HomeMy Public PortalAboutA 1989-10-25 LYNWOOD LOCAL DEVELOPMENT COMPANY ' � , � �
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. LYNWOOD LOCAL DEVELOPMENT COMPANY� � (��� �
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. BOARD OF DIRECTORS R E C EIV D
I CITY OF LYNWOOD
Wednesday, October 25, 1989 CITY C�ERKS OFFICE I
� OC7 7 01989
�3:00 p.m. AM
, 7i8i9il0illi12ili2
City Council Chambers �� / �Z��� , �� �'�
, Lynwood City Hall ,
11330 Bullis Road :�, �� �
Lynwood, CA. 90262 ��.i � .
< BERNARD LAKE LEIGHTON HULL
SECRETARY-TREASURER PRESIDENT �
CELIA ARROYO LA VONEIA STEEL
� MEMBER VICE PRESIDENT
I. OPENING CEREMONIES:
' ' A. ,CALL TO ORDER
1. Flaq Salute
Z. Roll Call
B. Certification of Agenda Posting
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II. APPROVAL OF MINUTES - August 10, 1989
III. ITEMS FOR CONSIDERATION . �
- A. Nomination and election of another boardmember
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, B. Requests for assistance
� 1. J& A Express (Electric Motor Service, Inc.)
2. Peerless Stationers
IV. STAFF ORALS . I
V. BOARD ORALS , �
VI. ADJOURNMENT - November 16, 1989
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LYNWOOD LOCAL DEVELOPMENT COMPANY
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August 10, 1969
LLDC Board Members Fresent: Chairman William Kolitz '
Bernard H. Lake
Leighton Hull
LLDC Board Members Absent: Celia Arroyo
LaVoneia Steele
City Staff Present: Francisco Jimenez, Economic � -
' Development Specialist
OPENING CEREMONIES: •
' The Meeting of the Board of Directors was called to order at
3 :�8 p.m. by Chairman William Kolitz.
The flag salute was lead by Bernie Lake.
APPROVAL OF MINUTES: .
Minutes of the Special Meeting May 12, 1989 were presented to
the Board without the corrections made from the previous
meeting. Staff will have corrections made and will present
the Minutes for approval at the next meeting.
ITEMS FOR CONSZDERATION:
Chairman Kolitz stated that at the last meeting there were
three members present, and at this meeting there are three
members present. He expressed concern over the lack of
attendance. He asked the Board if it felt the election of
officers should be postponed. After some discussion, it was
agreed to continue with the election. �
ETection Of Officers
Mr. Bernie Lake nominated Mr. Leighton Hull for Chairman. l i
The nomination was seconded by Mr. Kolitz. There being no
further nominations, the nominations were closed. On a vote
oP_the Board, Mr. Leighton Hull was elected as Chairman.
Mr. Kolitz nominated Dr. LaVOneia Steele for Vice Chairman.
The nomination.was seconded by Mr. Lake. There being no '
,- further nominations, the nominatioms were closed. On a vote �
of the Board, Dr. Steele was elected as Vice Chairman. (
Mr. Rolitz nominated Mr. Bernard Lake for �
Secretary/Treasurer. This was seconded by Mr. Hull. There I
being no further nominations, the nominations were closed.
On a vote of the Board, Mr. Bernard Lake was elected as
. Secretary/Treasurer. !
The newly elected officers of the Lynwood Local Development I
Company are: i
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Leighton Hull Chairman �
Dr. LaVoneia Steele Vice Chairman i
Bernard Lake Secretary/Treasurer
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LLDC Minutes �
August 1-0, 1989 ,
Page 2
' STAFF ORALS
1. Contract with Economic Development Coorporation of Los
Angeles County to provide technical assistance to Lynwood
businesses. Mr. Jimenei stated that this contract has
been in existence over the past two years. The contract
� value was approximately $25,000. Thus far, we have
� completed 7-8 technichal assistance projects to
businesses in the area., The program was slow getting
started. Marketing efforts by staff were extensive.
However, there was a poor response from businesses. We. �
are not sure we have been billed for all the assistance .
provided by the EDC.
There was some discussion as to whether we should
, continue the program or drop it. It was agreed to
continue with the services of the EDC. There is
approximately $9;100 left in the budget for future
projects. we can extend the contract once these funds �
are used, should that be necessary.
There �was concern voiced by the board over the small
� amount of technical assistance provided. At the present,
the LLDC has approximately $50,0�0 cash to loan
businesses and there is approximately $50,000 in notes
pay�abTe. All loans are current. We can obtain
additional funds from the city should we have more
businesses requesting loans.
2. Loan Status. We have made five loans thus far in the
�. form of'working capital and for securing equipment and
inventory. All loans are current.
BOARD ORALS
There was some discussion of ways the LLDC can attzact
businesses to apply for loans.
ADJOURNMENTc
The LLDC meeting adjourned at 4:10 p.m. Motion carried by
unanimious vote.
Respectfully submitted,
' Bernard H. Lake, Secretary-Treasurer Date •
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