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CC - (1) Discussion and Direction Regarding the Outstanding Loan Provided to Culver City Arts Foundation; and (2) Authorization to Amend the Existing Memorandum of Understanding and Loan Documents Based on City Council's Direction
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Meeting Date: June 28, 2021
Contact Person/Dept: B. Christine Byers / Administrative Services - Cultural Affairs
Phone Number: (310) 253-6003
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [X] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (06/23/2021); (E-Mail) Culver City Arts Foundation (06/23/2021)
Department Approval: Serena Wright-Black, Assistant City Manager (06/06/21)
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RECOMMENDATION
Staff recommends the City Council (1) discuss and provide direction on the outstanding loan provided to Culver City Arts Foundation; and (2) authorize an amendment to the existing Memorandum of Understanding and loan documents based on City Council's direction.
BACKGROUND
The Culver City Arts Foundation ("CCAF") was established in 2006 as a 501 (c) (3) nonprofit public benefit corporation. The Articles of Incorporation were filed with the Secretary of State on September 26, 2006.
In 2016 City Council formed an Ad Hoc Subcommittee for the purpose of revising the structure of the CCAF with the goal of allowing it to function independently from the City. The City Council took action in March 2018 to separate the CCAF from the City. The Bylaws were amended and a new Memorandum of Understanding ("MOU") between the City and the CCAF was adopted. A revised MOU was subsequently adopted on June 24, 2019 (Attachment 1).
The MOU adopted by City Council in March 2018 included a provision in which City Council authorized $35,000 seed money be loaned to CCAF and ...
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