HomeMy Public PortalAbout2008.095 (06-03-08)RESOLUTION NO. 2008.095
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD AMENDING
RESOLUTION NO. 2008-070 APPROVING A LOAN AGREEMENT IN CONNECTION
WITH AN AFFORDABLE HOUSING PROJECT BETWEEN HABITAT FOR
HUMANITY OF GREATER LOS ANGELES, THE LYNWOOD REDEVELOPMENT
AGENCY AND THE CITY OF LYNWOOD FOR HABITAT TO PURCHASE,
REHABILITATE, DEED RESTRICT, AND RESELL 5525 CLARK STREET AND 3076
REDWOOD AVENUE TO A HUD QUALIFIED LOW INCOME HOUSEHOLDS
WHEREAS, Sections 3 and 4 of Resolution No. 2008.070 requires the City
Treasurer to make the appropriate transfer of Funds for each property prior to May 15,
2008; however, said transfer has not occurred due to the escrow process; and
WHEREAS, The City desires to revise the date by which the funds are to be
delivered into escrow.
NOW, THEREFORE, the City Council of the City of Lynwood does hereby
resolve as follows:
Section 1. That Section 3 of Resolution No. 2008.070 is hereby amended to direct
the City Treasurer to make the appropriate electronic transfer of funds, or
transfer of funds, preferred by the designated escrow company, to the
escrow designated for the sale of 5525 Clark Street consistent with the
terms of the Loan Agreement.
Section 2. That Section 4 of Resolution No. 2008.070 is hereby amended to direct
the City Treasurer to make the appropriate electronic transfer of funds or
transfer of funds, preferred by the escrow company, to the escrow
designated for the sale of 3076 Redwood Avenue consistent with the
terms of the Loan Agreement.
Section 3. That except as set forth herein, other provisions of Resolution No.
2008.070 shall remain in full force and effect.
PASSED, APPROVED, AND ADOPTED this 3rd day of June, 2008.
ATTEST:
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Maria Quinonez,"Secretary ~i~
APPROVED AS TO FORM:
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Fred Galante, Agency Counsel
Maria T. Santillan, Mayor
Roger L. Haley, City Manager
APPROVED AS TO CONTENT:
Hempe, Assistant City Manager
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 3~d day of June, 2008.
AYES: COUNCIL MEMBERS, CASTRO, MORTON, RODRIGUEZ, AND
SANTILLAN
NOES: NONE
ABSENT: FLORES
ABSTAIN: NONE
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Maria Quinonez, C'`y 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. 2008.095 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 3~d day of June, 2008
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aria Quinonez, ~,ty Clerk
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