Loading...
HomeMy Public PortalAbout2006-041RESOLUTION NO ?nnF nai A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD RESCINDING PURPORTED AGENCY ACTION AUTHORIZING SALE OF REAL PROPERTY AND AUTHORIZING CIRCULATION OF REQUEST FOR PROPOSAL FOR PROPERTY LOCATED AT 11300 ATLANTIC AVENUE, CITY OF LYNWOOD COUNTY OF LOS ANGELES STATE OF CALIFORNIA Whereas, on November 15, 2005 the Lynwood Redevelopment Agency considered an Agency agenda item entitled "JOINT PUBLIC HEARING FOR CONSIDERATION OF A PROPOSED DISPOSITION AND DEVELOPMENT AGREEMENT ( "DDA ")" for real property located at 11300 Atlantic Ave , City of Lynwood, California (hereinafter referred to as the "JB Resolution ") which item provided for a purchase price of $815,000; and Whereas, on or about May 15, 2006 the Agency received a real estate appraisal for the real property located at- 11300 Atlantic -Ave stating - that -the fair market value for said property, as of May 3, 2006, and giving due consideration to the deed restricted nature of the property, was in the amount of $1,147,000; and Whereas , the Agency has incurred approximately $511,336 in expenses for mortgage payments, real estate taxes, insurance, security, miscellaneous construction costs and legal fees and said expenses are ongoing and accruing at the rate of approximately $7,822 per month, and Whereas, the Agency has recently reacquired title to the real property located at 11300 Atlantic Ave from a developer with whom the Agency was involved in litigation over the rights and title to said property; and Whereas, the Agency is currently involved in litigation in the Los Angeles County Superior Court with JB Construction Company pertaining to the interpretation and effect of the JB Resolution, and Whereas, the Agency has determined and believes that it is in the best J V interest of the Agency and the Citizens of the City of Lynwood to ensure that the Agency receives fair market value for said real property and that said real property is owned, operated and maintained as a senior citizen residence, and Whereas, the Agency has determined that neither any Agency Member nor any member of the Agency staff has actually signed any Disposition and Development Agreement, contract or other agreement with JB Construction Company for the sale the real property located at 11300 Atlantic Ave, and Whereas, the Agency has determined and believes that one or more qualified real estate developers and /or other qualified persons are willing to pay the fair market value for the real property located at 11300 Atlantic Ave and that said qualified real estate developers and /or other qualified persons are willing to own, operate and maintain said property as a senior citizen residence NOW, THEREFORE the Lynwood Redevelopment Agency of the City of Lynwood does hereby find, determine, order and resolve as follows. Section 1. The vote and action ' on the JB Resolution of November 15, 2005 pertaining to the property located at 11300 Atlantic Avenue and a proposed Disposition and Development Agreement is hereby revoked and rescinded in its entirety and shall have no force, effect, or significance Section 2: The Executive Director of the Agency, or his designee, is hereby authorized and instructed to negotiate with JB Construction Company for the sale of the property located at 11300 Atlantic Avenue for the current fair _ market value of the property based on the restricted rents for use as a senior 1 citizen residence (estimated to be $1,147 with the further understanding that said property will be maintained and operated as a senior citizen residence Section 3: The Executive Director of the Agency is further hereby authorized and instructed that in the event that JB Construction Company fails and /or refuses to agree to purchase the property located at 11300 Atlantic Avenue for its fair market value as authorized by this resolution within 30 days of the passage of this resolution, the Executive Director shall cause to be prepared and circulated a Request For Proposal soliciting qualified developers and /or other interested persons to purchase said propertyfor its fair market value with the further understanding that said property will be maintained and operated as a senior citizen residence Section 4: The Executive Director is further directed and instructed to present any and all proposed contracts or agreements for the sale of the property located at 11300 Atlantic Avenue to qualified developers and /or other interested persons to the Agency for approval. Section 5: This resolution shall be effective immediately upon its passage PASSED, APPROVED and ADOPTED this 15th day of August 2006 11 IA VASO AIR ATTEST ANDREA L. HOOPER SECRETARY - 'kW- - •- APPROVED RM: R NALD N. WILSON AGENCY COUNSEL i 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 City Council of the City of Lynwood at a regular meeting held on the 15th day of AUGUST , 2006 AYES COUNCILMEMBERS, BYRD, JOHNSON, PEDROZA, AND VASQUEZ NOES COUNCILMEMBER, SANTILLAN ABSENT NONE ABSTAIN NONE 4 'z" ,/'A"""/ Andrea L Hooper, 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 2006.041 on file in my office and that said Resolution was adopted on the date and by the vote therein stated Dated this 15th day of AUGUST , 2006 9 /,/" / W "' Andrea L. Hooper, Secretary