Consideration of an Owner Participation Agreement with Westfield Inc. for the Westfield Mall Culver City. OWNER PARTICIPATION AGREEMENT Between CULVER CITY REDEVELOPMENT AGENCY as Agency and FOX HILLS MALL LP and CMF FOX HILLS LLC as Developer December ______ 2007 December 14 2007 V: COMMDEV AGENCY STAFF REPORTS 2007 Agenda Draft December 17 ATT 2007_12_17 Westfield OPA .doc Schedule I WESTFIELD FOX HILLS OWNER PARTICIPATION AGREEMENT THIS OWNER PARTICIPATION AGREEMENT (the Agreement ) is entered into effective this _________day of December 2007 by and between the CULVER CITY REDEVELOPMENT AGENCY (the Agency ) a community redevelopment agency organized and existing under the California Community Redevelopment Law and FOX HILLS MALL LP a Delaware limited partnership and CMF FOX HILLS LLC a Delaware limited liability company (collectively and jointly and severally the Developer ) with reference to the following facts: A. The development that is to be developed pursuant to this Agreement ( Development ) is a redevelopment and expansion of the retail shopping center currently known as the Fox Hills Mall ( Mall ) which currently consists of approximately 844 000 leaseable square feet and which is within the redevelopment project area covered by the Redevelopment Plan for the Culver City Redevelopment Project (the Culver City Plan and such area is referred to herein as the Culver City Project Area ). City adopted the Plan as amended and restated to merge three existing redevelopment projects into a single project and add a fourth area to the project by Ordinance No. 98 014 and 98 015 adopted on November 23 1998. The Plan was further amended to reflect changes in certain time limits adopted by the Agency in 2004. Pursuant to the Culver City Plan Agency has determined that the Culver City Project Area is blighted and warrants the use of Community Redevelopment Law Health & Safety Code Sections 33000 et seq. powers and financing tools and mechanisms to eliminate the blight o...
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