Approval of a Parking License Agreement with Century Wilshire Incorporated for the Culver Hotel s Use of Parking Spaces at Certain City Owned Parking Facilities. City of Culver City California Agenda Item Report Item Number: C 6 Meeting Date: 09/10/12 CITY COUNCIL AGENDA ITEM: Approval of a Parking License Agreement with Century Wilshire Incorporated for the Culver Hotel s Use of Parking Spaces at Certain City Owned Parking Facilities. Contact Person/Dept.: Joe Susca / Community Development Todd Tipton / Community Development Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (09/05/12); (E Mail) Century Wilshire Inc. and the Culver Hotel (08/31/12); (E Mail) The Downtown Business Association (08/31/12); (E Mail) Culver City Chamber of Commerce (08/31/12). Department Approval: Sol Blumenfeld: (08/29/12) Chief Financial Officer Approval: Jeff Muir (09/05/12) Phone Number: (310) 253 5763 (310) 253 5783 General Fund: Yes X No Attachments: City Attorney Approval: Carol Schwab (by H. Baker) (08/29/12) City Manager Approval: John M. Nachbar (09/05/12) Action Item: RECOMMENDATION: Staff recommends the City Council approve a Parking License Agreement (License) with Century Wilshire Inc. (Century) that provides the Culver Hotel (Hotel) guest valet and employee parking at certain City owned parking facilities at a discounted rate. BACKGROUND: On January 15 2011 the former Culver City Redevelopment Agency (Former Agency) approved a 15 year Owner Participation Agreement (OPA) with Century that provided discounted parking and an $87 000 forgivable loan for improvements to the public right of way adjacent to the Hotel. In exchange Century is to complete $2.1 million in capital improvements to the Hotel and remit a minimum of $130 000 in Transient Occupancy Taxes (TOT) annually.1 If the Hotel remits the $130 000 in TOT a portion of the $87 000 loan will be forgiven annua...
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