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