JOINT ITEM Approval of the Second Amendment to the Cooperation Loan Agreement By and Between the City of Culver City and the Culver City Redevelopment Agency. Joint City Council and Redevelopment Agency Agenda Item Report City of Culver City California Meeting Date: 06/01/2009 Item Number: J 1 AGENDA ITEM: JOINT ITEM Approval of the Second Amendment to the 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 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: X Attachments: Public Notification: Master E Mail Notification List (05/27/09) Department Approval: Sol Blumenfeld (05/20/09) Chief Financial Officer Approval: Jeff Muir (by N. Kimball)(5/27/29) Agency General Counsel Approval: Murray Kane (05/19/09) City Attorney Approval: Carol Schwab (by H. Baker) (05/27/09) Executive Director/City Manager Approval: Mark Scott (05/28/09) RECOMMENDATION: Staff recommends the City Council and Culver City Redevelopment Agency (the Agency ) approve a second amendment to the 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 in order reallocate its tax exempt bond fund proceeds in accordance with the bond documents. The loan was to be re paid in full by June 21 2008 and the Agency expected that the sales of various Agency owned properties would become the revenue source from which the loan re payment to the City would be made. However because of the slowing economy none of the anticipated sales have occurred yet. On June 16 2008 the Council and Agency approved a First Amendment To Cooperation Loan Agreement By and Between the City of Culver City and the Culver City Redevelopment Agency (the First Amendment. ) Pursuant to the First Amend...
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