Conditional Approval of a Settlement Relating to an Existing Debt with the Third Party who has Executed a Guaranty for a Loan Issued by the Former Culver City Redevelopment Agency Pursuant to a Participation Agreement Loan with Sporteve Inc. Item Number: C 2 City of Culver City California Agenda Item Report Meeting Date: 02/04/2013 SUCCESSOR AGENCY BOARD AGENDA ITEM: Conditional Approval of a Settlement Relating to an Existing Debt with the Third Party who has Executed a Guaranty for a Loan Issued by the Former Culver City Redevelopment Agency Pursuant to a Participation Agreement Loan with Sporteve Inc. Contact Person/Dept.: Todd Tipton CDD Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: Public Notification: (E Mail) Meetings and Agendas Successor Agency (1/30/13) and Belinda Fischer and Peter Lee. Department Approval: Sol Blumenfeld (01/30/13) Phone Number: (310) 253 5783 General Fund: Yes No X Attachments: Action Item: Successor Agency General Counsel Approval: Carol Schwab (by H. Baker) (01/30/13) Executive Director Approval: John M. Nachbar (01/30/13) Chief Financial Officer Approval: Jeff Muir (01/30/13) RECOMMENDATION: Staff recommends the Successor Agency to the Culver City Redevelopment Agency Board (Successor Agency Board) conditionally approve a settlement with the third party who guaranteed a loan issued by the former Culver City Redevelopment Agency (Former CCRA) pursuant to a Participation Agreement Loan with Sporteve Inc. The approval of the settlement is conditioned on the approval of same by the Oversight Board of the Successor Agency to the Culver City Redevelopment Agency and the State Department of Finance. BACKGROUND: On November 1 2006 the Former CCRA entered into a Participation Agreement (Agreement) with Sporteve Inc. (Sporteve) to provide a $200 000 loan for tenant improvements to a retail store located at 3849 Main Street. The loan was secured by guaranties from (1) Spo...
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