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RESOLUTION NO. 87 -110
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF LYNWOOD AUTHORIZING
THE AWARD OF ONE HUNDRED THOUSAND
DOLLARS IN COMMUNITY DEVELOPMENT
BLOCK GRANT (CDBG) FUNDS TO THE
LYNWOOD LOCAL DEVELOPMENT COMPANY
' WHEREAS, the Lynwood Local Development Company
(LLDC) was organized in January, 1980 for the purpose of
providing financial assistance to ne_w,and existing busi =_
nesses in the City of Lynwood; and
WHEREAS, the LLDC created a Business Development
Assistance Program (BDAP) to provide below - market interest
rate working capital loans to small businesses in the City
of Lynwood; and
WHEREAS, previous CDBG funds awarded to the LLDC
have been loaned to existing businesses in City of Lyn-
wood, thereby exhausting funds for future loans; and
WHEREAS, the LLDC desires to contract with the
Economic Development Corporation to provide technical mana-
gement assistance to local businesses in the City of Lynwood;
and
WHEREAS, there is an existing demand in the Lynwood
business community for BDAP loans and technical management
assistance; and
' WHEREAS, CDBG funds from the City's 1987 -88 Entitle-
ment Allocation are available for this purpose.
NOW, THEREFORE, the City Council of the City,of
Lynwood does hereby find, proclaim, order and resolve as follows:
Section 1. That 1987 -88 - CDBG funds in the amount of
$100,000 be awarded to the Lynwood Local Development Company
for the purpose of providing below- market interest rate loans
and technical management assistance to new and existing businesses
in the City of Lynwood.
Section 2. That the Mayor is authorized to execute
two copies of the attached agreement with the LLDC.
1987.
PASSED, APPROVED AND ADOPTED thi 7th day of July
ATTEST:
ANDREA L. HOOPER, CitV Clerk
City of Lynwood
APPROVED AS TO FORM:
C TY A O NEY< &'�tm)
PAUL H. RICHARDS III, Mayor
City of Lynwood
APPROVED AS TO CONTENT:
V 4 �rl
E L:.MAS, Director
Community Development Dept.
I
NOTED AS TO CONTENT:
COUNTING MANAGER
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned.City 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 7th day of July 1987.
AYES: COUNCILMEMBER BYORK, MORRIS, RICHARDS
NOES: COUNCILMEMBER HENNING, WELLS
ABSENT: NONE
�. ;. r „ -
r
`Andrea L. Hooper, City Clerk
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood and
-
Clerk of the City Council of said City, do hereby certify that
the above and foregoing is a full, true and correct copy of
Resolution No. 87 -110 on file in my office and that said resolution
was adopted on the date and by the vote therein stated.
Dated this 3rd day of August 1987.
Q 2 � City Cler 6