(1) Approval of an Affordable Housing Agreement with 4043 Irving Place Investors LLC. to Create Nine Moderate and Three Low Income Housing Units at 4043 Irving Place; (2) Approval and Adoption of the Mitigated Negative Declaration and Mitigation Monitoring Program; and (3) Approval of a Related Budget Amendment. City of Culver City California Agenda Item Report Item Number: A 1 Meeting Date: 08/02/10 REDEVELOPMENT AGENCY BOARD AGENDA ITEM: (1) Approval of an Affordable Housing Agreement with 4043 Irving Place Investors LLC. to Create Nine Moderate and Three Low Income Housing Units at 4043 Irving Place; (2) Approval and Adoption of the Mitigated Negative Declaration and Mitigation Monitoring Program; and (3) Approval of a Related Budget Amendment. Contact Person/Dept.: Todd Tipton Redevelopment Administrator Tevis Barnes Housing Division Manager Fiscal Impact: Yes X No Phone Number: (310) 253 5783 and 5782 General Fund: Yes No X Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (USPS) All individuals who spoke during the 7/26/10 public meeting via email (E Mail) Meetings and Agendas Redevelopment Agency (08/05/10). Department Approval: Sol Blumenfeld: 08/04/10 Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (08/04/10) Agency General Counsel Approval: Murray Kane: (08/04/10) Executive Director Approval: Martin R. Cole (08/05/10) RECOMMENDATION: Staff recommends the Redevelopment Agency Board (Agency Board) approve an Affordable Housing Agreement with 4043 Irving Place Investors LLC. (Developer) to provide approximately $6 million in funding for the creation of nine moderate and three low income housing units at 4043 Irving Place (Property). BACKGROUND: On July 26 2010 the Agency Board considered this item and continued the discussion until tonight so that residents of the surrounding neighborhood would have an opportunity to meet with the Agency s financial consultant Keyser Marst...
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