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CC - ACTION ITEM: (1) Authorization to Enter into an Agreement with The Daniel A. Retting Separate Property Trust Established under The Daniel and Ellen Retting Family Trust and The Retting Trust dated October 25, 1989 for the Purchase and Sale of the Property Located at 11029 Washington Boulevard in Culver City in the Amount of $6,500,000; (2) Approval of an Amount Not-to-Exceed $250,000 for Closing Costs; (3) FOUR-FIFTHS VOTE REQUIREMENT: Approval of Related Budget Amendments; and (4) Direction to City Manager as Deemed Appropriate.
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Meeting Date: September 11, 2023
Contact Person/Dept.: Jesse Mays/City Manager's Office
Phone Number: (310) 253-6000
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Attachments: Yes [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (09/06/2023)
Department Approval: John Nachbar, City Manager (09/06/2023)
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RECOMMENDATION
Staff recommends the City Council (1) authorize entering into an agreement with The Daniel A. Retting Separate Property Trust established under The Daniel and Ellen Retting Family Trust and The Retting Trust dated October 25, 1989 (Seller) for the purchase and sale of the property located at 11029 Washington Boulevard in Culver City in the Amount of $6,500,000; (2) approve of an amount not-to-exceed $250,000 for closing costs; (3) approve related budget amendments (requires a four-fifths vote); and (4) if desired, provide direction to the City Manager.
BACKGROUND/DISCUSSION
The City Council has identified the need to acquire interests in property to address City goals. Recently, an opportunity has arisen to purchase the property located at 11029 Washington Boulevard on the corner of Huron Avenue on the westside of Culver City (Property). The Property, built in 1953, is a 0.2777-acre parcel containing a 4,660 square foot, one-story building with a retail an...
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