J 1. Approval of the First Amendment To Cooperation Loan Agreement By And Between The City Of Culver City And The Culver City Redevelopment Agency. City of Culver City California Redevelopment Agency Agenda Item Report Meeting Date: 6/16/2008 AGENDA ITEM: JOINT ITEM Approval of the First Amendment To Cooperation Loan Agreement By And Between The City Of Culver City And The Culver City Redevelopment Agency. Contact Person/Dept.: John Fisanotti Phone Number: (310) 253 5767 Item Number: J 1 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: X Attachments: X Public Notification: Master E Mail Notification List on 06/11/08 Department Approval: Sol Blumenfeld (06/05/08) Chief Financial Officer Approval: Jeff Muir (06/11/08) City Attorney Approval: Carol Schwab (by H. Baker) (06/11/08) City Manager Approval: Jerry B. Fulwood (06/11/08) RECOMMENDATION: Staff recommends the City Council and Culver City Redevelopment Agency approve the First Amendment to Cooperation Loan Agreement By and Between The City of Culver City and the Culver City Redevelopment Agency (the Amendment ). BACKGROUND: On May 29 2007 the Council and Agency approved a cooperation agreement whereby the City loaned $9 million to the Agency. Attachment Number 1 to this staff report is a copy of the Council staff report from the May 29 2007 meeting. The purpose of the loan was to enable the Agency to reallocate its tax exempt bond fund proceeds in accordance with the Bond documents. Attachment Number 2 to this staff report is a copy of the existing Cooperation Loan Agreement By and Between The City of Culver City and the Culver City Redevelopment Agency (the Agreement .) DISCUSSION: The Agreement requires repayment in full plus interest by June 21 2008. It was anticipated that the source of repayment would be land sales proceeds from the various parcels the Agency expects to sell for new commercial development. Currently the Agency is in escrow to sell the Baldwin Site and Parcel B and ...
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