Approval of a Budget Amendment Appropriating Tax Exempt Bond Proceeds to Fund Expo Light Rail Station Isolation Measures Required for Development of the Washington/National Transit Oriented Development Project. City of Culver City California Redevelopment Agency Agenda Item Report Meeting Date: 02/17/09 AGENDA ITEM: Approval of a Budget Amendment Appropriating Tax Exempt Bond Proceeds to Fund Expo Light Rail Station Isolation Measures Required for Development of the Washington/National Transit Oriented Development Project. Contact Person/Dept.: Glenn Heald/ CDD Todd Tipton/CDD Fiscal Impact: Yes X No Phone Number: (310) 253 5752 (310) 253 5760 General Fund: Yes X No Item Number: A 1 Action Item: X Attachments: Public Hearing: Public Notification: Master Email Notification List (02/11/09) Washington/National Notification List. Department Approval: Sol Blumenfeld (02/11/09) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (02/11/09) Executive Director Approval: Jerry B. Fulwood (02/11/09) RECOMMENDATION: Staff recommends the Culver City Redevelopment Agency (the Agency ) authorize funding of improvements to support columns for the Los Angeles County Metropolitan Transit Authority ( Metro ) Exposition LRT rail station in order to construct the proposed Transit Oriented Development ( TOD ) project at the Washington/National site (the Site ) provided that Metro returns to the Agency the fully executed Memorandum of Understanding between the Agency and Metro regarding the Washington/National site of the future Expo Station and provided that the Metro Authority returns to the Agency a fully executed Definitive Agreement between the Agency and Metro regarding easements and related matters at the Washington/National site. BACKGROUND/DISCUSSION: The proposed TOD project for the Site will utilize a portion of Metro s property for subterranean parking. The use of Metro s property is necessary in order to improve the efficiency of the TOD s subterranean parking layout...
Click here for full text