Adoption of Respective Resolutions Approving a Loan Agreement between the City of Culver City and the Successor Agency to the Culver City Redevelopment Agency to Address Temporary Cash Flow Needs. Item Number: JC 1 City of Culver City California Agenda Item Report Meeting Date: _02/04/2013_ JOINT CITY COUNCIL/SUCCESSOR AGENCY BOARD AGENDA ITEM: Adoption of Respective Resolutions Approving a Loan Agreement between the City of Culver City and the Successor Agency to the Culver City Redevelopment Agency to Address Temporary Cash Flow Needs. Contact Person/Dept.: Jeff Muir/Finance Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (Email) Meetings and Agendas City Council (01/30/13); Meetings and Agendas Successor Agency (01/30/13) Department Approval: Jeff Muir (01/30/13) Phone Number: 310 253 5865 General Fund: Yes X No Attachments: X Action Item: City Attorney/Successor Agency General Counsel Approval: Carol Schwab (by H. Baker) (01/30/13) City/Successor Agency Special Counsel: Murray Kane (01/30/13) City Manager/Executive Director Approval: John M. Nachbar (01/30/13) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (01/30/13) RECOMMENDATION: Staff recommends the City Council and Successor Agency Board adopt respective resolutions approving a Loan Agreement for a loan of up to $1.5 million from the City to the Successor Agency (Loan) to address temporary cash flow needs of the Successor Agency. (Note: Should the City Council and Successor Agency Board approve this evening s item the Successor Agency Board s approval is subject to the approval of the Oversight Board and the State Department of Finance). BACKGROUND/DISCUSSION: The Successor Agency is currently responsible for making payments of enforceable obligations of the former Culver City Redevelopment Agency including payments for six outstanding bond issues (1993 1999 2002 2004 2005 and 2011). Principal and interest payments commonly...
Click here for full text