JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Adoption of City Council and Redevelopment Agency Board Resolutions to (i) Approve of Option Agreements Granting the City the Right to Purchase Agency Owned Property and (ii) Approve of Instruments Securing Agency Obligations related to the Option Agreements and Certain Cooperation Agreements. City of Culver City California Agenda Item Report Item Number: J 1 Meeting Date: 02/22/2011 JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Adoption of City Council and Redevelopment Agency Board Resolutions to (i) Approve of Option Agreements Granting the City the Right to Purchase Agency Owned Property and (ii) Approve of Instruments Securing Agency Obligations related to the Option Agreements and Certain Cooperation Agreements. Contact Person/Dept.: Sol Blumenfeld/Community Development Todd Tipton/Community Development Fiscal Impact: Yes X No Phone Number: (310) 253 5700 (310) 253 5760 General Fund: Yes No X Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: Meetings and Agendas City Council (02/18/11) Meetings and Agendas Redevelopment Agency (02/18/11) Department Approval: Sol Blumenfeld: (02/18/11) Chief Financial Officer Approval Jeff Muir: City Attorney Approval: Carol Schwab: (by H. Baker) Agency General Counsel Approval: Murray Kane: (02/18/11) City Manager/Executive Director Approval: John M. Nachbar: (02/18/11) RECOMMENDATION: Staff recommends that both the City Council and the Redevelopment Agency Board (Agency Board) adopt Resolutions (i) granting the City the right to purchase real property from the Agency pursuant to Option Agreements; (ii) pledging the Agency s various accounts (e.g. operation accounts investment accounts etc.) as security for certain Agency Obligations (defined below) pursuant to a Pledge of Accounts; (iii) pledging to the City the right to receive payments under the Agency s promissory notes and the...
Click here for full text