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CC - Approval of a Second Implementation Agreement to the Disposition and Development Agreement and a Subordination Agreement for the Tilden Terrace Project Located at 11042 Washington Boulevard.
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Meeting Date: August 28, 2017
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 []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (08/23/17);
Department Approval: Sol Blumenfeld, Community Development Director (08/22/17)
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RECOMMENDATION
Staff recommends the City Council approve a Second Implementation Agreement to the Disposition and Development Agreement (DDA) and a Subordination Agreement for the Tilden Terrace project located at 11042 Washington Boulevard (Property).
BACKGROUND
In 2011, the City and former Culver City Redevelopment Agency (CCRA) entered into a DDA with Tilden Terrace, L.P. (Developer), to construct a mixed use affordable housing project comprised of 33 affordable units and approximately 10,800 square feet of commercial space on the ground floor.
The cost of the project was approximately $24 million, which included a $15.2 million contribution from the former CCRA. The $15.2 million CCRA contribution represented the financial gap between the project costs, and the amount of conventional financing and low income housing tax credits that could be obtained by the Developer. Because the future of the CCRA was unclear at the time, the City was added as a party to the DDA and was made responsible for implementing it.
The CCRA's $15.2 million contribution was comprised of two loans, one in the amount of $11.8 million of Housing Set Aside Funds for the housing component of the project ...
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