JOINT CITY COUNCIL / REDEVELOPMENT AGENCY AGENDA ITEM: Consideration of a Commitment Letter to Conditionally Commit the City of Culver City to Dispose of the Property to the Selected Developer for the Development of the Washington/National Transit Oriented Development Site. Item Number: J 4 City of Culver City California Agenda Item Report Meeting Date: 1/30/2011 JOINT CITY COUNCIL / REDEVELOPMENT AGENCY AGENDA ITEM: Consideration of a Commitment Letter to Conditionally Commit the City of Culver City to Dispose of the Property to the Selected Developer for the Development of the Washington/National Transit Oriented Development Site. Phone Number: Contact Person/Dept.: Todd Tipton/CDD (310) 253 5783 (310) 253 5760 Sol Blumenfeld/CDD General Fund: Yes X No Fiscal Impact: Yes X No Public Hearing: Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: E Mail) Meetings and Agendas City Council and Redevelopment Agency (1/26/12) E Mail and phone) West Culver City Neighborhood Alliance (1/26/12) Department Approval: Sol Blumenfeld: (01/26/12) Action Item: X City Attorney Approval: Carol Schwab (by H. Baker) (01/26/12) Agency General Counsel Approval: Murray Kane (01/26/12) City Manager/Executive Director Approval: John Nachbar (01/26/12) Chief Financial Officer Approval: Jeff Muir: (01/26/12) RECOMMENDATION: Staff recommends the City Council authorize execution of a Commitment Letter with a selected developer to be determined by the City Council on January 30 2012 for the Washington National Transit Oriented Development (TOD) site located adjacent to the Exposition (Expo) Light Rail line Station in Culver City. BACKGROUND: The State s financial crisis that has created the demise of redevelopment will result in the liquidation of Culver City redevelopment assets through a State oversight body. This has implications for the City s transit oriented development project located at Washington and National Boulevards since the City may lose...
Click here for full text