HomeMy Public PortalAbout2011.029 - LRA (06-29-11) RESOLUTION NO. 2011.029
A RESOLUTION OF THE CITY OF LYNWOOD REDEVELOPMENT AGENCY
APPROVING THE HOUSING REHABILITATION AGREEMENT (HRA) BETWEEN
THE LYNWOOD REDEVELOPMENT AGENCY (AGENCY) AND REX NATAN
(DEVELOPER) FOR THE PURCHASE, DEVELOPMENT AND SALE OF
FORECLOSED RESIDENTIAL PROPERTY
WHEREAS, the Lynwood Redevelopment Agency ("Agency") is a public body,
corporate and politic, organized and existing under California Community
Redevelopment Law (Health & Safety Code § 33000, et seq.) ("CRL"); and
WHEREAS, in accordance with the CRL, the City Council of the City of Lynwood
adopted the Redevelopment Plan for the Redevelopment Project Area "A" in the City of
Lynwood on July 10, 1973, as established by Ordinance No. 945 of the City Council,
and as amended from time to time; and
WHEREAS, Rex Natan (hereinafter "Developer"), Desires to invest funds into
the City of Lynwood to purchase, rehabilitate, and sale single family residential homes
with the intent to assist low and moderate income families; and
WHEREAS, the Developer has provided a list of 23 foreclosed homes that he is
interested in rehabilitating and putting back on the market. The Developer's investment
for acquisition is approximately $2.8 million dollars; and
WHEREAS, the Developer would like the homes to be purchased below market
rate to leverage the cost of rehabilitation prior to resale. It is felt that one way to achieve
this goal is to have the Agency acquire the property and use the Developer as the sole
source of funding for acquisitions; and
WHEREAS, the foreclosed homes are bank owned and are vacant, which over
time is a contributing factor to blight in our community due to neglect and vandalism;
and
WHEREAS, the Developer has agreed to the terms and conditions set forth by
the Agency and the project will be subject to all applicable provisions of the Lynwood
Municipal Code; and .
WHEREAS, In furtherance of the objectives of the California Community
Redevelopment Law, Agency desires to undertake a program for the redevelopment of
certain areas within the City, and in connection therewith is undertaking and carrying out
activities for housing redevelopment potentially in and outside Lynwood Redevelopment
Project Area "A" ("Project Area") pursuant to and in furtherance of the Redevelopment
Plan for the Project Area.
NOW, THEREFORE, THE LYNWOOD REDEVELOPMENT AGENCY DOES
HEREBY FIND, DETERMINE, ORDER AND RESOLVE AS FOLLOWS:
Section 1. The Agency Board of Directors hereby approves the Housing
Rehabilitation Agreement and the instruments referenced therein.
Section 2. The Project is consistent with the Agency's adopted Implementation
Plan for Redevelopment Project Area "A".
Section 3. The Project will assist in the elimination of blight, and generate
property tax revenue.
Section 4. The Agency further authorizes the acquisition of foreclosed
residential homes for rehabilitation by Agency with funds provided exclusively by
Developer or his authorized investors.
Section 5. The Agency's sole obligation is to facilitate the purchase of said
foreclosed homes and shall transfer title to Developer upon close of escrow on each
property as they become available.
Section 7. The Agency Chair and or Executive Director are authorized and
directed to take such actions and execute such documents as may be necessary to
implement and effect this Resolution and the Housing Rehabilitation Agreement on
behalf of the Agency.
Section 8. The Resolution shall be effective upon adoption.
PASSED, APPROVED and ADOPTED this 29 day of June, 2011.
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Aide Castro Chair
ATTEST:
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Maria Quinonez, S cretary Roger L. Hal , xecutive Director
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
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Fred Galante Sarah ana W hers, Director of
Agency Counsel Redevelopment
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the foregoing Resolution was passed and adopted by the Agency at its
special meeting held on the 29 day of June, 2011.
AYES: MEMBERS RODRIGUEZ, SANTILLAN, AND MORTON
NOES: NONE
ABSENT: MEMBERS FLORES AND CASTRO
ABSTAIN: NONE
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Maria Quinonez, Secretary
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the above foregoing is a full, true and correct copy of Resolution No.
2011.029 on file in my office and that said Resolution was adopted on the date and by
the vote therein stated. Dated this 29 day of June, 2011.
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Maria Quinonez, cr tary