HomeMy Public PortalAbout1992-06-24 LOCAL DEVELOPMENT COMPANY AGENDA ��.�- ��, � � ��
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LYNWOOD LOCAL DEVELOPMENT COMPANY
BOARD OF DIRECTORS ���
Wednesday June 24, 1992 �� E�� E D I
CITY OF LYNWOOU I
CITY CLERKS OFFICE
3:00 p.m. JUN 16 1992
AM pM I
City Council Chambers 7i8�9illl�llil2ili2�3i4is �
Lynwood City Hall
11330 Bullis Road /����'� ` ��" " � �
Lynwood, CA. 90262 �- ���� I
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LEIGHTON HULL BERNARD LAKE j
PRESIDENT VICE PRESIDENT �
ERNEST TOPPS ALFREDDIE JOHNSON �
SECRETARY/TREASURER MEMBER �
. CELIA ARROYO ,
MEMBER
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I. OPENING CEREMONIES: �
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A. CALL TO ORDER '
1. Flag Salute i
2. Roll Call � i
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B. Certification of Agenda Posting �
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II. APPROVAL OF MINUTES • April 9, 1992 j
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III. ITEMS FOR CONSIDERATION: �
A. BDAP GUIDELINES i
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Staff has detemzined that the BDAP Loan Guidelines are vague in some ;
aspects and need to be amended for clarity. The area insufIicient that needs ,
to be reconstructed is found in the Loan Section of Descrintion of Assistance. �
The interest rate shown (3%) is not the extent of our interest rate range. � A I
report has been prepared and a proposal of amendation to this section has �
been submitted for review and consideration. I
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B. PARTICIPATION AGREEMENT ADDITION
Pursuant to the well being of the LLDC, staf£ has taken into consideration
the following:
Funds provided to applicants/loanees need be spent in a timely manner and
in accordance with BDAP Guidelines. Though this is expected upon
approval of a loan, staff feels that execution dates and expenditure checks
should be handled differently and in a timely manner. Proof of intent to
purchase (which was provided in the past) is not proof of payment. 1�me
limitations should be acknowledged and proo£s of purchases should be
mandatory. This should be a part of their agreement with the LLDC.
Prepared and submitted for your review and approval is an
expenditure/execution clause to be considered for an addition to the
Participation Agreement.
C. LLDC BALANCE SHEET
A Balance Sheet indicating the LLDCs financial position has been prepared
and submitted herein.
D. WARRANT REGISTER i
Invoices from Security Pacific Bank for the payment of the annual fee for the I
admirristration of the LLDC loans are as follows: �
C. Smith ($ 60.40)
D. Moon ($32625) , � '
J. Ramos ($32625) (
TOTAL $914.21 to be paid by LLDC to Security Pacific'Bank
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IV. STAFF ORAI.S ,
A. MOUTH OF THE SOUTH '
Upon discovery of the loan request by Mr. Gary Spears, an assessment of his j
application and forms was made to find they were still incomplete. A letter
. was sent to Mr. Spears hi-lighting the necessities that he's lacking in order i
to further his processing.
B. AUDIT UPDATE !
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At the last LLDC meeting, an audit was requested of the LLDC by staf£ �
Staf�'respectfully request an update on the progress pursuant to an audit.
C. LLDC GRANTS TWO LOANS I
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Processed and approved, both Daniel Moon of Moon Trucking and Juanita i
Ramos of Lucky Muffler and Auto Repair are recipients of $20,000 loans. �
V. BOARD ORALS �
VI. ADJOURNMENT I
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With no additional matters for consideration, adjournment to the next i
scheduled meeting. �
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LYNWOOD LOCAL DEVELOPMENT COMPANY
MINUTES
April 9, 1992
LLDC Board Members Present: Chairman Leighton Hull
Vice Chairman Bernard Lake
Alfreddie Johnson
Emest Topps
Absent: Celia Arroyo
City Staff Present: Bruno Naulls
Administrative Analyst III
Kenrick R. Karefa-Johnson, Director '
Community Development Depaztment �
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Susan Fowler, Administrative Aide �
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OPENING CEREMONIES: '
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Chaiiman Hull opened the meedng at 3:06 p.m. �
Roll call was taken, with Celia Arroyo being absent. �
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Mr. Naulls stated the Agenda had been posted in accordance with the Brown Act.
APPROVAL OF MINUTES: i
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A motion was made by Mr. Lake to approve the reading of the minutes of February 26. 1992. �
Motion seconded by Mr. Topps and passed. �
ITEMS FOR CONSIDERATION:
A. APPLICATION FOR BUSINESS DEVELOPMENT ASSISTANCE ,
Mr. Karefa-Johnson presented a brief background of the application submitted by Ms. Ramos, �
stadng that she has submitted an amended application and balance sheet. Ms. Ramos stated I
she has tried to obtain a commercial loan through her bank, but was turned down by the
bank. Mr. Naulls recommended a loan in the amount of $20,000.00 at 8.5% over a 5 year �
period. Mc Karefa- Johnson stated that a loan starting at 5% interest ending at a matured '
8.5°lo interest over a period of 5 years could be arranged. The Board discussed different �
percentages and periods by which ro grant the loan to Ms. Ramos. Mr. Lake made a motion
to grant a loan in the amount of $20.000 at 8.5�7o for 5 years. It was suggested by Chairman
Hull to grant the loan with a 7 yead5 yeaz call to lower the paymenu for the first 5 years. �
It was decided that Mr. Karefa-Johnson and Ms. Ramos would have a meeting for the �
purpose of Ms. Ramos to decide which type of repayment plan best suits her needs, with the ;
options to be worked out by staff. Mr. Lake amended his motion, which was seconded and
passed to grant the loan to Ms. Ramos, pending loan denial documentation from the bank.
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B. REQUEST FOR FINANCIAL ASSISTANCE
Mc Moon was informed that his reasons for requesting a loan, operating capital, is not a
qualifying reason. The Board advised Mr. Moon that he must use to money to purchase
equipment for his business. It was decided to have a further meeting with Mr. Moon on
April 16, 1992, at 1 I:00 a.m., and this item, therefore, was tabled to the meeting of April 16.
C. LLDC AUDIT
Mr. Karefa-Johnson advised the Boazd of the need for an audit, stating that the LLDC has
not been audited in the past six years. A motion was made to allow the LLDC to pay
the cost of the audit. Motion seconded and passed.
D. LLDC's CURRENT BALANCE SHEET FOR REVIEW AND CONSIDERATION �
A motion was made, seconded and passed to accept the Balance Sheet as submitted.
E. LLDC BYLAWS '
It was stated by Mr. Kazefa-Johnson that the Board needed to address the re-election �
scheduled to take place on the first Tuesday in May. After some discussion, Mc Topps made ;
a motion to table this item and to take up the matter on April 16, 1992, at the next Special
Meeting with Moon Trucking. Mr. Topps amended his motion to extend the election date
up to an additional 90 days for the purpose of reviewing and possibly revising the LLDC '
Bylaws. Motion seconded by Mr. Lake and passed.
STAFF ORALS: �
None
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BOARD ORALS: �
Mr. Johnson stated that he would like to formulate an Agency to procure more funds for the �
LLDC. Mr. Lake stated that there is already such an Agency, Pacific Coast Regional Office,
which is involved in this type of activities. After some discussion, Chairman Hull stated that he �
would like the LLDC to meet with Pacific Coast Regional Office, and to actually go there during �
the next regularly scheduled LLDC meering. i
ADJOURNMENT I
Meeting adjoumed at 5:00 p.m. �
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�ate: N1AY 7-7. 199�
To: Honorable Chairman and Members of the Board
From:. Bruno Naulls, Administrative Analyst III
Subject: AMENDING BDAP GUIDELINES WITH EMPHASIS ON LOAN
GUIDELINES: I.E.� INTEREST RATES� AMORTIZATION, AND
ELIGIBLE EXPENDITURES
PURPOSE .
To make clear that loans provided at 38 with amortization periods
for 7 years is not a fixed rate, but is the minimum percentage and
the maximum amortization for loans by LLDC.
BACKGROUND
In the past up to now the LLDC's BDAP loan description of
assistance read as thus:
LOANS:
The BDA Program provides three
percent (38) loans with amortization
not to exceed seven (7) years. All
loan requests must be submitted to I
the LLDC, which will ,then be
submitted to an approved lender.
1. Maximum Loan Amount �
The maximum loan amount shall be
limited to $20,000, including the I
amount necessary to cover the cost '
' of equipment, trade fixtures and i
inventory or trade stock. '
2. Terms
Amortization of the loan shall not �
exceed seven (7) years. �
3. Loan Costs i
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The bank may charge to the loan the
cost of loan origination fees.
ANALYSIS '
Upon review of information previously stated, staff feels '
that (due to loans previously dispersed by LLDC) there is
room for speculation by loanees if the section on loans '
is carefully read. It states loan to be provided at 38
interest. This statement along with the brief in which i
the statement was abstracted would compel the loanee !
and/or reader to believe this is a fixed rate. Since i
this is a falsehood, it would behoove staff and board
members to agree upon amendinq the clause in question and
make it self explanatory whereas there is no confusion.
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CONCLUSION
Staff brings this to board members as a matter of
importance and is therefore prepared to bring about the
amending .of this clause in the BDAP description of
assistance.
RECOMMENDATION
In light of information brouqht to board's attention,
staff respectfully requests that the amended description
of assistance (loan portion) read as thus:
LOANS
The BDA Program provides loans with rates ,
ranginq from a maximum eiqht point five
percent (8.5�) down to a minimum three percent
(38) (rate based upon individual
case/financial evaluation). Amortization not
to exceed seven (7) years. All loan requests
must be completed fully and submitted to the
LLDC, which will then be submitted to an
approved lender.
1. Maximum Loan Amount �
The maximum loan amount shall be limited to �
$20,000, including the amount necessary to
cover the cost of equipment, trade fixtures �
and inventory or trade stock.
2. Terns i
Amortization of the loan shall not exceed ,
seven (7) years.
3. Loan Costs !
The bank may charge to the loan the cost of �
loan origination fees. ;
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BIISINE88 DSVELOPMENT A88ISTANC$ PROGR]►M (BDA)
GENERAL GIIZDELINEB
The Business Development Assistance Program (BDA) is a
financial assistance proqram administered by the Lynwood
Local Development Company (LLDC).
YROGRA!! HACRGROQND
The Business Development Assistance Program has been
adopted by the LLDC to provide technical and/or financial
assistance to businesses wishing to expand in, or
relocate to, the City of Lynwood.
Primary funding for the BDA Program is from the City of
Lynwood's Community Development Block Grant (CDBG)
Program. Althouqh the LLDC anticipates continuing
support from CDBG funds, it shall seek to expand and
diversify its financial resources.
DEeCRIPTION OF A88ISTANCB
The BDA Program can make available, to qualified
applicants, below-market interest loans and grants, and
technical assistance as described below:
LOANS•
The BDA Program provides three percent (33)'loans with
amortization not to exceed seven (7) years. All loan
requests must be submitted to the LLDC, which will then
be submitted to an approved lender. ,
1. Haximum Loan Amount
The maximum loan amount shall be limited to
$20,000, including the amount necessary to
cover the cost of equipment, trade fixtures
and inventory or trade stock.
2. Terms
Amortization of the loan shall not exceed
seven (7) years.
3. Loan Costs
The bank may charge to the loan the cost of
loan oriqination fees.
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GRANTS•
, The grant component is designed to provide assistance to
local businesses to cover the cost of equipment, trade
fixtures, and inventory or trade stock. These funds
shall be used only in those cases where the loan proceeds
are not sufficient to cover the cost of the request for
assistance. As such, the grant should be considered as
"gap financing" only.
1. Maximum Grant Amount
The maximum grant amount per participant shall be
$2,500.
2. Documentation
To qualify for this grant, a participant must
provide appropriate documentation of planned
expenditures (such as purchase orders or
invoices), showing the use of funds, estimate of
costs, and.name and address of vendor or
supplier.
ELIGIBILZTY REOIIIREMENTS
Program assistance will be provided to those businesses
which provide evidence of need. Preferential treatment
will be given to businesses which will provide additional
jobs to the community.
Applicants must have their business located in the City �I
of Lynwood and must have been in business for at least �
one year prior to submitting their application to the I
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REOIIZRED DOCIIMENTATION
In order to document needs, the following.must be �
submitted: �
- Financial statements for the business ;
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- Personal financial statements ,
- Business and personal tax returns
- Letter outlining request !
EISPLOYMENT DOCIIMENTATION �
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A list of current employee's names, position title, �I
hourly wage and social security numbers and a list of new
jobs to be created or returned must accompany the _loan i
request. i
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BLIGZHL& EBPENDITIIREB
' All costs di�ctly attributable to �e costs of
; equipment, trade fixtures and inventory or trade stock
are eligible, including loan origination fees and any
other costs associated with the preparation of loan
documents.
- PROCESSIN(i OF REOIIESTB FOR ASSISTANCE
Step 1: Apolication Submittal �
elpplicants must complete and submit a BDA
Program application form, a business development
plan, a balance sheet, profit and loss
statements for the preceding two years, and an
itemized list of needed equipment, furniture,
trade fixtures or trade stock to the LLDC with
approximate costs.
Step 2: Staff review and Determination of Eligibility
After submittal of the application, staff will
review the financial information to determine
the applicant's level of need and the estimates
for reasonableness of costs. ,
Step 3: Securina the Financinq I
After the application has been approved by �
staff, it will be submitted to the LLDC for I
evaluation. The LLDC will approve or deny the
loan or grant request based on its evaluation. i
The LLDC may also approve an amount which is I
less than the amount requested.
Step 4: Obtaining Bid and Vendor/Suoplier Selection I
' Upon approval by the LLDC, staff will assist
participants in obtaininq at least three (3)
bids from vendors/suppliers. Staff will then
review bids for costs and the participant will j
choose the lowest reasonable bid. i
Step 5: Participation Agreement i
After the selection of a vendor/supplier, the
participant will execute an agreement with the ,
LLDC and the applicable loan documents. �
Step 6: Disbursement of Loan and/or Grant Proceeds
Payments will be made directly to the selected
and approved vendor/supplier; not to the '
participant.* This payment will occur upon i
verification of expenses incurred, as evidenced
by the participant's submission of purchase
orders, invoices, etc.
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•AmendM August 27, 7986, to ellai pre•epprovcd loan proceeds to 90 to en epplicant es reiriCursement oi a �i
pre-approved purchase. j
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' GENE PARTICIPATION REBPONSIHZ TZES
All applicants who participate in the Business
' Development Assistance (BDA) Program must abide by all
Program rules and regulations, which include those listed
below:
- Applicant(s) must keep all appointments.
- Applicant(s) must a12ow at least three (3)
vendors/suppliers to submit bids.
- Applicant(s) must select the lowest reasonable bid.
- Applicant(s) must sign a LLDC Participation
Agreement prior to signing loan documents.
- Applicant(s) must present vendor/supplier purchase
orders, invoices, etc.
MANAGEMENT ASSISTANCE/CONSIILTING PROGRAM
Consulting services are provided to Lynwood Businesses
via the Los Angeles County Economic Development
Corporation under contract to the LLDC.
A firm who documents needs as outlined in the loan
program will generally qualify for free consulting
services.
However, if a firm does not meet the above-mentioned
eligibility requirements, the firm may obtain these below
market cost services on a fee reimbursement basis or
deferred payment basis, upon execution of proper
agreements between the firm and the LLDC.
Z/WE THS IINDBRBI(iNED, CBRTIFY T871T I/W$ HAVE READ AND '
IINDERBTAND THB 71HOVE l3IIIDBLINEB. I/1fS AGRES TO AHIDB HY �
THS REQIIIRElISNTB ]1ND RBBPONBIBILITIEB OIITLINED ZN THB �
GIIIDELINEB. �
Z/AE AL80 CERTIFY TBAT I/WS SAVB BEEN (�IVEN A COPY OF THE i
PROGRl11! GDIDBLINEB. �
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SIGNATIIRE OF APPLZCANT DATB �
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SIGNATIIRE OF APPLZCANT DATB I
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DATE: May 27, 1992
TO: HONORABLE CHAIRMAN AND MEMBERS OF THE BOARD
FROM: Bruno Naulls, Administrative Analyst III
SUBJECT: Participation Agreement Addition:
An Expenditure/Execution Clause
PURPOSE
To have in writing specific boundaries in which loanees would
have to disperse funds loaned to by the LLDC, and to ensure that
all funds provided are spent in a timely manner and within the
guidelines of the BDA program.
BACKGROUND
In previous years loanee was obligated to provide only the
purchase order receipts (receipts pending but not paid in full).
Proof of purchase was through monitoring the use of equipment
(which was supposedly purchased) over a period of time.
ANALYSIS . I
The purchase order receipt does not satisfy staff as to whether j
or not items were actually purchased. That does not assure the �
LLDC that funds have been expended properly. Moreover, though
in the past, recipient of loan tend to expend funds in a timely �
manner, there's no documentation setting expenditure periods to
regulate any unnecessary extended periods of time if the funds �
are not expended promptly.
CONCLUSION I
Staff feels that within the Participation Agreement, there should
be a clause that requires receipts of purchases (paid in full), I
and limitations to the amount of time loanee has to expend funds j
provided by the LLDC. In addition, a monetary penalty for not �
using funds provided as prescribed and/or in a timely manner. �
RECOMMENDATION• i
Staff respectfully request that Board Members review clause '
submittal for your approval and consider the adoption of this �
addition to the Participation Agreement of the LLDC. ;
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LYNWOOA LOCAI, DEVELOPMENT COMPANY
Business Development Assistance Proqram
PARTICIPATION AGREEMENT
' This Aqreement ia made and entered into this day of
, 19 , by and between
(hereinafter ��Participant��) and the
Lynwood Local Development Company (hereinafter ��COmpany��). The
Participant is located at
(Strest Addressj
Lynwood, Los Anqeles County. The leqal description of the
property is as follows:
The following definitions shall apply herein:
1. "BUSiness Plan" shall refer to that portion of the loan �
application providing information about Participant!s
operation.
2. "Grant" shall refer to funding provided by the Company to
supplement the loan; this grant is not repaid by the �
Participant. �
3. "Loan" or "Loan Proceeds" shall refer to funding provided �
by the Company through its Business Development I
Assistance Program; this loan is to be repaid by the i
• Participant.
4. "Provider" shall refer to any person or entity providing i
services or materials pursuant to the Agreement. �
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Z. PURPOSE .
The purpose of this Agreement is to improve the economic
viability of the Participant by providing working capital
' for the purchase of equipment, trade fixtures, stock and/or
inventory, etc. directly related to the Participant's
operation from a below market interest rate loan and, if
applicable, a supplemental grant from the Company. The use
of any fixed equipment (e.g., office furniture, cash
register, etc.) is restricted to the Participant's location
within the City limits.
II. CONDZTIONB
In consideration of the assistance provided by the Company,
Participant agrees to the following conditions:
A. .Participant agrees to provide training and employment
to not less than two low-income Lynwood residents by
, 19 After training has
been completed, Partiaipant agrees to hire these
individuals at wages and fringe benefits comparable to
wages and fringe benefits paid for similar work done in
the industry.
B. Participant agrees that approved funds will be expended
pursuant to this Agreement solely for the purposes,
activities and amounts set forth in detail and approved
by the Participant and the Company as required by the
Business Development Assistance Program General
Guidelines, attached hereto and made a part of this
Agreement.
C. Participant must be in operation at the time of
application (as evidenced by a current Lynwood Business
License); be a profit-making concern which generates
active rather than investment income (as evidenced by
financial statements); and maintain a location within
, the City of Lynwood {if Participant moves outside of
the City, the loan may be recalled, subject to a review
by the Company).
D. Participant must demonstrate a reasonable financial
_ abi2ity to repay the loan and must have experience in
- . operating the business for which it requires financing
- (as evidenced by the Business Plan).
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E. Participant agrees to pay any oriqination fee
associated with securing the loan up front or as part
of the loan amount. '
F. Participant shall cooperate with the Company, providers
and others who have an official capacity in the
Business Deve2opment Assistance Program which is the
subject of this Agreement and shall sign necessary
documents to permit the provision of assistance,
including but not limited to, release of funds to the
_ provider when items have been received to the
satisfaction of the Participant.
G. In the performance of this Agreement, participant
agrees not to discriminate against any provider, or
potential provider, because of race, color, religion,
ancestry, sex, age, national origin, physical handicap
or on any other arbitrary basis.
A. Participant ensures that all of its employees and
applicants for employment are treated without regard to
' their race, color, religion, ancestry, sex, age,
national origin or physical handicap. Such action
shall include, but not be limited to the following:
employment, upgrading, demotion or transfer;
recruitment or recruitment advertising; layoff or
termination; rates of pay or other forms of
compensation; and selection for training, including
, apprenticeship.
I. Participant shall permit access to records, bids,
application forms and other pertinent data and records
by an appropriate agency of the Federal Government or
Company for the purposes of ascertaining compliance
with this section. Participant further agrees to
• retain copies of all records related to use of funds
gursuant to this Agreement for a period of seven (7)
years from the effective date of this Agreement and to
forward copies or originals, as requested, to the
Company when required or requested.
J. Participant agrees to indemnify, defend and hold
' harmless the Company, its officers, agents and �
, employees from any and all claims and losses accruing
or resulting to Partiaipant by any and all persons,
firm or corporation furnishing or supplying services oY
supplies in�connection with the performance of this i
Agreement and from any and all claims and losses �
accruing or resulting to any person, firm or �
corporation who may be injured or damaged by �
Participant in the performance of this Agreement.
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K. Participant, and any agents and employees of
Participant in the perforinance of this Agreement, shall
act in an independent capacity and not as officers,
employees or agents of the Company.
III. TERMS
A. Loan proceeds will be withheld until Participant
submits verifiable evidence of contracts for work to be
performed. Loan proceeds will be disbursed to vendors
selected by Participant in amounts necessary to procure
supplies and materials to complete said work.
B. The effective date of this Agreement is the date on
which it is approved by the Company and shall remain in
effect so long as the loan is outstanding.
C. Without the written consent of the Company, this
Agreement is not assignable or transferable by
Participant either in whole or in part.
D. No alteration or variation of the terms of this
Agreement shall be valid unless made in writing and
� signed by the parties hereto; and no oral understanding
or agreement not incorporated in writing herein, shall
be binding on any of the parties hereto.
E. Participant agrees to complete performance of all '
obligations under this Agreement in a timely manner. '
- IV. TERMZNATION
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A. Participant covenants that all material facts and j
statements provided by Participant in conjunction with I
this Agreement are true and complete to the best of the j
Participant's knowledge, and any misrepresentation i
` shall be just cause for the Company to declare this I
Agreement to be terminated.
B. In the event Participant, for any reason is unable or j
otherwise does not proceed with the approved use of i
funds, the Company may declare this Agreement to have �
been terminated and shall be released from any further j
performance hereunder. i
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PARTICIPANT $AS READ THE FORE(iOINf3 AND IINDERBTANDB AND A4REE8 TO
EACH AND EVBRY PROVZBZON. PARTZCIPANT IIND&RSTANDS THAT IT8
PRESENT AND FIITIIRB LEdAL RIGHTB AND.LIAHILITIEB ARE AFFECTBD SY
THIS AGREEMENT� AND THAT PARTICIPANT IS FRES TO CONSIILT AN
ATTORNEY OF ITS CHOICS AT ZTS OWN�E%PENSS REGARDIN4 ANY MATTERB
OF CONCERN.
PARTICIPANT
BY•
SIGNATURE AND TITLE
BY•
SIGNATURE AND TITLE
LYNWOOD LOCAL DEVELOPMENT COMPANY
gy•
. CHAIRMAN
BY•
• SECRETARY-TREASURER
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P/'opose� A�ol o,u 7�b ��.te�'
EXPENDITURE/EXECUTION CLAUSE
E%PBNDITURE MONITORZNG
You the loanee, in consideration of the amount of funds provided
(�20�0o O•o O) for the growth and/or prosperity of your business
concern, will provide us (LLDC and staff) with the followinq:
� 1. Copies of all receipts (itemized) in wkiich loan monies
were dispersed (up to $20,000.00)
This is to be done to ensuze that the funds provided are being used
: in accordance with the LLDC Zoan guidelines and regulations. Any
deviation from stated expenditure rules (funds to cover cost of
equipment, trade fixtures, and inventory or trade stock) shall be
considered unlawful and/or criminal. At that time appropriate
legal action will be taken.
LIMITSD ERfiCUTZON TIMS
In order to ensure that funds allocated are being expended as
. perceived by our company, a duration pe=iod up to, but no more than
_ months will be enforced to expend all funds received by loanee,
A/A M6 N6Q S' Funds not expended amounting to �
�r,00O.00 can and will be retrieved on the basis that funds
were not used properly in time provided. This would not be
considered a subtraction from total loan, but a penalty payment for
misusing funds to the extent that the funds (unused portion) were
not used at all. Only under special circumstances {determined by
Board and staff) will loanee be able to extend execution time
provided once loanee make his/her plea, and upon vote and majority
acceptance by Board Members. All provisions stated herein are to
be considered lawful and beneficial. Beneficial to loanee in ways
that ensure progress and growth of business concern is both
apparent and timely.
Bene•`icial to LLDC in wavs that: i
1. Fund usage is trackable; and �
2. Used for purchasing items within guidelines; and j
� 3. Expended in timely manner �
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DATE: June 15, 1992
TO: HONORABLE CHAIRMAN AND LLDC BOARD MEMBERS
BY : Bruno Naulls, Administrative Analyst III
Community Developemnt Department
LYNWOOD LOCAL DEVELOPMENT COMPANY (LLDC)
BALANCE SHEET
June 24, 1992
AeSEts
Cash
Saving...........$ 2,250.37
Saving............17,247.09
Checking .............962.22
Total Cash Balances $20,578.08
Outstanding Loan Halances
Smith ..............$1,310.42
Lang ...............11,479.30
Shook ..............18,450.06
Johnson............14,357.50
Austed .............15,355.11
Ramos ..............26,134.31
Moon ...............23,550.30
Total Outstanding Loan
Balances $110,737.00
Total Cash and Loan Balance $131,315.08
Accounts Receivable
(Monthly Debt Payments)
Smith ...............$110.78 I
Lang ..:..............264.26 ,
Shook ................266.83 �
Johnson ..............265.94
Austed ...............496.19 �
Ramos ................318.73 �
Moon .................284.46 �
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Total Monthly
Payments Receivables 2,007.19 2,007.19
Total Capital Assets............$133,322.27 I
Liabilities �
Accounte Payable .. ..................$350.00
(Service fee to Security Pacific Bank) ,
Tax Payable .......................... 150.00 �
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Total Liabilities ...........................$500.00
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LLDC's EQUity I
LLDC, Ca ital E uit �
P q Y ........................... $132,822.27
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wp\1dc-b1nc�061592\sf . .
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SECURITY PACIFIC NATIONAL BANK
COMMUNITY DEVELOPMENT CENTER
, 8141 2nd�Street Suite 330, Downey, Calitornia �
Mailinq Address:�P.O. Boz 4430, Downey, California 90241
� (213) 923-5551 ,
' Mav 21, 1992
Bruno Naulls
• Lynwood Local Develop. Co.
11330 Bullis Road
, Lynwood, CA 90262
Dear Mr. Naulls,
Listed below are the Formal Assurance Annual Fees on the
following borrower(s):
NAME ORIGIN ATION FEE ANNUAL FEE
• Moon, D. $125.00 S201.25
The total amount due is S326.25. Your prompt attention to this
matter be greatly appreciated.
_ Sincerely,
Sue Montes
: Vice President
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SECURITY PACIFIC NATIONAL BANK
COMMUNITY DEVELOPMENT CENTER
8141 2nd Street, Suite 330, Downey, Califomia '
, Mailing AAdress: P.O. Box 4430, Downey, Cali�omia 90241
(213) 923-5551
May 21, 1992
Bruno Naulls
Lynwood Local Develop. Co.
11330 Bullis Road
Lynwood, CA 90262
Dear Mr. Naulls,
Listed below are the Formal Assurance Annual Fees on the
following borrower(s): '
NAME ORIGINATION FEE ANNUAL FEE
----- ------- --- I
Ramos, J. S128.00 S201.25
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The total amount due Ss S326.25. Your prompt attention to this �
" matter will be greatly appreciated. �
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Sincerely, �
, '
Sue Montes �
Vice President
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� SECURITY PACIFIC NATIONAL BANK
COMMUNITY DEVELOPMENT CENTER
�� '. � 8141 2nd Street,�Suite 330, Downey, Califomia � ,
, Mailing Address: P.O. Box 4430, Downey, Califomia 90241
' (213) 923-5551 � �
April 6, 1992
Shane Moshiri
Economic Dev. Specialist
Lynwood Local Develop. Co.
` 11330 Bullis Road
Lynwood, CA 90262
Dear Mr. Moshiri
, Listed below are applicant(s) and charges for April
Annual Fees on your Dealer �2649.
N� DAN CHARGE
Smith, C. 660-112-039 $ 60.40
Your attent3on is appreciated.
�ncerely,
�
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Sue Montes �' �
Vice President
SM/rsm -�,-.�_, �,_..._
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� SECURITY PACIFIC NATIONAL BANK
COMMUNITY DEVELOPMENT CENTEF
� 8141 2nd Street. Suite 330, Downey. Califomia � 2 �/ �F� "�� � �
� Mailinq Adtlress: P.O. Box 4630. Downay, Califomia 90241 ��l (JC. /�'
� (273) 923�5551 �
March 4, 1992 � ,��_ jz, �
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. .. �� .� ��: J �� _. ..
Shane Moshiri Mp ��,
Economic Dev. Specialist �'1g92
Lynwood Local Develop. Co. � �,_ ,.....
11330 Bullis Road �` • � ��:.c+�,�.�
Lynwood, CA 90262 �-��.;-'-� �<.,.".,� ^
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Dear Mr. Moshiri
Listed below are applicant(s) and charges for March
1 Annual Fees on your Dealer 1�2649.
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NAME LOAN CHARGE
Hans, A. 660-117-165 $201.31
Your attention is appreciated.
Sincerely,
��.��
Sue Montea
- Vice President
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