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RESOLUTION NO. 2006.002
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY AUTHORIZING
THE EXECUTIVE DIRECTOR TO EXECUTE PURCHASE AND SALE AGREEMENTS
FOR PROPERTIES LOCATED WITHIN THE WHISPERING GLEN PROJECT AREA
AND APPROPRIATING FUNDS FROM AREA A LOW AND MODERATE INCOME
HOUSING FUND 26 TO REAL ESTATE PURCHASE FUND 12-5040
WHEREAS, the Lynwood Redevelopment Agency ("Agency") approved a
Disposition and Development Agreement with Whispering Glen, LLC ("Developer")
providing that the Agency was to assemble and acquire property located within the area
bounded by Atlantic Avenue and Carlin Avenue and as more specifically described in
Attachment A;
WHEREAS, after the Agency has acquired certain amounts of property described
in Attachment A the Developer is to build up to 46 homes, 20% of which are to be
purchased and occupied by households with moderate and low income;
WHEREAS, on August 26, 2004 the Agency approved resolution 2004.029-A
providing the Executive Director authority to negotiate the acquisition of certain real
property located within the Whispering Glen Site area described in attachment A;
WHEREAS, resolution 2004.029-A required the specific terms of any negotiated
sale agreement to be subject to Agency approval;
WHEREAS, the purchase and sale agreements negotiated by the Deputy
Executive Director for properties located at 12139 Atlantic Avenue, Lynwood California,
90262 and 3217 Carlin Avenue, Lynwood California, 90262 are within the Whispering
G!er: Site area and prJJide that the Ays~~cy vvili Nay within 10°o if the apNraised price of
the properties;
WHEREAS, the agreed prices and terms for the properties located at 12139
Atlantic Avenue and 3217 Carlin Avenue are fair and provide for adequate compensation
to the property owners;
WHEREAS, there are sufficient funds in the Area A Low and Moderate income
housing fund for the purpose of creating Low and Moderate income housing;
WHEREAS, there are currently no funds budgeted for the acquisition of real
property;
WHEREAS, the appropriation of $840,000 to the acquisition budget, which
includes $825,000 towards the purchase of the two properties located at 12139 Atlantic
Avenue and 3217 Carlin Avenue and $15,000 for potential costs is an appropriate
expenditure of funds;
NOW, THEREFORE, IT IS RESOLVED by the Lynwood Redevelopment Agency
as follows:
Section 1. The Agency hereby finds that the purchase and sale agreement
between the Lynwood Redevelopment Agency and the property owners provide fair and
adequate prices and terms to the property owners located at 12139 Atlantic Avenue,
Lynwood, California, 90262 and 4317 Carlin Avenue, Lynwood, California, 90262.
Section 2. The Agency finds that the purchase of the properties located at
12139 Atlantic Avenue and 4317 Carlin Avenue in the City of Lynwood is in the best
interests of the City, is in accordance with the Redevelopment Plan, is consistent with the
Third 5 Year Implementation Plan adopted pursuant to Health and Safety Code Section
33490 and is in furtherance of the Disposition and Development Agreement entered into
between Whispering Glen, LLC and the Agency.
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Section 3. The Executive Director of the Agency, or his designee, is hereby
authorized, on behalf of the Agency, to execute the purchase and sale agreements for
12139 Atlantic Avenue and 4317 Carlin Avenue in the City of Lynwood, California 90262.
Section 4. The Executive Director of the Agency, or his designee, is hereby
authorized, on behalf of the Agency, to sign all documents necessary and appropriate to
carry out and implement the purchase and sale agreements and to administer and
implement the Agency's obligations, responsibilities and duties to be performed under the
purchase and sale agreements for 12139 Atlanti,, 6':~~enue and 4317 Carlin Avenue.
Section 5. The Agency approves the following transfers from the Area A Low
and Moderate Income Housing Fund 26 into Project Area "A" Fund 12-5040.
FROM
TO
Low and Moderate Income Project Area "A"
Housing Fund 26 Fund 12-5040
$840,000 $840,000
APPROVED AND ADOPTED this 3rd day of January, 2006.
APPROVED AS TO F M:
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Ro~rald N. Wilson
Agency Counsel
APPROVED AS TO CONTENT:
Kirk Pelser
Interim Deputy Executive Director
ATTEST:
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Andrea L. Hooper, City Clerk
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. Enri a artinez
City M Hager
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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 ~r~_day of.~~,~,,~r~, , 2006.
AYES: COUNCILMEN BYRD, JOHNSON, PEDROZA, SANTILLAN AND VASQUEZ
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
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City Clerk, City of Lynwood
STATE OF CALIFORNIA )
SS.
COUNTY OF LOS ANGELES )
!, the undersign d City, Clerk of the Ci± of Lynv~~ood, and Clerk of the Lynwood City
Council of said City, do hereby certify that the above and foregoing is a full, true and
correct copy of Resolution No. 2006.002 on file in my office and that said
resolution was adopted on the date and by the vote therein stated.
Dated this 3rd day of January , 2006.
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City Clerk, City of Lynwood
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