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Home My Public Portal AboutA1992-06-02 LRA, ,; i 2 3 i5:;2 AM PM 71819110 H 21112 t IM REGULAR MEETING 7.30 P.M. LYNWOOD CITY HALL, 11330 BULLIS ROAD LOUIS J HEINE CHAIRMAN 0 6 LYNWOOD REDEVELOPMENT AGENCY 11330 BULLIS ROAD Louis J. Heine, CHAIRMAN Paul Richards, VICE CHAIRMAN Louis Byrd, MEMBER Armando Rea, MEMBER Evelyn Welts, MEMBER LYNWOOD, CALIFORNIA 90262 AGENDA LYNWOOD REDEVELOPMENT AGENCY June 2, 1992 PAUL RICHARDS VICE CHAIRMAN ARMANDO REA MEMBER INTERIM EXECUTIVE DIRECTOR FAUSTIN GONZALES OPENING CEREMONIES: A. Call Meeting to Order B. Roll Call ( HEINE- RICHARDS -BYRD -REA- WELLS) C. Certification of Agenda Posting by Secretary PUBLIC ORAL COMMUNICATIONS (Regarding Agenda Items Only) ITEMS FOR CONSIDERATION I MINUTES OF PREVIOUS MEETING Regular Meeting of May 5, 1992 LOUIS BYRD MEMBER EVELYN WELLS MEMBER AGENCY COUNSEL HENRY BARBOSA 2. A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY LYNWOOD, CALIFORNIA, ALLOWING AND APPROVING THE DEMANDS AND WARRANTS "THEREFOR. ' (310) 603 -0220 I RE EIVED CITY OF LYNWOOD I CITY CLERKS OFFICE 1 r REGULAR ITEMS 3. PROPOSED PLANNED COMMERCIAL DEVELOPMENT DISTRICT DESIGNATION FOR PROPERTY LOCATED IN REDEVELOPMENT PROJECT AREA "A" AND BOUNDED BY ABBOTT ROAD ON THE NORTH, IMPERIAL HIGHWAY ON THE SOUTH, ATLANTIC AVENUE ON THE EAST AND IRREGULARLY ON THE WEST ENCOMPASSING APPROXIMATELY 10.2 ACRES Comments: To request that the Agency direct staff to pursue a Planned Commercial District (PCD) designation pursuant to Section 25 -34 of the Lynwood Municipal Code, for property located in the Redevelopment Project Area "A" and bounded by Abbott Road on the north, Imperial Highway on the south, Atlantic Avenue on the east, and irregularly on the west, encompassing approximately 10.2 acres. Recommendation: That the Agency direct staff to prepare a report to the City Planning Commission to request the designation of the subject properties as a Planned Commercial Development in order to facilitate a comprehensive master planned redevelopment of the subject properties pursuant to Section 25 -34 of the Lynwood Code. 4 PROPOSED USE OF PROJECT TAX INCREMENTS TO FUND THE COST OF OFF -SITE IMPROVEMENTS FOR A RETAIL REDEVELOPMENT PROJECT IN REDEVELOPMENT PROJECT AREA "A" LOCATED AT 9910 LONG BEACH BOULEVARD Comments: To request Agency financial assistance through the use of project tax increments to fund 50% of project off -site improvements (maximum $21,000.00) for a retail redevelopment project located at 9910 Long Beach Boulevard. In order to defray the subject project off -site costs, staff is requesting that the Agency reimburse up to 60% of project tax increment and up to 40% of sales tax generated by the development to fund a maximum of 50% of the off -site improvement costs in an amount not to exceed $21,000.00 Recommendation: Staff respectfully requests that the Agency, after consideration of the foregoing, approve Etco's request for financial assistance to cover up to 50% of the cost of off -site improvements (60% project tax increment, 40% project sales tax generated) in order to defray development costs pursuant to Section 33421 of California Redevelopment Law INFORMATIONAL ITEMS ONLY NONE 2 CLOSED SESSION AGENCY ORAL AND WRITTEN COMMUNICATION PUBLIC ORAL COMMUNICATION ADJOURNMENT Motion to adjourn to a Regular Meeting of the Lynwood Redevelopment Agency to be held June 16, 1992, at 7.30 p.m. in the Council Chambers of City Hall, 11330 Bullis Road. Lynwood. California. :F 1'a: ,,sf 0 0 The Redevelopment Agency of the City of Lynwood met in a regular session in the City Hall, 11330 Bullis Road, on the above date. Chairman Heine in the chair. Members Byrd, Rea, Richards, Wells, Heine, answered the roll call. Also present was Executive Director Heriot, General Counsel Barbosa, Secretary Hooper, and Treasurer Wright. Secretary Hooper announced the agenda had been duly posted in accordance with The Brown Act. PUBLIC ORAL COMMUNICATIONS AGENDA ITEMS ONLY Hearing no response, public oral communications was closed. ITEMS FOR CONSIDERATION: It was moved by Mr. Rea, seconded by Mr. Byrd and carried to approve minutes of Regular Meeting April 21, 1992. IRA RESOLUTION NO. 92 -10 ENTITLED: "A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD, CALIFORNIA, ALLOWING AND APPROVING THE DEMANDS AND WARRANTS THffi2EFOR.• WAS PRESENTED. It was moved by Mr. Rea , seconded by Mrs. Wells to adopt the resolution. ROLL CALL: AYES: MEMBERS BYRD, REA, RICHARDS, WELLS, HEINE NOES: NONE ABSENT: NONE LRA RESOLUTION NO. 92 -11 ENTITLED: "A RESOLUTIONN OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING AN AMENDMENT TO THE AGREEMENT FOR FINANCIAL CONSULTING SERVICES WITH KATZ, HOLLIS, COREN AND ASSOCIATES INCREASING THE ORIGINAL AMOUNT BY $25,000.06 AND APPROVING A BUDGET APPROPRIATION TO BOTH REDEVELOPMENT PROJECT AREAS AND AUTHORIZING THE CHAIRMAN TO EXECUTE.• WAS PRESENTED. It was moved by Mr. Richards, seconded by Mrs. Wells to adopt the resolution. ROLL CALL* AYES: • MEMBERS BYRD, REA, RICHARDS, WELLS, HEINE NOE: NONE ABSENT: NONE �It was moved by Mrs. Wells, seconded by Mr... Rea to adopt the resolution. ROLL CALL: AYES: MEMB&PUS BYRD, REA, RICHARDS, WELLS, HEINE NOES: NONE ABSENT: NONZ INFORMATIO`! ITEMS ONLY: Mayor Heine -announced a Redevelopment Agency Workshop had been scheduled for May 8, 1992, from 8:00a.m. to 1:00p.m. AGENCY OEAL AND WRITTEN COMMUNICATIONS Mr. Richards stated the Redevelopment Agency would play a large part in the reparation of the city. Some extraordinary requests would have to made to the state relative to financing the recovery efforts. Would be recommending to other bodies to urge legislative representatives to enact special legislation that would exempt the City of Lynwood that part of tax increment financing. Feels Agency should move to urge State Legislators to connect legislation exempting city not only from reduction but to restore the supplemental subventions that have already been reduced from city's revenue stream. Should also urge a legislative package including allowing for the immediate designation of certain impacted sites be amended to be included in our redevelopment area so the Agency may assist in the recovery effort. Also legislation allowing the sales and property taxes be funneled back into the city to help rebuild over a term of years. Also package should include ease of permit process for those who are impacted, also the development impact fees associated with new developments not be required of those businesses that are now trying to rebuild, fees be waived as though they were building during the period of time they were originally constructed. Moved and seconded by Richards and Rea respectively, as a subsequent need item. Mr. Rea stated this would exempt local businesses that were affected from the devastation of fire and arson, from having to obtain the necessary permit charges and construction loan permits that are necessitated. Chairman Heine added that those who have for the last month, had water bills, those costs be absorbed. General Counsel Barbosa stated since actual action could not be taken as the item was not on the agenda, to direct staff to put the proposal together for communication to the state. General Counsel Barbosa stated a motion making a finding by 4/5 vote, that the need for this action took place subsequent to posting of the agenda and then carry out the matter. It was moved by Mr. Richards, seconded by Mrs. Wells a subsequent need measure needing 4/5 vote to be heard. ROLL CALL: AYES: • MEMBERS BYRD, REA, RICHARDS, WELLS, HEINE NOES: NONE ABSENT: NONE It was moved by Mr. Richards, seconded by Mr. Rea as stated previously, to include all those recommendations for special state legislation. ROLL CALL: AYES: MEMBERS BYRD, REA, RICHARDS, WELLS, HEINE NOES: NONE ABSENT: NONE Chairman Heine recommended the city waive water bills to those for the last month, whose properties were damaged in the catastrophy. General Counsel Barbosa stated if action was to be taken on an item that was not posted on the agenda, the Council must make a finding that the need for the action arose after the posting of the agenda and would require a 4/5 vote. Stated this should come later under city agenda. It was moved by Mr. Richards, seconded by Mr. Byrd to recess to Closed Session in conjunction with City Council Closed Session. 2 Chairman Heine reconvened the meeting. General Counsel Barbosa stated Agency heard report on Frontier Project. No need for action. There was no further business and the meeting was adjourned. Chairman APPROVED Secretary RFSnLUT InN Nn IPA A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD LYNWOOD, CALIFORNIA ALLOWING: AND APPROVING THE DEMANDS AND ORDERING WARRANTS THEREFOR The Redevelopment Agency of the City oP Lynwood does hereby resolve as follows Section 1 That the demands presented, having been regularly audited, are hereby allowed and approved. and that wa ordered drawn therefor by the Agency Treasure to the payee and in the amounts indicated WARRANT# /DATE DESC 06 -02 -92 198 06- 02 --92 3552 06 -02 -92 3553 06 -02 -92 3554 06 -02 -92 3555 06 -02 -92 3556 06 -02 -92 3557 06 -02 -92 3558 06 -02 -92 3559 06 -02 -92 3560 06 -02 -92 3561 06 -02 -92 PAYEE DESC AMOUNT AREA A ALAMEDA ECONOMIC RESOURCES CORP RENT -ENT DEV ACADEMY 6/92 12,329 34 O 00 12,329 34 RALPH HOROWIT7 TNT PMT -CORP YARD 6/92 10,687 50 0 00 10,687 50 BYRD, LOUIS ROD MTGS 5/05,5/19 60 00 30 00 30 00 HEINE, LOUIS ORD MTGS 5/05,5/19 60 00 30 00 30 00 REA, ARMANDO ORD MTGS 5 /05,5/19 60 00 30 00 30 00 RICHARDS, PAUL ORD MTGS 5/05 5/19 60 00 30 00 30 00 WELLS, EVELYN ORD MTGS 5/05 5/19 60 OO 30 00 30 00 CITY OF LYNWOOD 7At_ °PFN 2 -3/92 CIP 3/92 18,759 29 13,205 21 5,554 OB HOOPFR, ANDREA L UPD MTGS 5/05 5/19 50 00 25 OO 25 00 PACIFIC BAKING ? CATERING CO PIPE "FLOPMFNT WORKSHOP 871 41 435 71 435 70 POSTMASTER FtPRF.SS MAIL SVCS 65 49 32 75 32.74 PYGATT, IRIS ORD MTGS 5/05,5/19 50 00 25 00 25.00 en TOTAL 43,113.03 13,873.67 29,239 36 Section 2 That the Agency Secretary rhall certify to the adoption of the resolution and shall deliver a cer Rifted copy to the Agency Traa and shall retain a copy thereof for the record 1 ! PASSED, APPROVED AND ADOPTFD THE __ - -_ -- day of ATTEST ANDREA L HOOPFR, SECRETARY 1992 LOUIS HEINE CHAIRMAN, Lynwood Redevelopment Agency Q DATE. June 2, 1992 TO- HONORABLE CLAN AND MEMBERS OF THEE AGENCY FROM. Faustin Gonzales, Interim City Manager BY Kenrick R. Karefa- Johnson, Director Community Development Department SUBJECT. PROPOSED PLANNED COMMERCIAL DEVELOPMENT DISTRICT DESIGNATION FOR PROPERTY LOCATED IN REDEVELOPMENT PROJECT AREA "A" AND BOUNDED BY ABBOTT ROAD ON THE NORTH, IMPERIAL HIGHWAY ON THE SOUTH, ATLANTIC AVENUE ON THE EAST AND IRREGULARLY ON THE WEST ENCOMPASSING APPROXIMATELY 10.2 ACRES Purpose: To request that the Agency direct staff to pursue a Planned Commercial District (PCD) designation pursuant to Section 25 -34 of the Lynwood Municipal Code, for property located in the Redevelopment Project Area "A" and bounded by Abbott Road on the north, Imperial Highway on the south, Atlantic Avenue on the east, and irregularly on the west, encompassing approximately 10.2 acres. Discussion: On February 11, 1992, the City Planning Commission granted West Coast Private Equity Partners a Conditional Use Permit (CUP 105) to develop and operate Central Appliance, a 77,000, square foot retail store at the southwest intersection of Pendleton Avenue and Atlantic Avenue. West Coast Equity Partners is considering the acquisition of adjacent property to satisfy parking and development requirements and is considering the expansion of original development plans to include properties to the south of the original development site. Concurrent with the development of Central Appliance, staff has met with developers interested in the acquisition of the former Lucky Supermarket site, adjacent to Central Appliance, for the development of a variety of retail uses including a 20,000 square foot specialty market, 30,000 square feet of specialty retail uses and a restaurant facility The proximity of the proposed projects and their strategic location in the City, present an unusual opportunity to master plan up to 10.2 acres of development to achieve an optimal redevelopment of the subject properties. The Planned Commercial Development District designation of the subject properties as prescribed in Section 25 -34 of the Lynwood Municipal Code will permit a master planned development to facilitate planning for project parking, site ingress and egress, coordination of off -site improvements and the provision of common area design treatment to create an attractive and efficient retail development. The proposed Planned Commercial Development District designation of the subject properties �\ ill facilitate the redevelopment of property, replace obsolete retail uses and enhance a highly % isibte portion of the commercial corridor along Atlantic Avenue, while generating additional City sales tax and tax increment revenues. Property Description: The subject properties described on the attached map encompass approximately 10.2 acres and are comprised of several vacant or obsolete retail uses. The proposed Central Applicance site is occupied by an obsolete variety store retail use. An auto parts store, surface parking, a welding school aild a strip center are located immediately to the south of the proposed Central Appliance site. The former Lucky Supermarket is comprised of an obsolete 34,000 square foot structure and surface parking. Recommendation: That the Agency direct staff to prepare a report to the City Planning Commission to request the designation of the subject properties as a Planned Commercial Development District in order to facilitate a comprehensive master planned redevelopment of the subject properties pursuant to Section 25 -34 of the Lynwood Code. Attachments: 1 location map 2. site plan 3 resolution 3 LRA RESOLUTION 92- A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD RECOMMENDING THE DESIGNATION OF A PLANNED COMMERCIAL DEVELOPMENT DISTRICT FOR PROPERTIES LOCATED IN THE REDEVELOPMENT PROJECT AREA "A" AND BOUNDED BY ABBOTT ROAD ON THE NORTH, IMPERIAL HIGHWAY ON THE SOUTH, ATLANTIC AVENUE ON THE EAST, AND IRREGULARLY ON THE WEST, ENCOMPASSING APPROXIMATELY 10.2 ACRES IN THE C -3 (HEAVY COMMERCIAL) ZONE. WHEREAS, the Lynwood Redevelopment Agency, pursuant to law, conducted a public hearing on the subject designation, and WHEREAS, the Lynwood Redevelopment Agency considered all pertinent testimony offered at the public hearing; and WHEREAS, the Community Development Director has determined that the proposal will not have a negative effect on the environment, and has therefore declared a Negative Declaration for the project; and WHEREAS, the Planned Commercial Development District designation of the subject properties will facilitate the redevelopment of property, replace obsolete retail uses and enhance a highly visible portion of the commercial corridor along Atlantic Avenue; and WHEREAS, concurrent development of the subject properties offers the opportunity to master -plan two blocks of commercial frontage along Atlantic Avenue commensurate with the goals and objectives of the City's General Plan, and NOW, THEREFORE, the Lynwood Redevelopment Agency does hereby find and determine as follows: Section 1. The proposed Planned Commercial Development District will facilitate the redevelopment of a major portion of the Atlantic Avenue commercial corridor. Section 2. The proposed Planned Commercial Development District will facilitate master planning of a two block area of the City to enhance area parking, site ingress and egress, coordinated off -site improvements and the provision of common area design treatment. Section 3. The establishment of the Planned Commercial Development designation for the subject properties will not adversely affect the General Plan. l No 1 f jr NOWFEM Inial Tk - Ave SR Proposed Planned Commercial flu `.� —•a -�Wfftj Develop � C' Y • t ,f v 0 9 r 0 i } �• n �- LV O ^ 7 m H � a � O n •1 ,C z � o i s 2 fPi� ipi' I p I + � m ~ mm �75 .,. + � m II • A ., �I_ �� ICI ( rN...,., I Jl /( �� - r ^..�,��+.y, - y YI. 0 0 DATE: June 2, 1992 TO: HONORABLE CHAIRMAN AND MEMBERS OF THE AGENCY FROM: Faustin Gonzales, Interim City Manager BY: Kenrick R. Karefa - Johnson, Director Community Development Department SUBJECT: PROPOSED USE OF PROJECT TAX INCREMENTS TO FUND THE COST OF OFF - SITE IMPROVEMENTS FOR A RETAIL REDEVELOPMENT PROJECT IN REDEVELOPMENT PROJECT AREA "A" LOCATED AT 9910 LONG BEACH BOULEVARD. Purpose: To request Agency financial assistance through the use of project tax increments to fund 50% of project off -site improvements (maximum $21,000.00) for a retail redevelopment project located at 9910 Long Beach Boulevard. In order to defray development of the subject project off -site costs, staff is requesting that the Agency reimburse up to 60% of project tax increment and up to 40% of sales tax generated by the development to fund a maximum of 50% of the off -site improvement costs in an amount not to exceed $21,000.00 Facts: 1. On January 6, 1989, the Site Plan Review Committee approved Etco's application to develop a small shopping center at 9910 Long Beach Boulevard, with certain conditions. More specifically, one such requirement was to consolidate the adjacent lots of the subject property. 2. On February 14, 1989, Etco received approval for a Tentative Parcel Map (TPM) by the Lynwood Planning Commission to consolidate three parcels into one at 9910 Long Beach Blvd. 3. On February 7, 1991, the project developer, Mr. Keyvan, met with staff to discuss his request. At the meeting, Mr. Keyvan informed staff that the construction cost estimate for off -site improvements required and compiled by the City's Public Works Department, would amount to $42,000. In order to defray the cost, partially, Mr. Keyvan is seeking assistance from the Agency to cover half of the off -site construction expense. 4. On February 19, 1991, staff sent Mr. Keyvan a letter requesting more detailed information along with a copy of Proforma Analysis for the purpose of evaluating the merits of the request for financial assistance. 5. Mr. Keyvan's submitted Plan Check has been approved by both the Building Division and Public Works. Analysis: The project proponent is requesting Agency participation for the second time. Given the economic recession and the fact that Agency participation will not require out -of- pocket cash contributions, staff believes the proposed Resolution/Agency participation deserves Agency's consideration. The project will basically pay for itself. The projected annual sales tax to be generated is $74,250 in year one, 40% of which equals $29,700. Consequently, it is expected that 50% of the off -site improvements can be paid for by the end of the first year. Recommendation: Staff respectfully requests that the Agency, after consideration of the foregoing, approve Etco's request for financial assistance to cover up to 50% of the cost of off -site improvements (60% project tax increment; 40% project sales tax generated) in order to defray development costs pursuant to Section 33421 of California Redevelopment Law. M .,,i. LRA RESOLUTION NO. 92- A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY ( "THE AGENCY ") APPROVING A REQUEST FROM ETCO CONSTRUCTION COMPANY FOR FINANCIAL ASSISTANCE WHEREAS, Farrouk Keyvan, President of Etco Construction, has obtained approval to develop a retail center at 9910 Long Beach Boulevard, and WHEREAS, Farrouk Keyvan submitted a request to staff for the purpose of receiving financial assistance from the Agency to develop the project; and WHEREAS, an evaluation of the project financing indicates that Agency financial assistance is required in order to facilitate project development; and WHEREAS, particularly in a time of economic recession, the Lynwood Redevelopment Agency wishes to support and facilitate development in Lynwood, and WHEREAS, the method of Agency participation does not require up -front 'but -of- pocket" cash participation, and WHEREAS, the Public Works Director has established that the cost of the off -site improvements will not exceed $42,000.00 (see attachment); NOW, THEREFORE, the Lynwood Redevelopment Agency does hereby resolve as follows: Section 1. The Agency contribute 50%,of the project off -site improvements in an amount not to exceed $21,000.00. (60% tax increment; 40% sales tax generated from the project). Section 2. This resolution shall go into effect immediately upon its adoption. APPROVED AND ADOPTED by the Lynwood Redevelopment Agency this 2nd day of June, 1992. ATTEST Andrea L. Hooper, Secretary APPROVED AS TO FORM. Henry S. Barbosa Agency Special Counsel LOUIS J. HEINE, CHAIRMAN Lynwood RedevelopmentAgency APPROVED AS TO CONTENT Kenrick R. Karefa - Johnson Community Development Director l •EEAgE BY / DATE CITY OF LYNWOOD PUBLIC WORKS DEPT. PAGE NO. NECKED BY DATE PROJECT 9/O G o. ✓c7 T'c, SUBJECT Co.�s, — , co 3T EsrMq 2, / ever ; ZO3 Lf �"- 3, B" pac 4o";) �= -- �,q Cmaauir� wJRN <, Zvo Lf X /S�LT 3 000 =' 7iL rr/c �/tE LoC� �A K�, 000 x/12 �o 000 8, GdA 7 L TL M6 7r- TG : / GA 000 /EA : �"� 0 D 0 77tt�� : lOEq X3 oo /Eq= 7�jgoo�, /D, CurG� D�1, �✓; : e A X 7e'/5v /�� X- - 84) 8 0 56 /00 > X4 v oo Attachment ' Adect nw* LYNWOOD GATEWAY SHOPPING CEI:TER 9910 LONG LEACH 3LVL., LYNWOOD, CALIFORNIA PROJECTED DATA P= S F-` REDEVELOPMENT AGENCY OF T-E i= ?Y OF LYNWOOD. P= PPA_RED E ETCO CONSTRUCTION CO., AiID D= 7ELOPriENT. 0 0 TABLE, OF CONT.N 73 page 1- Cover sheet ............. ..............................1 2- Table of contents ....... ..............................2 3- Land use information .... ..............................3 4- General lease information .............................4 5- Pre -lease information .. ............................... 6- Request for City of Lynwood participation .............6 • • 0 T.:= OF COz.T_E _G pa4e i - Cover sheet ............. ..............................1 2- Table of contents ....... ..............................2 3- Land use information .... ..............................3 41- General lease informa_- ion ------------ - - -- -- - - -- 5- Pre -lease information ... ..............................5 S - Request for City of Lynwood participation .............6 USE = _:FORMATION. • Site Area: 0.40 acres 117,584 sq.ft.) Parking Spaces: 15 surface ( 1 handicap, 4 compacts) _and Csa Plan: ac. -- of site 3uilding Coverage ..................... 5,950 34% Paved Area ... .........................1C.792 61p Landscaping ........................... 342 5% Total ........ .........................1 - . 58= 100% 301dina information: Gross 3011 ing Area: 5,95 square fee - . net Ren7able Area: 5,950 square feet. .aximum Number of Tenants (sto °es): Hinimum Square Footage of Stores: 750 square feet. Type of 3u'- lding: build tc suite. Economic Information: "Land Cost: 1280,000 Site Imtrovement Costs: Demol _tion ....................... --- Graci :.g ......................... 3,2 Landscaping ......... ........... 2,5C Curo•s, gutters, side,.alas....... 05,Lo- Re locate traffic and str. lig..t. ),Cc Relocate fire hydrant........... FO Ne.. tree wells .................. -- Total ?4155' ........................... 0 0 Lease _nfor- ation: Rate. 61.75 per square foot of net rentable area AN lease Construction Costs: QE fees .......................8 6,5OJ Surveying & civil enE.......... 3,200 Landscape design ............... 500 Parcel map ..................... 5,000 Parking lot .................... 6,500 Lumber, carpentry .............. 72,000 E1ect7ical ..................... 20,000 rVHC ........................... 15,000 Plumbing ....................... 20,00:, '' ConCre-e ......................• 13,m _ROoIi`__ ....................... 10,00 St UCc : ........................• 6,50C .,cons ical tiles ............... 6,00C insula- ion ..................... 3,OOC Doors 0 ndow hardware........... 10,00C Drywall . . . . . . . . . . . . . . . . . . . . . . . . 4,50C =ermi7s ........................ �,O& Temporary facilities........... 2,OOC Conne =-ion fees ................ 10,000 Common Labor ................... 2,50C ContinSency .................... 15,000 Supervision .................... 16,000 256,200 Site = _provements .............. 54,50C Total .......................... 310,70C Projected Finst Year Profi= and Loss Statement: G ross income .........................S Operating ex lenses: . ianageme- t ......................• Adminis- nation ................... 50- 4ainte nne ...................... 2 Utilities ........................ 1,20 Tnsu o ........................ 2 Propert, ax ..................... 7,5V - T otal _ Net Jpe °ati Income . ................. 20.' 1_ LessDebt S. rice .................... -- ;'c- Iet Income .. ........................ 32.94_ * NUN lease:. 0 0 PRE-LEASE :. ORMATION: '_ype cf stc -e: Pastry and donuts Square footage: 750 s.ft. Avg. month. sales: $25,000 Avg. sales tax generated: 52,000 -2,100 per month Type of stc-e: Chinese fast food and icecream Square oc-a-e: 1275 s.ft. Avg. month. sales: $30,000 Avg. sales tax generated: $2,400 -2,500 per month Type of stcre: 99 cent store Square footage: 1357 s.ft. Avg. month. sales: 520,000 Avg. sales tax generated: S1,0 -1,700 -_r month Projected _ata: iiith apprc ::`_ately 57% of the net rentable area pre - leased, the total annual sales and sales tax figures are as follows: 1- Sales per year of existing pre-leases ........ 3 900,000.00 2- Sales ta- venerated ..........................5 74,250.00 Assuming the sales from presently vacant spaces are at an average of acout $100,000 per year, then conservatively speaking the total sales should be at least $1,00O per year. With this figure, the sales tax would be approximately $82,500 per year. ?.1:.T- CIPATI0N IN W= DEi+i =iG LC: +G BE.; _ 3 �L "v. The costs to widen the Long Beach at T.,eedy has been estimated to be in the neighborhood of S 54,00:;.00. The developer is requesting a 50% participation ( approx. S 25,000 ) by the City of Lynwood. Depending on the percentage of Sales Tax revenues to the City of Lynwood by the State, it ^an be conseriatively said that the City's invest =ent should be , eturned within 12 to 13 montns of operation by tnis Center.