City Council

DEPARTMENTAL REPORTS\nDR-1. PUBLIC WORKS DEPARTMENT\nStaff report recommending the Mayor and Council Members adopt a resolution authorizing\nthe Mayor to execute the Phase 1 Development Agreement (Agreement), not to exceed\n$31,866,000, with Elevate Inglewood Partners, provided that (a) the final terms are consistent\nwith the key commercial terms set forth in Attachment 1; and (b) the City receives\nconfirmation from local and State grant funding sources that the City’s expenditures under the\nAgreement are fully reimbursable, singly or in combination, from such funding sources.\nRecommendation:\n1. Adopt resolution;\n2. Authorize an additional City-controlled and directed contingency, not to\nexceed $2,200,500, for a maximum total of $34,066,500;\n3. Adopt a resolution amending the Fiscal Year 2024-2025 Operating Budget\nfor $34,066,500 (Measure R, Transit and Intercity Rail Capital Grant\nFunds); and