FOUR FIFTHS VOTE REQUIREMENT Approval of Budget Amendments Related to Transfer of Assets and Obligations from the Redevelopment Agency to the City. City of Culver City California Agenda Item Report Meeting Date: _04/11/2011_ JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: FOUR FIFTHS VOTE REQUIREMENT Approval of Budget Amendments Related to Transfer of Assets and Obligations from the Redevelopment Agency to the City. Contact Person/Dept.: Jeff Muir/Finance Phone Number: 310 253 6006 Item Number: JC 2 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: Attachments: Commission Action Required: Yes No X Date: _______________ Public Notification: (Email) Meetings and Agendas City Council and Redevelopment Agency (04/06/11); (Email) Ongoing Topics Fiscal and Budget Issues (04/06/11) Department Approval: Jeff Muir (04/04/11) City Attorney Approval: Carol Schwab (by H. Baker) (04/05/11) Agency General Counsel Approval: City Manager/Executive Director Approval: John M. Nachbar (04/06/11) Chief Financial Officer Approval: Jeff Muir (by M. Noller) (04/06/11) RECOMMENDATION: Staff recommends the City Council and Agency Board adopt the proposed budget amendments. City budget amendments require a 4/5ths vote. BACKGROUND/DISCUSSION: As a result of the governor s proposal to eliminate redevelopment agencies throughout the State the City Council and Agency Board have been taking various actions to transition activities of the Agency to the City in order to implement the Redevelopment Plan create affordable housing redevelop revitalize and/or eliminate blight in the Project Areas as set forth in the Cooperation Agreement dated December 15 2009 as amended by the Implementing Agreement approved on January 15 2011 the Cooperation Agreement dated January 15 2011 as amended by a First Amendment to Cooperation Agreement dated February 22 2011 the Cooperation Agreement dated February 22 2011 and related implementing documents (the Cooperation Agreements )...
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