Consideration of an Amendment to the Commitment Letter with Regency Centers Acquisition LLC for the Sale and Redevelopment of City Owned Property at the Northerly Corners of the Washington Boulevard and Centinela Avenue Intersection. Item Number: __A 1__ City of Culver City California Agenda Item Report Meeting Date: 04/02/12 CITY COUNCIL AGENDA ITEM: Consideration of an Amendment to the Commitment Letter with Regency Centers Acquisition LLC for the Sale and Redevelopment of City Owned Property at the Northerly Corners of the Washington Boulevard and Centinela Avenue Intersection. Contact Person / Department: Joe Susca/CDD Todd Tipton/ CDD Fiscal Impact: Yes No X Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification (E Mail) Redevelopment Agency Projects (03/30/12); (E Mail) Meetings and Agendas City Council and Redevelopment Agency (03/30/12); (E Mail) The Advisory Committee on Redevelopment (03/30/12); (E Mail and by Telephone) Members of the public who attended the August 20 2011 Open House and August 31 2011 community meeting and/or pulled speaker cards on the topic (03/30/12); The Culver West Neighborhood Association (03/30/12); (E Mail) The Herbert Street Homeowners Association (03/30/12); (E Mail) The Culver Triangle Neighborhood Association (03/30/12) Department Approval: Sol Blumenfeld: (03/30/12) Phone Number: (310) 253 5763 (310) 253 5783 General Fund: Yes No X Action Item: X Attachments: X City Special Counsel Approval: Murray Kane: (03/30/12) City Attorney Approval: Carol Schwab (by H. Baker) (03/30/12) Executive Director Approval: John M. Nachbar: (03/30/12) Chief Financial Officer Approval: Jeff Muir (03/30/12) RECOMMENDATION: Staff recommends the City Council approve an amendment to the Commitment Letter with Regency Centers Acquisition LLC (Regency) to extend the due diligence period by 60 days for the City owned property located on the northeast and northwest corners of the Washington Boulevard and Centinela...
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