Consideration of the First Amendment to the 2008 Owner Participation Agreement with Westfield Corporation City of Culver City California Redevelopment Agency Agenda Item Report Meeting Date: 2/28/11 REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Consideration of the First Amendment to the 2008 Owner Participation Agreement with Westfield Corporation. Item Number: A 3 Action Item: X Phone Number: (310) 253 5700 General Fund: Yes No X Attachments: X Contact Person/Dept.: Sol Blumenfeld / Community Development Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas Redevelopment Agency (2/24/11); (E Mail) The Westfield Corporation (2/24/11); (E Mail) The Downtown Business Association (2/24/11); Department Approval: Sol Blumenfeld: (02/24/11) Chief Financial Officer Approval: Jeff Muir (by N. Kimball): (02/24/11) Agency General Counsel Approval: Murray Kane: (02/24/11) Executive Director Approval: John Nachbar: (02/24/11) RECOMMENDATION: Staff recommends the Culver City Redevelopment Agency Board (Agency Board) approve the First Amendment to the 2008 Owner Participation Agreement (OPA) between the Culver City Redevelopment Agency and Westfield Corporation. BACKGROUND: In 2008 the Redevelopment Agency entered into an OPA with Westfield Corporation which provides for $168 million of mall improvements in consideration for Agency reimbursement of net new tax increment generated from the project over ten years from the date of project completion.1 Westfield Corporation has requested that the Agency Board consider an amendment to the 2008 Westfield OPA in order to finalize the project and commence receiving tax increment reimbursements. A Temporary Certificate of Occupancy (C of O) was issued for the project in 2009 allowing the mall to operate pending completion of non life safety related items. A substantial renovation and expansion of the mall has been completed consistent with the plans...
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