HomeMy Public PortalAbout2006-197 (11-07-06)RESOLUTION NO. 2006.197
A RESOLUTION AUTHORIZING A LOAN ($613,425) BETWEEN THE CITY OF
LYNWOOD AND THE LYNWOOD REDEVELOPMENT AGENCY FOR THE
REPAYMENT OF HOME FUNDS TO THE DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT (HUD) AND THE APPROPRIATION OF $613,425 FROM THE
GENERAL FUND BALANCE (FUND #01)".
WHEREAS, The following homes were built or renovated with. HOME funds:
3571 and 3599 Lynwood Road, $104,764; 12033 Atlantic Avenue, $45,000; 11434
State St., $380,322; 5206 through 5208 Martin Luther King Blvd., $75,711; and a
single-family rehabilitation project, $7,628; and
WHEREAS, The homes are ineligible for HOME funds for various reasons
including the absence of deed restrictions on .the units, and therefore the use of Federal
HOME funds is not appropriate; and
WHEREAS, The projects meet the definition of a terminated project pursuant to
HUD guidelines for the HOME program and therefore the Agency intends to refund the
Federal HOME funds utilized to build or rehabilitate these homes.
NOW THEREFORE, the City of Lynwood does hereby find, proclaim, order and
resolve as follows:
Section 1. The projects located at 3571 and 3599 Lynwood Road, $104,764;
12033 Atlantic Avenue, $45,000; 11434 State St., $380,322, 5206 through F208
Martin Luther King Blvd., $75,711 and $7,628; are hereby terminated.
Section 2. The City of ..Lynwood authorizes the termination of the projects
~"'~, `listed in Section 1 and the repayment of HOME funds utilized for those projects
to the Department of Housing and Urban Development ("HUD"). In an
agreement with HUD, the City is required to submit half ($306,712.50) of the
repayment immediately and the remaining balance ,($306,712.50) no later than
September 30, 2007.
Section 3. Authorized the Mayor to sign Attachment B- "Repayment
Agreement":
Section 4. Transfer funds as a loan to the Lynwood Redevelopment Agency
from the General Fund Balance (Fund #01) for disbursements to HUD.
Section 5. This resolution shall go into effect immediately upon its adoption by
the City.
PASSED, APPROVED, and adopted this 7th day of November 2006.
Leticia Vasquez, ayor
LO IS BY YOR
,11~I
Andrea L. Hooper, City Clerk . Enri a artinez, ity Manager
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
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C~ '~
City Attorney William A. Rawlings, Director of
Redevelopment
i
STATE OF CALIFORNIA }
~ )SS.
COUNTY OF LOS ANGELES. )
I, the undersigned, City~C]e,rk of=ahe:lCity: of. Lynwood, -,; do hereby
certify that the foregoing Resolution was passed and adopted by the Gi.ty: Counci 1 at
its regular meeting held on the 7TH day of NOVEMBER , 2006.
AYES: COUNCILMEMBERS, BYRD, JOHNSON, PEDROZA, SANTILLAN, AND VASQUEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
v~~
Andrea L. Hooper, Secretary
STATE OF CALIFORNIA
)SS.
COUNTY OF LOS ANGELES )
I, the undersigned, `City lCl erk` of -the Ci ty';of Lynwood, ~ ° do hereby
certify that the above foregoing is a full, true and correct copy of Resolution No,
2006.197 on file in my office and that said Resolution was adopted on the
date and by the vote.therein stated.
Dated this _ 7TH day of NOVEMBER , 2006.
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Andrea L. Hooper, Secretary