8910 12 8914 8916 18 8926 and 8936 Venice Boulevard and (2) Approval of a Budget Amendment Related Thereto. Contact Person/Dept.: Sol Blumenfeld/CDD Todd Tipton /CDD Fiscal Impact: Yes X No General Fund: Yes No X Phone Number: 310 253 5760 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) Bill Feldman (03/04/11) Dawson Family c/o Phil Tangalakis (03/04/11) and Rhodes Family (03/04/11). Segal Family (03/04/11) Department Approval: Sol Blumenfeld: (03/03/11) Chief Financial Officer Approval: Jeff Muir (by N. Kimball): (03/03/11) Agency General Counsel Approval: Murray Kane: (03/03/11) Executive Director Approval: John M. Nachbar: (03/04/11) RECOMMENDATION: Staff recommends the Culver City Redevelopment Agency Board (Agency Board) approve Purchase Agreements with: (1) Bill Feldman in the amount of $3 906 400 for the property located at 8906 Venice Boulevard; (2) the Rhodes Family for the property located at 8926 Venice Boulevard in the amount of $3 359 200; and (3) the Dawson Family for the property located at 8936 Venice Boulevard in the amount of $2 736 000 in connection with the Agency s proposed Washington/National Transit Oriented Development (TOD). BACKGROUND: The Metropolitan Transportation 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 sever...
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