HomeMy Public PortalAbout80-027 - LRA (10-07-80)'Y V.
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RESOLUTION NO. LRA 80 -27
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY
PRELIMINARILY APPROVING COMMERCIAL MORTGAGE REVENUE
BOND FINANCING FOR CERTAIN STRUCTURES IN THE RE-
DEVELOPMENT PROJECT AREA A AND AUTHORIZING AND
DIRECTING THE IMPLEMENTATION THEREOF.
WHEREAS, the Lynwood Redevelopment Agency has heretofore
approved a Redevelopment Plan for Redevelopment Project AreayA; ich
plan provides for the construction of certain commercial structures
which will be an integral part of the residential neighborhood ad-
jacent thereto; and
WHEREAS,' the 'staff of the Agency has undertaken studies of the
methods by which said Redevelopment Plan may be implemented and has
determined that in order to provide for the development of commercial
structures of the quality desired by the Agency it will be necessary
to provide for the financing thereof through the issuance of commercial
mortgage revenue bonds as authorized by the provisions of Health and
Safety Code Sections 33750 and following ( "SB 99 "); and
WHEREAS, the Agency staff has undertaken studies relating to
such financing and has preliminarily determined that such financing
would be feasible; and
WHEREAS, this Agency wishes to give its preliminary approval
to such financing and to authorize the implementation thereof,
NOW, THEREFORE, the Lynwood Redevelopment Agency hereby does
find, determine, resolve and order as follows:
1. The issuance of commercial mortgage revenue bonds of the
Agency in an amount not to exceed 20 million dollars hereby is
preliminarily approved in order to provide financing for the construc-
tion of commercial structures within Redevelopment Project Area A,
w1iich structures will be an integral part of the residential neighbor-
hood adjacent to said Project Area.
2. The Agency staff and counsel hereby are authorized and
directed to prepare all studies and documents necessary in order to
effect the issuance of bonds as described in Section 1 hereof and to
present the same to this Agency for its approval hereof.
PASSED, APPROVED, AND ADOPTED this 7th day of October, 1980.
Eugene R./Green, Chairman
Lynwood Redevelopment Agency
-ATTEST: _
4 `
L�Y u � ene - Coffey, 56dreyary -- - - - - —
Lynwood Redevelopment Agency
.,
STATE OF CALIFORNIA )
. ss..
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood
Redevelopment Agency, -do hereby - certify that the above
and foregoing resolution was duly adopted by the said
Agency at a regular meeting thereof held
in the City Hall of the City of Lynwood on the 7th
day of OCTOBER 1980 , and passed by the
following vote:
AYES: Agency Members BYORK, MORRIS, THOMPSON, GRE
NOES: Agency Members ROWE.
ABSENT: Agency Members NONE.
Secretary Laurene `o fe
Lynwood Redevelopment Acre.-Icy