At Monday night’s meeting the Culver City Council agreed in a 4-0 vote (Meghan Sahli-Wells was away) to approve the terms and conditions of the Disposition and Development Agreement, which was entered into with Combined Properties/Hudson Pacific on Jan. 31, 2012.
The City is eager to move forward on the project through its newly formed Successor Agency (which has replaced the now-defunct Redevelopment Agency).
However, with the demise of the Redevelopment Agency, the agreement must now be approved by the Oversight Board and subsequently by the State Department of Finance, which will ultimately determine if the sale can go ahead.
Mayor Andy Weissman told Patch, “The Successor Agency will proceed with scheduling the Oversight Board meeting this month…Thereafter, the resolution and actions of the Oversight Board will be transmitted to the State Department of Finance for consideration."
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