At its Aug. 15 meeting, the City Council approved the terms of the Disposition and Development Agreement for the sale of Parcel B to Combined Properties/Hudson Pacific. It was the first in several steps to push the much-anticipated downtown development forward.
The next step required the Oversight Board of the Successor Agency to the Redevelopment Agency to also approve the DDA. That meeting and approval occurred on Thursday afternoon.
The board’s resolution must now be forwarded to the State Department of Finance for consideration.
With the state’s abolition of the Redevelopment Agency at the beginning of this year, the City of Culver City must now wait to hear how the State Department of Finance responds and if and when construction of Parcel B can proceed.