HomeMy Public PortalAbout2017.274 (12-19-18) RESOLUTION NO. 2017.274
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING
THE BILLBOARD SIGN EASEMENT AGREEMENT WITH KUDCO DIVERSIFIED, INC.,
KUDCO DIVERSIFIED, LLC, AND BULLETIN DISPLAYS, LLC FOR THEIR 10
EXISTING BILLBOARDS LOCATE ALONG THE CENTURY (105) FREEWAY AND
APPROVING AN INSTALLMENT NOTE
WHEREAS, on or about February 24, 2005 the City of Lynwood and Bulletin
Displays, LLC. entered into an Agreement for Lease And Development Fees ("Lease") for
the purposes set forth in the Agreement;
WHEREAS, the City of Lynwood and Bulletin Displays have amended the
Agreement several times, including on or about October 11, 2006 by way of the First
Amendment To Agreement For Lease and Development Fees ("First Amendment"), on or
about October 21, 2008 by way of the Second Amendment To Agreement For Lease and
Development Fees ("Second Amendment"), on or about October 5, 2010 by way of the
Third Amendment To Agreement For Lease and Development Fee ("Third Amendment"),
and on or about March 20, 2012 by way of the Fourth Amendment To Agreement For
Lease and Development Fee ("Fourth Amendment"), and on or about March 19, 2013 by
way of the Fifth Amendment To Agreement For Lease and Development Fee ("Fifth
Amendment") for purposes set forth in such amendments (collectively, the "Prior
Amendments"); and
WHEREAS, the Lease and Prior Amendments resulted in Ten (10) off premise
sign, Six (6) of which are located on public city right-of-ways and Four (4) of which are
located on private property; and
WHEREAS, the City and Bulletin Displays wish to terminate the Lease and Prior
Amendments and enter into a Billboard Sign Easement Agreement to provide in
perpetuity easements for the six public right-of-way off-premise signs to Kudco
Diversified, Inc. and Kudco Diversified, LLC and to remove the time limit on all Ten (10)
off-premise signs held by Bulletin Displays, LLC all in consideration for Kudco Diversified,
Inc. and Kudco Diversified, LLC compensating the city with approximately $6,337,272.56
($4,431,456 in payments and approximately $1,945,816.56 in interest payments); and
WHEREAS, the City and Bulletin Displays wish to amend the Agreement, including
the Prior Amendments to enable the City of Lynwood to achieve more value from the Ten
(10) off-premise signs and allow the City of Lynwood to invest in various projects that will
improve the standard of living in the City of Lynwood.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, PROCLAIM, ORDER, AND RESOLVE AS FOLLOWS:
Section 1. The City Council hereby approves the attached Billboard Sign
Easement Agreement to provide in perpetuity easements for the six public right-of-way
off-premise signs to Kudco Diversified, Inc. and Kudco Diversified, LLC and to remove the
time limit on all Ten (10) off-premise signs held by Bulletin Displays, LLC
Section 2. This Resolution is to be given effect upon its adoption by the City
Council of the City of Lynwood and execution of the same by the appropriate parties.
Section 3. The City Clerk shall certify as to the adoption of this City Council
Resolution.
PASSED, APPROVED and ADOPTED on this 19" day of December, 2017.
i
Jos Luis Solache, Mayor
ATTEST:
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Maria Quinonez, Cit 'Clerk
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
/-Cw ,_r
Noe11 a`pia, City Attorney • -- - T - --, ity Manager
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STATE OF CALIFORNIA
) SS.
COUNTY OF LOS ANGELES )
I, Maria Quinonez, 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 19th day of December, 2017.
AYES: COUNCIL MEMBERS SANTILLAN-BEA, CASTRO, ALATORRE AND
MAYOR SOLACHE
NOES: NONE
ABSENT: MAYOR PRO TEM HERNANDEZ
ABSTAIN: NONE
aria Quinonez, ity Clerk O
STATE OF CALIFORNIA
) SS.
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, and the Clerk of
the City Council of said City, do hereby certify that the above foregoing is a full, true and
correct copy of Resolution No. 2017.274 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 19th day of December,
2017.
id "S <o /i
Maria Quinonez,—City Clerk
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