HomeMy Public PortalAbout2006-040RESOLUTION NO. 2006.040
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY AUTHORIZING
THE EXECUTIVE DIRECTOR TO EXECUTE A PURCHASE AND SALE AGREEMENT
FOR 4331 CARLIN AVENUE, LYNWOOD, CALIFORNIA AND APPROPRIATION OF
FUNDS
WHEREAS, the Lynwood Redevelopment Agency ("Agency") approved a
Disposition and Development Agreement ("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;
WHEREAS, the Agreement requires the Developer to build up to 46 homes, 20%
of which are to be purchased and occupied by households with low and moderate income
after the Agency has acquired property within the Whispering Glen Site Area described in
the DDA;
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;
WHEREAS, resolution 2004.029-A required the specific terms of any negotiated
agreement for the purchase of property within the Whispering .Glen Site area to be
subject to Agency approval;
WHEREAS, the purchase and sale agreement negotiated by the Executive Director
for the property located at 4331 Carlin Avenue, Lynwood California, 90262 is within the
Whispering Glen Site area and provides that the Agency will pay within 10% of the
original appraised price of the property;
WHEREAS, the agreed prices and terms for the properties located at 4331 Carlin
Avenue is fair and provides for adequate compensation to the property owner;
WHEREAS, there are sufficient funds in the unappropriated bond proceeds, Fund
18 to acquire this property;
WHEREAS, the appropriation of funds from the unappropriated bond proceeds to
fund 18-5040, property purchasing account, is an appropriate transfer and permissible
use of said bond proceeds as said expenditure will ultimately result in the reduction of
blight;
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 of 4331 Carlin
Avenue provides a fair and adequate price and terms to the property owners located at
4331 Carlin Avenue, Lynwood, California, 90262.
Section 2. The Agency finds that the purchase of the property located at 4331
Carlin Avenue 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.
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 agreement for
4331 Carlin Avenue in the City of Lynwood, California 90262 as set forth in attached
exhibit A.
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 agreement for 4331 Carlin Avenue and to
administer and implement the Agency's obligations, responsibilities and duties to be
performed under the purchase and sale agreement for 4331 Carlin Avenue.
Section 5. The Agency approves the transfer of $465,000 from fund 18,
unappropriated fund balance of Project Area A Bond Proceeds into Project Area "A" fund
18-5040 to pay the purchase price and escrow costs for the purchase of 4331 Carlin
Avenue, Lynwood, CA 90262 and authorizes that such funds transferred be utilized to
purchase 4331 Carlin.
FROM
TO
Fund 18 Project Area A Bond Project Area A Bond Proceeds
Proceeds. Fund 18-5040.
$465,000 $465,000
Section 6. This Resolution shall be effective immediately upon its approval.
APPROVED AND ADOPTED this 15th day of August, 2006.
IA VASQUEZ, Chairper
ATTEST:
Andrea Hooper, Secretary
N. Enr' - e Martinez
Exec tive Director
APPROVED AS TO CONTENT
~~
William A. Rawlings
Deputy Executive Director
APPROVED AS TO FORM
Ronald N. Wilson
Agency Counsel
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, 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 VASQUEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
v~ ,
Andrea L. Hooper, Secretary
STATE OF CALIFORNIA )
SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the above foregoing is a full, true and correct copy of Resolution No.
2006.040 on file in my office and that said Resolution was adopted on the date
and by the vote therein stated.
®ated this 15th day of AUGUST .2006.
Andrea L. Hooper, Secretary