Adoption of a Resolution Directing the Transfer of Bond Proceeds Specified in the Master Agreement Between the City and the Successor Agency to the Culver City Redevelopment Agency. City of Culver City California Agenda Item Report Item Number: C 2 Meeting Date: 02/09/2015 CITY COUNCIL AGENDA ITEM: Adoption of a Resolution Directing the Transfer of Bond Proceeds Specified in the Master Agreement Between the City and the Successor Agency to the Culver City Redevelopment Agency. Contact Person/Dept.: Jeff Muir Finance Department Fiscal Impact: Yes X No General Fund Yes No X Public Hearing: Attachments: X Commission Action Required: Yes No x Date: _______________ Phone Number: 310 253 5865 Action Item: Public Notification: (E Mail) Meetings and Agendas City Council (02/04/15). Departmental Approval: Jeff Muir (01/28/15) Chief Financial Officer Approval: Jeff Muir (01/28/15) City Attorney Approval: Carol Schwab (by H. Baker) (02/02/15) City Manager Approval: John M. Nachbar (02/03/15) RECOMMENDATION: Staff recommends the City Council adopt a resolution directing the transfer of bond proceeds specified in the Master Agreement between the City and the Successor Agency to the Culver City Redevelopment Agency (Successor Agency). BACKGROUND: Pursuant to authority granted under the California Community Redevelopment Law (CRL) the former Culver City Redevelopment Agency (former CCRA) had responsibility to implement the amended and restated Redevelopment Plan for the Culver City Redevelopment Project (Redevelopment Plan) for the Culver City Redevelopment Project Area (Project Area). The former CCRA issued Tax Allocation Refunding Bonds 1999 Series A in the principal amount of $31 940 000 (1999 Bonds) and Tax Allocation Bonds 2002 Series A in the principal amount of $28 280 000 (2002 Bonds). The bond documents state that the bonds are required to be used to provide financing for among other things a wide variety of projects to implement the Redevelopment Plan for the Project Are...
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