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CC - Approval of An Amendment to the Parking License Agreement with ArcLight Cinemas for Parking in the City's Downtown Parking Structures.
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Contact Person/Dept: Todd Tipton/CDD
Phone Number: (310) 253-5783
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: Yes [] No [X]
Commission Action Required: Yes [] No [X] Date:
Commission Name:
Public Notification: (E-Mail) Meetings and Agendas - City Council (06/21/17); Oliver McMillan and ArcLight Cinemas (06/21/17); Downtown Business Association and Chamber of Commerce (06/21/17).
Department Approval: Sol Blumenfeld, Community Development Director (06/16/17)
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RECOMMENDATION
Staff recommends the City Council approve an amendment to a Parking License Agreement between the City of Culver City (City) and ArcLight Cinemas (ArcLight) for parking in the City's downtown parking structures.
BACKGROUND/DISCUSSION:
In 2002 the former Culver City Redevelopment Agency (CCRA) entered into a Disposition and Development Agreement with OM to construct a movie theater (Theater), Town Plaza and related public improvements, and convey the land where Trader Joe's and Yalla/Cold Stone/Chipotle (Inline Shops) are located.
The Theater's construction was funded by the former CCRA on property owned by the City (the "Property). OM entered into a lease with the City to manage the Property and OM entered into a management agreement with Pacific Theater to operate the Theater. The management agreement with Pacific Theater remained in place until OM purchased the Property in 2014. When OM purchased the Property all rights afforded to them by the DDA were conveyed as well. After purchasing the Property, OM entered into an agreement with ArcLight to operate the Theater and then remodeled the Property. ...
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