HomeMy Public PortalAbout2008.112 (07-01-08)RESOLUTION NO. 2008.112
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A'RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
APPROVING THE RETURN OF FUNDS FROM THE GENERAL FUND
(POOLED FUNDS) TO THE HOME PROGRAM INCOME FUND (RESTRICTED
FUNDS).
WHEREAS, On May 15, 2007, the City Council authorized the purchase
of 3579 Brenton Avenue located in Lynwood, California, and
WHEREAS, During the due diligence activities it was discovered through
tenant interviews that the property was assisted by Section 8 housing, being that
the property was already assisted by Federal funds, the City felt that it would not
be accomplishing HUD's goals of creating additional affordable housing by
purchasing said property; and
WHEREAS, Due to this factor, the City decided to withdraw its offer from
3579 Brenton Avenue and pursued instead the purchase of 3254 Palm Avenue
and 3250 Magnolia Avenue,
WHEREAS, the funds deposited into escrow were returned to the City and
deposited into the City's general fund; and
WHEREAS, the $300,000 of HOME program income funds that were not
used towards the purchase of 3579 Brenton Avenue need to be returned to the
HOME program income account for use on another eligible project
NOW THEREFORE the City Council of the City of Lynwood does
hereby find, order, and resolve as follows:
Section 1. That the City Council approves the return of funds from the
General Fund (Pooled Funds) to the HOME Program Income Fund (Restricted
Funds).
Section 2: That this Resolution goes into effect immediately upon its
adoption.
PASSED, APPROVED AND ADOPTED this 1st day of July 2008.
MAf~IA T. SANTILLAN
MAYOR
ATTEST:
~" --~',
MARIA QUINON Z G L. EY
CITY CLERK CITY MANAGER
APPROVED AS TO FORM:
F'
J a
F ED G LANTE
CITY ATTORNEY
L Y HEM
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 1St day of July, 2008.
AYES: COUNCIL MEMBERS, CASTRO, FLORES, MORTON.,
~, RODRIGUEZ, AND ~fSANTILLAN
NOES: NONE
ABSENT: NONE
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. 2008.112 on file in my office and that said
Resolution was adopted on the date and by the vote therein stated. Dated this
1S,It day of July, 2008
~ ~_
i lerk
aria Quinonez, C ty C
ABSTAIN: NONE