HomeMy Public PortalAboutA 1990-01-17 LYNWOOD LOCAL DEVELOPMENT COMPANYLYNWOOD LOCAL DEVELOPMENT COMPANY
BOARD OF DIRECTORS
Wednesday, January 17, 19901
y
3:00 p.m.
City Council Chambers
Lynwood City Hall
11330 Bullis Road
Lynwood, CA. 90262
BERNARD LAKE
SECRETARY - TREASURER
CELIA ARROYO
MEMBER
HARRY PRINS
MEMBER
I. OPENING CEREMONIES:
A. CALL TO ORDER
1. Flag Salute
2. Roll Call
B. Certification of Agenda Posting
II. APPROVAL OF MINUTES - December 13, 1989
III. ITEMS FOR CONSIDERATION
A. J & A EXPRESS RESOLUTION
B. LLDC SIGNATURE CARD UPDATE
C. ,LOAN GRANTING CRITERIA (1st. Draft)
D. LLDC TAXES DUE
E. AUDIT LLDC BOOKS
IV. STAFF ORALS
V. BOARD ORALS
VI. ADJOURNMENT - February 21, 1990
RECEIVED
CITY OF LYNVVOOD I
CITY CLERKS OFFICE
JAN 12 1990
AM PM
7 1 8 1 9 1 10 1 11 1 12 1 1 1213141516
LEIGHTON HULL
PRESIDENT
LA VONEIA STEEL
VICE PRESIDENT
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LYNWOOD LOCAL DEVELOPMENT COMPANY
MINUTES
December 13, 1989
LLDC Board Members Present:
Absent:
City Staff Present:
OPENING CEREMONIES:
Chairman Leighton Hull
Bernard Lake
Harry Prins
Celia Arroyo
La Voneia Steele
Kenrick R. Karefa- Johnson, Interim
Director of Community Development
The meeting of the Lynwood Local Development Company was called
to order at 3:00 p.m. The flag salute was waived.
APPROVAL OF MINUTES•
Bernard Lake pointed out the fact
again misspelled on the minutes
that correction moved that the mi
passed.
ITEMS FOR CONSIDERATION:
that Mr. Prins's name was once
of November 13, 1989, and with
nutes be adopted. Seconded and
I. J & A Express request for assistance.
Mr. Karefa - Johnson briefed the board on the findings of the
consultant review and analysis of J & A's application and
recommended approval of the loan. The Chairman offered the
opportunity to the Board to ask questions of Mr. Johnson and
his C.P.A. In response to a question from Boardmember
Bernard Lake, Mr. Johnson briefed the Board and staff
regarding a recent business opportunity for J & A Express.
Mr. Johnson explained to the Board that he was presented the
opportunity to work for the L.A. County Sanitation District.
This account was offered to him verbally, by Mr. Clovis
Ramirez and entailed the repair of 300 HP machines. He
therefore wishes to change the use of the funds he applied
for. Instead of buying two ovens, he asked to use the funds
of $15,000.00 for the purchase of one oven and testing
equipment he needs to service said new account. The Board
recessed to Closed session, considered the matter and
unanimously agreed to approve a loan in the amount of
$20,000,.00; $15,000.00 of which will be given to the
applicant upon processing by the bank and $5,000.00 which
will be held in escrow, accessible to J & A Express through
the LLDC Board. Furthermore, J & A Express is requested to
present a business plan to the Board.
STAFF ORALS
1. Mr. Karefa- Johnson reported to the Board his discussion with
C.D.C. to formulate loan granting criteria in order to build
in more uniformity /equity in the manner of funding and asked
the Board if they wished to entertain such a suggestion. The
Board expressed support for the idea. The matter will be
agendized for the next meeting.
?. Mr. Karefa- Johnson reported that he wished to agendize an
item relative to LLDC taxes due and an item relative to the
yearly audit of LLDC books.
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ADJOURNMENT
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With no further business to come before the Board, a motion was
unanimously carried to adjourn to the next regular meeting of
January 17,, 1990 at 3:00 p.m.
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BOARD ORALS
'
1. Chairman Leighton Hull
expressed his wish
to have
the
•"
preparation and submittal
of a business plan
included in the
criteria under which the
LLDC makes funding
decisions.
The
Board expressed support
for the suggestion
and staff
will
-
include that in the draft
criteria which will
be formulated.
2. Boardmember Bernard Lake
reminded staff to
update the
LLDC
Bank Account signature card.
ADJOURNMENT
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With no further business to come before the Board, a motion was
unanimously carried to adjourn to the next regular meeting of
January 17,, 1990 at 3:00 p.m.
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