JOINT CITY COUNCIL AND SUCCESSOR AGENCY AGENDA ITEM: (1) Approval of a Loan Agreement By and Between the City of Culver City and the Successor Agency to the Culver City Redevelopment Agency; and (2) Approval of Related Budget Amendments. City of Culver City California Agenda Item Report Item Number: JC 1 Meeting Date: 04/02/2012 JOINT CITY COUNCIL AND SUCCESSOR AGENCY AGENDA ITEM: (1) Approval of a Loan Agreement By and Between the City of Culver City and the Successor Agency to the Culver City Redevelopment Agency; and (2) Approval of Related Budget Amendments. Contact Person/Dept.: Jeff Muir Fiscal Impact: Yes X Public Hearing: Action Item: Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: Meetings and Agendas City Council (Successor Agency) (03/30/12) Phone Number: (310) 253 6000 General Fund: Yes No X No Department Approval: Jeff Muir(03/28/12) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (03/29/12) Successor Agency General Counsel Approval: Carol Schwab (by H. Baker) (03/28/12) City and Successor Agency Special Counsel Approval: Murray Kane (03/30/12) Executive Director/City Manager Approval: John M. Nachbar (03/30/12) RECOMMENDATION: Staff recommends the City Council and Successor Agency Board approve a Loan Agreement By and Between the City of Culver City and the Successor Agency to the Culver City Redevelopment Agency (Loan Agreement) and approve related budget amendments. A budget amendment requires 4 affirmative votes. BACKGROUND: On February 1 2012 the Culver City Redevelopment Agency (CCRA) was dissolved pursuant to AB 1X 26 (AB 26). Also as provided for in AB 26 the Successor Agency to the CCRA (Successor Agency) was created and has the duties and responsibilities set forth in Section 34713(b) of the California Health and Safety Code (as added by AB 26): Except for those provisions of the Community Redevelopment Law that are repealed restricted or revised pursuant to the act adding this part al...
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