It’s been eight and a half months since the City Council selected the Combined Properties/Hudson Pacific Group to develop Parcel B at 9300 Culver Blvd.
, the City’s newly formed agency – known as the Successor Agency – must now officially approve the terms and conditions of the Disposition and Development Agreement, which was entered into with the developer on Jan. 31, 2012.
The agreement with Combined/Hudson includes the redevelopment of Parcel B including the development of a high quality office and retail complex, subterranean private and public parking improvements, and other public improvements relating to the expansion of the existing Town Plaza Project.
Mayor Andy Weissman told Patch that the resolution “primarily approves, subject to specific conditions precedent, the City’s transfer to the Successor Agency of the residual proceeds received by the City from the sale of that portion of the Parcel B Property defined in the DDA as the “Developer Parcel” to the Developer pursuant to the terms and conditions of the DDA.”
Tonight’s meeting will take place in City Hall Chambers at 7 p.m., after the mayor and council members as part of the lead up to Fiesta La Ballona.