Approval of a Letter of Commitment and Purchase Option Agreement Between the Culver City Redevelopment Agency and Los Angeles Housing Partnership L.P and related budget amendment. City of Culver City California Agenda Item Report Meeting Date: 03/07/2011 REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Approval of a Letter of Commitment and Purchase Option Agreement Between the Culver City Redevelopment Agency and Los Angeles Housing Partnership L.P and related budget amendment. Contact Person/Dept.: Tevis Barnes Community Development Fiscal Impact: Yes X No General Fund: Yes No X Phone Number: (310) 253 5782 Item Number: A 2 Public Hearing: Action Item: X Attachments: X (E mail) Meeting and Agendas Redevelopment Agency Commission Action Required: Yes No X Date: _______________ Public Notification: (03/04/2011);Los Angeles Housing Partnership ( 03/01/2011) Department Approval: Sol Blumenfeld: (03/03/11) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (03/04/11) Agency General Counsel Approval: Murray Kane: (03/03/11) Executive Director Approval: John Nachbar (03/04/11) RECOMMENDATION Staff recommends that the Culver City Redevelopment Agency Board (Agency Board): 1. Approve a budget amendment appropriating $15 400 000 in Low/Moderate Income Housing Funds (55497500); and 2. Approve a Letter of Commitment which includes the terms and conditions of a loan in the amount of $15 200 000 to Tilden Terrace L.P. (Developer) for the development of 33 units of affordable rental housing and 10 700 square feet of commercial space (Proposed Project) on the site composed of parcels located at 11042 11052 West Washington Boulevard (APN 4213 007 001) (Developer property) and 11054 11056 West Washington Boulevard (APN s 4213 007 900 4213 007 901) (Agency Property) and; 3. Approve a Purchase Option Agreement for the acquisition of Agency owned property located at 11054 11056 West Washington Boulevard. (APN s 4213 007 900 4213 007 901) (Agency Property) by the Developer for the purc...
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