HomeMy Public PortalAbout2006-053RESOLUTION NO. 2006.053
A RESOLUTION AUTHORIZING THE ACCEPTANCE OF A $613,425 LOAN FROM
THE CITY OF LYNWOOD TO THE LYNWOOD REDEVELOPMENT AGENCY AS
REPAYMENT FOR TERMINATED FEDERAL HOME PROJECTS.
WHEREAS, The following homes were built or renovated with HOME funds:
3571 and 3599 Lynwood Road, $104,764; 12033 Atlantic Avenue, $45,000; 11434
State St., $380,322; 5206 through 5208 Martin ~ Luther King Blvd., $75,711; and a
single-family rehabilitation project, $7,628; and
WHEREAS, The homes are ineligible for HOME funds for various reasons
including the absence of deed restrictions on the units, and therefore the use of Federal
HOME funds is not appropriate; and
WHEREAS, The projects meet the definition of a terminated project pursuant to
HUD guidelines for the HOME program and therefore the Agency intends to refund the
Federal HOME funds utilized to build or rehabilitate these homes.
NOW THEREFORE, the Lynwood Redevelopment Agency does hereby find,
proclaim, order and resolve as follows:
Section 1. The projects located at 3571 and 3599 Lynwood Road, $104,764;
12033 Atlantic Avenue, $45,000; 11434 State St., $380,322, 5206 through 5208
Martin Luther King Blvd., $75,711 and $7,628; are hereby terminated.
Section 2. In an agreement with HUD, the City is required to submit half
($306,712.50) of the repayment immediately and the remaining balance
($306,712.50) no later than September 30, 2007.
Section3. Accept a loan from the City of Lynwood's General Fund to repay
HOME funds used on terminated projects and authorize the Chairperson to
execute the Repayment Agreement outlined in Attachment B-"Repayment
Agreement".
Section 4. This resolution shall go into effect immediately upon its adoption by
the Lynwood Redevelopment Agency.
PASSED, APPROVED, and adopted this 7th day of November 2006.
~Y
Andrea L. Hooper, Secretary
APPROVED AS~QRM
Agency Attorney
Leticia Vasquez, Chairman
LOUIS BYRD, AIRMAN
N. Enriq Martinez, E~Cecutive Director
APPROVED AS TO CONTENT:
/~9ri~~~
William A. Rawlings, Deputy
Executive Director
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 Agency at its
regular meeting held on the 7TH day of _NOVEMRFR , 2006.
AYES: MEMBERS, BYRD, JOHNSON, PEDROZA, SANTILLAN, AND VASQUEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
~~ ~
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.
2006.053 on file in my office and that said. Resolution was adopted on the date
and by the vote therein stated.
Dated this 7TH day of NOVEMBER , 2006.
Andrea L. Hooper, Secretary