title
CC:CCPFA – ACTION ITEM: (1) Approval of a Purchase Option Agreement with CF CC Investor LLC Giving the Culver City Public Finance Authority (Authority) the Exclusive Right, but not the Obligation, to Purchase 9050 Washington Boulevard during a Defined Option Period; (2) Authorization to the Executive Director to Sign the Purchase Option Agreement, Subject to Approval as to Form by the Authority’s General Counsel; (3) Authorization of Payment of $375,000 by Authority to CF CC Investor LLC under the Terms of the Agreement; (4) Authorization of Expenditures by Authority Not-to-Exceed $500,000 for Related Due Diligence Analysis; and (5) Direction to City Manager/Executive Director as Deemed Appropriate.
body
Meeting Date: September 28, 2026
Contact Person/Dept.: Adam K. Troy, Assistant City Manager
Stephen Agnostini, Assistant City Manager
Phone Number: (310) 253-6000
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Attachments: Yes [X] No []
Public Notification: (E-Mail) Meetings and Agendas – City Council (09/24/2026)
Department Approval: Odis Jones, City Manager (09/22/2026)
______________________________________________________________________
RECOMMENDATION
Staff recommends the City Council and Culver City Public Finance Authority (Authority) Board (1) approve a Purchase Option Agreement with CF CC Investor LLC (Attachment 1) giving the Authority the exclusive right, but not the obligation, to purchase 9050 Washington Boulevard (Property) during a defined option period; (2) authorize the Executive Director to sign the Purchase Option Agreement, subject to approval as to form by the Authority’s General Counsel; (3) authorize payment of $375,000 under the terms of the agreement; (4) authorize expenditures not-to-exceed $500,000 for related due diligence analysis; and (5) provide direction to the City Manager/Executive Director as deemed appropriate.
These actions would give the Culver City Public F...
Click here for full text