(1) Approval of an Affordable Housing Agreement with 4043 Irving Place Investors LLC. to Create Nine Moderate and Three Low Income Housing Units at 4043 Irving Place; (2) Approval and Adoption of the Mitigated Negative Declaration and Mitigation Monitoring Program; and (3) Approval of a Related Budget Amendment. City of Culver City California Agenda Item Report Item Number: A 1 Meeting Date: 07/26/10 REDEVELOPMENT AGENCY BOARD AGENDA ITEM: (1) Approval of an Affordable Housing Agreement with 4043 Irving Place Investors LLC. to Create Nine Moderate and Three Low Income Housing Units at 4043 Irving Place; (2) Approval and Adoption of the Mitigated Negative Declaration and Mitigation Monitoring Program; and (3) Approval of a Related Budget Amendment. Contact Person/Dept.: Todd Tipton Redevelopment Administrator Tevis Barnes Housing Division Manager Fiscal Impact: Yes X No Phone Number: (310) 253 5783 and 5782 General Fund: Yes No X Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (USPS) All businesses occupants and property owners within a 500 foot radius of the site (07/12/10); (E Mail) Meetings and Agendas Redevelopment Agency (07/21/10). Department Approval: Sol Blumenfeld: (07/14/10) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (07/22/10) Agency General Counsel Approval: Murray Kane: (07/22/10) Executive Director Approval: P. Lamont Ewell (07/22/10) RECOMMENDATION: Staff recommends the Redevelopment Agency Board (Agency Board) approve an Affordable Housing Agreement with 4043 Irving Place Investors LLC. (Developer) to provide approximately $6 million in funding for the creation of nine moderate and three low income housing units at 4043 Irving Place (Property). BACKGROUND: In 2008 the Agency Board adopted a Comprehensive Housing Strategy (CHS) that outlines the allocation of Housing Set Aside Funds to satisfy the requirements of the Regional Housing Needs Assessment (RHNA) S...
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