Approval of a Contract with C.A. Light Construction Corporation for the Upgrade and Rehabilitation of 4031 Jackson Avenue Culver City CA 90232. City of Culver City California Redevelopment Agency Agenda Item Report Meeting Date: 01/07/08 AGENDA ITEM: Approval of a Contract with C.A. Light Construction Corporation for the Upgrade and Rehabilitation of 4031 Jackson Avenue Culver City CA 90232. Contact Person/Dept.: Fred Deimel Community Development Housing Division Fiscal Impact: Yes X No General Fund: Yes No X Phone Number: (310) 253 5790 Item Number: C 1 Action Item: Public Hearing: Public Notification: DW Properties (12/14/07); 4031 Jackson Avenue Residents (12/18/07); C.A. Light Construction Corp. (12/14/07); Master Notification List (01/02/08). Department Approval: Sol Blumenfeld (12/25/07) Fiscal Impact Review: Jeff Muir (1/2/08) Exec. Director Approval: Jerry B. Fulwood (01/02/08) Attachments: X RECOMMENDATION: Staff recommends the Culver City Redevelopment Agency ( Agency ) approve a contract with C.A. Light Construction Corporation in an amount not to exceed One Hundred Twenty Seven Thousand Five Hundred Twenty Four Dollars ($127 524) for the upgrade and rehabilitation of 4031 Jackson Avenue Culver City CA 90232 (the Property) a nine (9) unit apartment complex owned by the Agency which provides low to moderate income affordable housing. BACKGROUND: The Property was subject to a Disposition and Development Agreement ( DDA ) on February 7 1986 which provided for development rent restrictions and household income limits for the residents. The DDA also provided the Agency a first right of refusal option if the property was sold prior to November 24 2010. On January 31 2002 the Agency purchased this nine (9) unit apartment complex to preserve and extend the City s affordable housing stock at a purchase price of one million ten thousand dollars ($1 010 000). The Jackson Avenue property provides housing for three (3) very low three (3) low and three (3) moderate inc...
Click here for full text