HomeMy Public PortalAbout2006-150A (08-15-06)RESOLUTION NO. 2006.150-A
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD TO
AUTHORIZE A LETTER OF COMMITMENT PERTAINING TO THE APPLICATION
FOR ENTERPRISE ZONE DESIGNATION
WHEREAS, the State of California provides performance based tax credits and
incentives to Enterprise Zone businesses to promote Smart Growth by revitalizing
~~ chronically deteriorated areas, hire the most difficult to hire residents in private sector
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WHEREAS, an Enterprise Zone is a geographical area in which companies are
eligible for exclusive incentives and programs including tax credits for sales and use
taxes paid on qualified machinery purchases, tax credits for hiring qualified employees,
interest deductions for lenders on loans to firms within the areas, fifteen year net
operating loss carry forward, accelerated expense deduction, and priority for various
State programs, such as State contracts; and
jobs, and retain, expand and reward businesses that participate in these objectives; and
WHEREAS, the City of Lynwood understands and acknowledges that the
application for Enterprise Zone Designation is amulti-jurisdictional application and that
the Zone includes geographic areas within the City of Lynwood as well as within the City
of South Gate; and
WHEREAS, the City of Lynwood desires to apply for Enterprise Zone
designation and as part of the application for Enterprise Zone designation is required to
provide a letter of commitment of resources relative to the ongoing operation of the
Enterprise Zone including specific staffing, staff time, and funding commitments.
NOW, THEREFORE the City Council of the City of Lynwood does hereby resolve
as follows:
Section 1. The City Council of the City of Lynwood authorizes the attached
letter of commitment to be executed in furtherance and in compliance with the
requirements of the Enterprise Zone application for designation process.
Section 2. This Resolution shall go into effect immediately upon its adoption.
PASSED, APPROVED and ADOPTED this 15~h day of August 2006.
a Vasquez, Mayor
ATTEST:
erk
( j Albert Esp noza
,'
Deputy City Clerk
APPROVED AS TO FORM
City Attorney
. Enri e a Inez, Cit M Hager
APPROVED AS TO CONTENT:
~%i'~~ ~
William Rawlings
Redevelopment Director
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 15th day of AUGUST , 2006.
AYES: COUNCILMEMBERS, BYRD, JOHNSON, PEDROZA, SANTILLAN, AND YASQUEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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Aud
Albert Espinoza
Deputy City Clerk
STATE OF CALIFORNIA )
SS.
COUNTY OF LOS ANGELES )
I, 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. 2006.150-A on file in my office and that said Resolution was
adopted on the date and by the vote therein stated.
Dated this 15th day of AUGUST , 2006.
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.t~c.Cter1~
Albert Espino a
Deputy City Clerk