HomeMy Public PortalAbout75-041 (05-06-75)RESOLUTION No.. 75 -41
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD OFFERING TO SELL CERTAIN REAL PROPERTY
TO THE LYNWOOD REDEVELOPMENT AGENCY.
WHEREAS, the City of Lynwood presently owns certain
real property situated within its boundaries, which real property
is more particularly described in Exhibit "A" attached hereto and
by this reference incorporated herein; and
WHEREAS, said real property is situated within the
Lynwood Redevelopment Agency Community Commercial Center (Project
Area "A ", as amended); and
WHEREAS; pursuant to the redevelopment plan for the
said Project Area "A ", the aforesaid real property is proposed
ultimately to be developed for commercial purposes; and
WHEREAS, the City of Lynwood does not now have and
does not anticipate in the reasonably foreseeable future having
a need to utilize the aforesaid real property for public purposes
other than redevelopment purposes; and
WHEREAS, the Lynwood Redevelopment Agency does have a
present need to acquire the aforesaid real property in order to
implement the redevelopment plan for the said Project Area "A ",
NOW, THEREFORE, the City Council of the City of Lynwood
hereby does find, determine, resolve, and order as follows:
1. The recitals set forth hereinabove, and each of
them., _are true_ and - _correct.
2. The public interest and convenience require that
the aforesaid real property be sold to the Lynwood Redevelopment
Agency for redevelopment purposes.
3. The City of Lynwood hereby offers to sell the afore-
said real property to the Lynwood Redevelopment Agency at a price
of $128,438.00 , which price may be paid either in cash
or by - a note of the Lynwood Redevelopment Agency in the form
attached hereto as Exhibit. "B."
4. The appropriate officials of the City of Lynwood
hereby are authorized and directed to execute any and all docu-
ments necessary to effect the sale of the property authorized
herein.
APPROVED and ADOPTED this 6th day of May
19 7,5 .
-ky 4 4A A Z
~ ayor e i y of Lynwood
(SEAL)
ATTEST:
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/City Clerk, City of Lynwood
LYNWOOD REDEVELOPMENT AGENCY
PROMISSORY NOTE
t
For valuable consideration, receipt of which is hereby
acknowledged, the Lynwood Redevelopment Agency hereby agrees to
pay, on 'or before the30thday of June 1.975, to the City
of Lynwood the sum of $128,438.00 together with
simple interest thereon at the rate of seven per cent (7 %) per
annum from the date of this Note until such time as the aforesaid
sum is paid. Said amount shall be paid to the City by the Agency
from any and all funds which become available to the Agency to
pay the costs, loans, moneys advanced to, or indebtedness incurred
by the Agency.
IN WITNESS WHEREOF, this document has been executed
this day of , 1975.
LYNWOOD REDEVELOPMENT AGENCY
By
r _ _ Chairman
By
ATTEST:
Josephine L. Shepherd, Secretary
reasurer
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STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of
Lynwood, do hereby certify that the above and foregoing
resolution was duly adopted by the City Council of said
city at a regular meeting thereof held
in the City Hall of said City on the bth day of
May , 19 75 , and passed by the following vote:
AYES: COUNCILMEN Byork, Green, Liewer, Morr Rowe
NOES: COUNCILMEN None
ABSENT: COUNCILMEN None
CITY CLERK, CITY OF LYNWOOD
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