JOINT ITEM Approval of a Cooperation Agreement between the City of Culver City and the Culver City Redevelopment Agency Relating to the Owner Participation Agreement with Fox Hills Mall LP and CMF Fox Hills LLC City Council/Redevelopment Agency Joint Agenda Item Report City of Culver City California Item Number: J 2 Meeting Date: 05/18/2009 AGENDA ITEM: JOINT ITEM Approval of a Cooperation Agreement between the City of Culver City and the Culver City Redevelopment Agency Relating to the Owner Participation Agreement with Fox Hills Mall LP and CMF Fox Hills LLC Contact Person/Dept.: John Fisanotti Phone Number: (310) 253 5767 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: X Attachments: X Public Notification: Courtesy Notice via Master E Mail Notification List (05/07/09) Master E Mail Notification List (05/13/09). Department Approval: Sol Blumenfeld (5/12/09) City Attorney/Approval: Carol Schwab (by H. Baker) (05/13/09) Agency General Counsel Approval: Murray Kane (05/13/09) City Manager/Executive Director Approval: Jerry B. Fulwood (05/13/09) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (05/13/09) RECOMMENDATION: Staff recommends both the City Council and the Culver City Redevelopment Agency approve a Cooperation Agreement between the City of Culver City and the Culver City Redevelopment Agency relating to the Owner Participation Agreement with Fox Hills Mall LP and CMF Fox Hills LLC. BACKGROUND: In April 2008 the Agency approved an Owner Participation Agreement (the OPA ) with Fox Hills Mall LP and CMF Fox Hills LLC (collectively referred to as the Developer ) to renovate the Fox Hills Mall. The aim of the Developer and the Agency is to renovate the mall to keep it competitive in today s challenging economy. Among the provisions of the OPA the Developer is authorized to construct three double faced signs on the exterior of the mall which advertise goods and tenants available within the mall. Pursuant to Section 5.4 of the...
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