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Title:
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Adoption of an Ordinance Opting-in to an Alternative Redevelopment Program.
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City of Culver City, California
Agenda Item Report
RECOMMENDATION:
Staff recommends the City Council adopt an Ordinance opting-in to an alternative
redevelopment program.
BACKGROUND / DISCUSSION:
At the City Council meeting of July 11, 2011, the City Council introduced the
proposed Ordinance by a unanimous vote (5-0). The Ordinance is brought back
tonight for adoption.
FISCAL ANALYSIS:
Should the City Council decide to make the $12.1 million Opt-In Payment, staff
proposes it will be funded as follows:
Withheld Funds $ 7,600,000
Existing 80% Tax Increment Funds $ 4,500,000
Total $12,100,000
With the “voluntary” breakdown as indicated above, the Agency will fund all of its
proposed Redevelopment and Housing programming this fiscal year and may allow
Meeting Date: 07/25/11 Item Number: C-6
CITY COUNCIL AGENDA ITEM: Adoption of an Ordinance Opting-in to an
Alternative Redevelopment Program.
Contact Person/Dept.:
Sol Blumenfeld, CDD
Todd Tipton, CDD
Phone Number:
(310) 253-5760
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Commission Action Required: Yes [] No [X] Date: _______________
Public Hearing: [] Action Item: [X] Attachments: [X]
Public Notification: (E-Mail) Meetings and Agendas – Redevelopment Agency and City
Council (07/20/11)
Department Approval:
Sol Blumenfeld (07/18/11)
City Attorney Approval:
Carol Schwab (by H. Baker): (07/18/11)
Chief Financial Officer Approval:
Jeff Muir: (07/19/11)
City Manager Approval:
John Nachbar: (07/20/11) City of Culver City, California
Agenda Item Report
for the potential to fund other projects related to the cooperation agreement, and/or
new project opportunities that may arise as the development market continues to
improve.
During the budget presentation for Fiscal Year 2011/2012, staff recommended
phasing in the elimination of certain Agency reimbursements to the General Fund
over a four year period starting in Fiscal Year 2012/2013. Funding the Opt-In
Payment in future years requires this assumption to be implemented. Agency
reimbursements to the General Fund would be decreased by an additional $800,000
per year in each year beginning in Fiscal Year 2012/2013, reaching a total of $3.2
million in Fiscal Year 2015/2016.
ATTACHMENTS:
1. Proposed Ordinance
MOTION(S):
That the City Council:
Adopt an Ordinance opting-in to an alternative redevelopment program.
MEETING DATE: 07.25.11
AGENDA ITEM: Adoption of an Ordinance Opting-in to an Alternative
Redevelopment Program.
ATTACHMENTS
Pages
1. Proposed Ordinance 1-4