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CC - Approval of a Parking Agreement between the City of Culver City and Culver Public Market, LLC, for the Management and Operation of a City-owned Public Parking Garage at the Culver Public Market Project Located at Washington Boulevard and Centinela Avenue.
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Meeting Date: May 28, 2019
Contact Person/Dept: Glenn Heald/CDD
Todd Tipton/CDD
Phone Number: (310) 253-5752
(310) 253-5783
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (05/22/19).
Department Approval: Sol Blumenfeld, Community Development Director (05/16/19)
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RECOMMENDATION
Staff recommends the City Council approve a Parking Agreement ("Agreement") with Culver Public Market, LLC (the "Developer") for the management and operation of a City-owned public parking garage (the "Garage") at the Culver Public Market project (the "Project") located at Washington Boulevard and Centinela Avenue, Culver City, California.
BACKGROUND / DISCUSSION:
On October 8, 2018, the Successor Agency authorized execution of a Disposition and Development Agreement (DDA) with the Developer to construct the Project. Under separate contract, the Developer will construct an attached three-and a half-level public parking structure that shall provide approximately 177 public parking spaces to serve the project and the local community. The parking structure will cost approximately $8.1 million to construct of which the Successor Agency and/or the City will contribute $6.72 million in tax-exempt bond proceeds or contribution(s) of equivalent value.
The City and the Developer now wish to enter into the Agreement for management and operation of the Garage. Terms of the Agreement include:
1. A thi...
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