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SA - Adoption of a Resolution of the Board of Directors of the Successor Agency to the Culver City Redevelopment Agency Finding, and Recommending to its Oversight Board that the Oversight Board Find, that the Loan Totaling $100,620,000 Made by the City of Culver City to the Former Culver City Redevelopment Agency was for Legitimate Redevelopment Purposes, was an Agreement of the Type Described in Health and Safety Code Section 34191.4(b)(2)(C)(i), that the Repayment of Such Loan is Authorized to the Fullest Extent of Law, and Approving the Agreement as an Enforceable Obligation and the Schedule for Repayment of said Loan by the Successor Agency in Accordance with Health and Safety Code Section 34191.4(b)(3).
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Meeting Date: January 8, 2018
Contact Person/Dept: Jeff Muir / Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (01/03/2018);
Department Approval: Jeff Muir, Chief Financial Officer (12/11/17)
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RECOMMENDATION
It is recommended that the Board of Directors of the Successor Agency to the Culver City Redevelopment Agency (Successor Agency) adopt a Resolution finding, and recommending to its Oversight Board that the Oversight Board find, that the loan totaling $100,620,000 made by the City of Culver City to the former Culver City Redevelopment Agency (CCRA) was for legitimate redevelopment purposes, was an agreement of the type described in Health and Safety Code Section 34191.4(b)(2)(C)(i), that the repayment of such loan is authorized to the fullest extent of law, and approving the Agreement as an enforceable obligation and the schedule for repayment of said loan by the Successor Agency in accordance with He...
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