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Home My Public Portal About83-075 (06-21-83)c• RESOLUTION NO. 83 -75 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD DETERMINING THAT THE ACQUISITION AND CON- STRUCTION OF CERTAIN WATER MAIN IMPROVEMENTS BY THE CITY IS OF BENEFIT TO THE ALAMEDA PROJECT AREA AND THE SURROUNDING NEIGHBORHOOD IN WHICH THE PROJECT IS LOCATED AND DETERMINING THAT THERE ARE NO OTHER REASONABLE MEANS OF FINANCING SAID IMPROVEMENTS AND , APPROVING A REDEVELOPMENT E AGENCY E AND T W OD AUTHORIZING THE EXECUTION THEREOF, WHEREAS, the Lynwood Redevelopment Agency ( "Agency ") is here- by authorized to carry out reevelopment p Prot Area ("Project Area") p Project Area approved and adopted by this City Council by Ordinance No. 993 adopted on November, 18, 1975 (hereinafter the "Redevelopment Plan "); and WHEREAS, the City Council desires to acquire and construct certain water main improvements generally located at Alameda Street between Lynwood Road and Imperial Highway, at Alameda Street between Butler Avenue and Lynwood Road, at Alameda Street and Lynwood Road, and at Lynwood Road between Alameda Street and Bellinger Street (said water main projects are hereinafter collectively referred to as the "Public Improvement Projects "); and "-- - - -- - WHEREAS, the Agency_desires to assist the City by paying all of the costs Of the acquisition and construction - of the Pufrom Improvement Projects from tax revenues received ursuant to the Agency Health and the Project Area and alloc (tTaxt g Increment n )Y an S Code Section 33670 WHEREAS, Health and Safety Code Section 33445 provides, of with in pertinent part, that a rall o rO p paTtt o f g the y cost , Of the installation the legislative body, pay and construction of any building, facility, structure or other improve ment which is publicly owned, either within or without the Project Area upon the determination by the legislative body that such buildings, facilities, structures, or other improvements are of benefit to the Project Area or the immediate neighborhood in which the Project Area is located and that no other reasonable means of financing such buildings, facilities, structures or other improvements are available to the com- munity; and WHEREAS, there has been presented to the Agency at this meeting the form of a Reimbursement Agreement (the "Reimbursement Agree - ment ") pursuant to which the Agency agrees to reimburse the City for all costs incurred in connection with the acquisition and construction of the Public Improvement Projects. NOW, THEREFORE, the City Council of the City of Lynwood does hereby resolve as follows: Section 1 The City Council hereby determines that the acquisition, construction and installation of the Public Improvement Projects is of benefit to the eareAlocated the surrounding neigh- borhood in which the said projects s;' Section 2 The City Council further determines that no other reasonable means of financing the acquisition, construction and installation of the Public Improvement Projects is available except with Tax Increment. Section 3 - The City Council hereby approves the form of - the Reimbursement Agreement presented to,the City Council at this meeting and authorizes and directs the Mayor and City Clerk to execute the Reimbursement Agreement on behalf of the City. PASSED, APPROVED AND ADOPTED by the City Council of the City of Lynwood at a regular meeting duly held on June 21 1983, by the following vote AYES COUNCILMEN BYORK, GREEN, MORRIS,ROWE, THOMPSON NOES None ABSENT' None ATTEST. LOUIS THOMPSON, MVor City of Lynwood Andrea Hooper, City Clerk City of Lynwood APPROVED AS TO CONTENT: Sandra M. Read, Community Development Director ED AS TO FORM: j Mc wen ity Attorney REIMBURSEMENT AGREEMENT i This Reimbursement A is entered into as of the 24th day of June ' 1983, by and between the LYNWOOD REDEVELOPMENT AGENCY, a public body, corporate and politic, organized and existing under the laws of the State of California (the "Agency "), and the CITY OF LYNWOOD (the "City "), a municipal corporation, duly organized and existing under the laws of the State of California. RECITALS: A. The Agency is a redevelopment agency duly created, estab- lished and authorized to transact business and exercise its powers, all under and pursuant to the California Community Redevelopment Law (Part I of Division 24 of the Health and Safety Code of the State of California) (the "Law "). B. A redevelopment plan for the redevelopment project area known and designated as the "Alameda Project Area" (the "Project Area ") was adopted and approved by Ordinance No. 993.of the City of Lynwood at a regular meeting of the City Council held on the 18th day of November, 1975, and all requirements of the law and conditions prece- dent to the adoption and approval of said redevelopment plan have been complied with. C. The City desires to construct water mains in Alameda Street between Lynwood Road and Imperial Highway, Alameda Street between Butler Avenue and Lynwood Road, at Alameda Street and Lynwood Road, and in Lynwood Road between Alameda Street and Bellinger Street (said public improvements are hereinafter collectively referred to as the "Public Improvement Projects "). The Agency desires to assist the City.in connection with the financing of the Public Improvement Projects by entering into an agreement pursuant to which the Agency will reimburse the City for the City's costs incurred in connection with the acquisition and construction of the Public Improvement Pro- jects from tax revenues received by the Agency from the Project Area pursuant to Health and Safety Code Section 33670 ( "Tax Increment "). D. The Agency and the City Council of the City each have deter- mined by Resolution pursuant to Section 33445 of the Law that the construction of the Public Improvement Projects is of benefit to the Project Area and the surrounding neighborhood in which the Public Improvement Projects are located and that there is no other reasonable means of financing the construction of the Public Improve- ment Projects except by way of reimbursement to the City from tax increment received by the Agency. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and conditions set forth herein, the parties hereto agree as follows Section 1: Reimb ursement A reement. Agency hereby agrees'to reimburse the City the amount of $185,900.00 from Tax Increment re- ceived by the Agency for any and all costs incurred in connection with the acquisition and construction of the Public Improvement Projects, subject to adjustment for actual costs upon completion of the Project. The Agency's obligation to reimburse the City as set forth in this Section shall constitute an "indebtedness" of the Agency within the meaning of Section 33675 of the Law. Section 2: Subordination of Indebtedness The indebtedness of the Agency to the City created by this Agreement is hereby automatic - ally subordinated to any pledge of Tax Increment to the holders of any tax increment bonds, notes or other evidences of indebtedness, in- cluding, without limitation, certificates of participation, which are or may be issued, sold and delivered by the Agency. IN WITNESS WHEREOF, the Agency and the City have executed this Reimbursement Agreement as of the date first above written. CITY OF LYNWOOD ATTEST: -- City Clerk, City of LynWood LYNWOOD REDEVELOPMENT AGENCY 0 ATTEST: .5h ,a,.y Secretary, Lynwood Redevelopment Agency i j Y xr:, 7 STATE OF CALIFORNIA ) ) ss. COUNTY OF LOS ANGELES ) I, the undersigned, Citv Clerk of the City of Lynwood, do hereby certify that the foregoing resolution was passed and adopted by the City Council of the City of Lynwood at a regular meeting held on the 21st day of JUNE — ,1983.. AYES: COUNCILMEN BYORK, GREEN, MORRIS, ROWE, THOMPSON NOES: NONE ABSENT: NONE av� l" o K City Clerk, City of Lynwood