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CC:HA:CCPFA - CONSENT ITEM: Adoption of Respective Resolutions Approving Assignment and Assumption Agreements Between the City of Culver City, the Culver City Housing Authority, and the Culver City Public Finance Authority Related to the Jubilo Village Affordable Housing Project.
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Meeting Date: August 10, 2026
Contact Person/Dept.: Michael R. Cobden/City Attorney's Office
Phone Number: (310) 253-5660
Fiscal Impact: Yes [X] No [ ] General Fund: Yes [X] No [ ]
Attachments: Yes [X] No [ ]
Public Notification: (E-Mail) Meetings and Agendas - City Council (08/05/2026)
Department Approval: Heather Baker, City Attorney (08/04/2026)
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RECOMMENDATIONS
Staff recommends:
(1) The City Council adopt a Resolution approving the Assignment and Assumption Agreement between the City of Culver City and the Culver City Public Financing Authority for the assignment of the $15,000,000 City Loan Agreement related to the Jubilo Village Affordable Housing Project and authorizing related ancillary actions by the City Manager to effectuate the assignments;
(2) The Housing Authority Board adopt a Resolution approving the Assignment and Assumption Agreement between the Culver City Housing Authority and the Culver City Public Financing Authority for the assignment of the $6,000,000 Housing Authority Loan Agreement related to the Jubilo Village Affordable Housing Project and authorizing related ancillary actions by the Executive Director to effectuate the assignments; and
(3) The Culver City Public Finance Authority Board adopt a Resolution approving the Assignment and Assumption Agreements between the City of Culver City and the Culver City Public Financing Authority for the assignment of the $15,000,000 City Loan Agreement and between the Culver City Housing Authority and the Culver City Public Financing Authority for the assignment of the $6,000,000 Housing Authority Loan Agreement, related to the...
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