The Redevelopment Agency has approved an agreement to lease the dilapidated Ivy Power Station and adjacent park from the city of Los Angeles.
Under the agreement, Culver City may renovate and run the station rent-free for 40 years, with an option to extend the lease another 10 years. The agency, which plans to spend at least $1.2 million to improve the two-story building, also will spend $50,000 to determine the exact cost of the renovation.
After renovation, the agency intends to offer the building for use to community groups and sublease a small portion of it for commercial use.
Culver City has been negotiating the lease with Los Angeles since last year. The Ivy station, once used to house trolley cars, has been vacant for decades and in recent years has served as a home for transients.