Approval of a Purchase Agreement and Escrow Instructions for the Sale of Culver City Theaters to OliverMcMillan Culver City Theaters LLC for the Purchase Price of $13 000 000. Item Number: A 3 City of Culver City California Agenda Item Report Meeting Date: 10/13/2014 CITY COUNCIL AGENDA ITEM: Approval of a Purchase Agreement and Escrow Instructions for the Sale of Culver City Theaters to OliverMcMillan Culver City Theaters LLC for the Purchase Price of $13 000 000. Contact Person/Dept.: Elaine Warner/CDD Todd Tipton/CDD Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (10/08/14) Downtown Business Association (10/08/14) Department Approval: Sol Blumenfeld: (10/01/14) Phone Number: (310) 253 5777 (310) 253 5783 General Fund: Yes X No Attachments: X Action Item: X City Attorney Approval: Carol Schwab (by H. Baker) (10/07/14) City Special Counsel Approval: Murray Kane (10/07/14) City Manager Approval: John M. Nachbar (10/08/14) Chief Financial Officer Approval: Jeff Muir (by M. Noller) (10/08/14) RECOMMENDATION: Staff recommends the City Council approve a Purchase Agreement and Escrow Instructions for the sale of Culver City Theatres (currently Pacific Theaters) located at 9500 Culver Boulevard to OliverMcMillan Culver City Theaters LLC for the purchase price of $13 000 000. BACKGROUND The Culver City Theaters (operated as Pacific Theaters) has been a successful partnership between the City (as owner of the theater) and Oliver McMillian (OM) the leasee of the theater. The theater s performance exceeded initial projections and has yielded the City $12.35 million in revenues since the opening of the theater in May of 2003 as of the close of Fiscal Year 2013/2014. Due to the success of the theater over the last several years OM approached the City in April 2014 regarding purchasing the theater and maintaining it as one of their legacy projects. City of Culver C...
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