Approval of a First Amendment to the Disposition and Development Agreement and Grant Deed Covenant for the Property Located at 5640 Sepulveda Boulevard. Item Number: C 7 City of Culver City California Agenda Item Report Meeting Date: 2/25/2013 CITY COUNCIL AGENDA ITEM: Approval of a First Amendment to the Disposition and Development Agreement and Grant Deed Covenant for the Property Located at 5640 Sepulveda Boulevard. Contact Person/Dept.: Kriss Casanova CDD Todd Tipton/CDD Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: On February 11 2013 notice was mailed to all property owners and occupants within a 500 foot radius from the property line extended to end of city block. (E Mail) Meetings and Agendas City Council (02/19/13) BevMo! and CFT Developments. Department Approval: Sol Blumenfeld (02/13/13) Chief Financial Officer Approval: Jeff Muir (02/19/13) Phone Number: (310) 253 5769 (310) 253 5783 General Fund: Yes X No Attachments: City Attorney Approval: Carol Schwab (by H. Baker) (02/19/13) City Manager Approval: John M. Nachbar (02/19/13) Action Item: RECOMMENDATION: Staff recommends the City Council approve an amendment to the Disposition and Development Agreement and Grant Deed Covenant for the property located at 5640 Sepulveda Boulevard (the Site) in order for BevMo! to sublease a portion of the Site. BACKGROUND: In the early 1990 s the former Culver City Redevelopment Agency (CCRA) assembled the Site and subsequently entered into a Disposition and Development Agreement (DDA) with Office Depot to develop the Site as an Office Depot store. The Site was conveyed with the expectation that it would remain a big box retailer similar to Office Depot. The DDA and the Grant Deed conveying the Site contain a covenant that protects the former CCRA s investment. The covenant ensures that all future uses are high quality and defines alternate use criteria1 should Office Depot no longer occupy the Si...
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