REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Approval of a First Amendment to the Disposition and Development Agreement and Revised Grant Deed Covenant at 5660 Sepulveda Boulevard. City of Culver City California Agenda Item Report Meeting Date: 11/30/2009 Item Number: A 1 REDEVELOPMENT AGENCY BOARD AGENDA Approval of a First Amendment to the Disposition and Development Agreement and Revised Grant Deed Covenant at 5660 Sepulveda Boulevard. ITEM: Contact Person/Dept.: John Fisanotti Phone Number: (310) 253 5767 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: X Attachments: Commission Action Required: Yes No X Date: _______________ Public Notification: Meetings and Agendas Redevelopment Agency (11/25/09) Department Approval: Sol Blumenfeld (11/25/09) Chief Financial Officer Approval: Mark Scott (11/25/09) Agency General Counsel Approval: Murray O. Kane (11/25/09) Executive Director Approval: Mark Scott (11/25/09) RECOMMENDATION: Staff recommends that the Redevelopment Agency Board (the Board ) approve a first amendment to the Disposition and Development Agreement (the DDA) and Revised Grant Deed Covenant (Grant Deed Covenant) for the property located at 5660 Sepulveda Boulevard (the Site). BACKGROUND: The Site is subject to a Disposition and Development Agreement entered into between the Culver City Redevelopment Agency (the Agency ) and Circuit City Inc. on July 11 1994. Circuit City closed the store and ceased all business nationwide in March 2009. Before Circuit City closed the Site was sold in a package deal which included other Circuit City store locations to Developers Diversified Realty (DDR). The Agency s DDA and the Grant Deed which conveyed the Site from the Agency to Circuit City contained a covenant which specified the type of retail business and required a gross sales tax threshold ($429.50). The covenant is to protect the Agency s investment in the Site and to ensure that all future users met a standard of quality approved by the Ag...
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