Approval of a Participation Agreement with Sporteve for a Retail Store at 3849 Culver Boulevard. City of Culver City California Redevelopment Agency Agenda Item Report Item Number: A 2 Meeting Date: 9/18/06 AGENDA ITEM: Approval of a Participation Agreement with Sporteve for a Retail Store at 3849 Culver Boulevard Contact Person/Dept.: Christopher Evans/Kellee Fritzal General Fund: Yes No X Fiscal Impact: Yes Public Hearing: Attachments: X Public Notification: D lynda Fischer Daniel Rafalian Master Notification List (09/06/06) Phone Number: (310) 253 5744/ (310) X No Action Item: X 253 5765 Department Approval: Susan Evans (09/06/06) City Controller Approval: Marlee Chang (09/13/06) RECOMMENDATION: Exec. Director Approval: Jerry Fulwood (09/13/06) Staff recommends the Culver City Redevelopment Agency (the Agency ) approve a Participation Agreement for Sporteve a retail store located at 3849 Main Street. BACKGROUND: The Downtown Overlay Zone was adopted to encourage the pedestrian oriented uses in the Downtown area at the street level/ground floor. Over the last two years the Redevelopment Agency has been recruiting tenants that engage the public as they stroll through Downtown. The Agency has been successful in attracting several restaurants. Now the primary focus for Downtown is to create a broad variety of retail establishments. The ground floor of the building located at 3849 Main Street at Culver Boulevard commonly referred to as the Imperial Building has been vacant for the past several years. The successful tenanting of this key intersection has been an important part of revitalizing the Downtown. DISCUSSION: Staff has been working with D lynda Fischer the principle of Sporteve since the summer of 2005 to find a commercial space in the Downtown area. After several months of searching and negotiation Ms. Fischer signed a ten year lease for 3849 Main Street. Ms. Fischer then requested a loan for tenant improvements. City of Culver City California Redevelopment A...
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