Approval of a Purchase Agreement for Vacant Property Located at 12601 Washington Boulevard. City of Culver City California Agenda Item Report Meeting Date: 08/23/10 REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Approval of a Purchase Agreement for Vacant Property Located at 12601 Washington Boulevard. Item Number: A 1 Contact Person/Dept.: Kriss Casanova Todd Tipton Redevelopment Fiscal Impact: Yes X No Phone Number: 310.253.5769 310.253.5783 General Fund: Yes No X Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: All Property Owners Businesses and Occupants within 500 feet of the Property (08/09/10); (E Mail) Meetings and Agendas Redevelopment Agency (08/18/10). Department Approval: Sol Blumenfeld: (08/11/10) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (08/18/10) Agency General Counsel: Murray Kane: (08/16/10) Agency Executive Director Approval: John M. Nachbar (08/18/10) RECOMMENDATION: Staff recommends the Redevelopment Agency Board (Board) approve a Purchase Agreement for vacant property located at 12601 Washington Boulevard (Property). BACKGROUND: The Property owned by Mr. Fred Simab was made available for sale in March 2010 for $685 000. Photos and a map of the Property have been attached for reference. The Property is approximately 6 000 square feet in area is currently unimproved and is located in Phase III of the Area Improvement Plan (AIP). The AIP is where the Agency has been focusing its redevelopment efforts with the intent of improving the Area s appearance enhancing existing businesses spurring private reinvestment and attracting new businesses to serve the community. The Property is located on Washington Boulevard near Boise Avenue immediately west of two new restaurants that the Agency has assisted financially. Staff believes the creation of public parking to be an integral component of the AIP1. DISCUSSION: The appraised value for the Property using the Sales Comp...
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