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CC:HA - ACTION ITEM: (1) Approvals by the City and the Housing Authority of the Joint Exercise of Powers Agreement between the City and the Housing Authority for the Formation of the Culver City Public Finance Authority, including Adoption of Respective Related Resolutions; and (2) Other Direction to the City Manager/Executive Director as Deemed Appropriate.
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Meeting Date: April 13, 2026
Contact Person/Dept: Elizabeth Shavelson/Finance Department
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Attachments: Yes [X] No []
Public Notification: (Email) Meetings and Agendas - City Council (04/09/2026); (Email) Ongoing Topics - Fiscal and Budget Issues (04/09/2026)
Department Approval: Stephen Agostini, Chief Financial Officer (04/09/2026)
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RECOMMENDATION
Staff recommends that the City Council and the Housing Authority Board adopt respective resolutions (Attachments 1 and 2) for the purposes of: (1) Approval of the Joint Exercise of Powers Agreement (the "JPA Agreement") between the City and the Housing Authority for the formation of the Culver City Public Finance Authority (the "JPA"); and (2) provide other direction to the City Manager/Executive Director as deemed appropriate.
BACKGROUND
Prior to the dissolution by State law of all California redevelopment agencies in 2012, the City, along with the City's redevelopment agency, created and utilized a joint powers authority called the Culver City Redevelopment Financing Authority. This joint powers authority was used to finance redevelopment and tax-increment funded projects. The Culver City Redevelopment Financing Authority issued tax allocation bonds to assist with the funding of capital projects from the early 1990s though its dissolution in 2012.
On March 10, 2025, the City Council directed the City Manager to include in the City's Fiscal Year 2025-2026 Budget...
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