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CC - PUBLIC HEARING: Approval of an Amendment to the Parking License Agreement Relative to the Construction and Operation of the Culver Public Market Public Parking Structure at the Intersection of Washington Boulevard and Centinela Avenue.
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Meeting Date: May 22, 2023
Contact Person/Dept: Elaine Warner / Office of Economic and Cultural Development
Phone Number: (310) 253 - 5777
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [X] Action Item: []
Attachments: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (05/18/2023)
Department Approval: Jesse Mays, Assistant City Manager (4/11/2023)
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RECOMMENDATION:
Staff recommends the City Council approve an amendment to the Parking License Agreement (Agreement) relative to the construction and operation of the Culver Public Market Parking Structure (Parking Structure) at the intersection of Washington Boulevard and Centinela Avenue (Property).
BACKGROUND
On October 8, 2018, the Successor Agency authorized execution of a Disposition and Development Agreement (DDA) with Culver Public Market, LLC (Developer) to construct the Culver Public Market project (Project). Additionally, a separate City Development and Construction Contract (DCC) was executed relative to the Developer's obligation to construct an attached three and a half-level public Parking Structure that would accommodate approximately 180 public parking spaces to serve the Project and the local community. On May 28, 2019, the City approved the Agreement with the Developer for the management and operation of the City-owned Parking Structure.
At the time of the Agreement's approval, it was estimated that the Parking Structure would cost approximately $8.1 million to construct, of which the City would contribute $6.72 million in tax-exempt bond proceeds or con...
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