HomeMy Public PortalAbout2002.006 LRARESOLUTION NO. 2002.006
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING THE
TRANSFER OF FUNDS IN THE AMOUNT OF $250,000 FROM THE
UNAPPROPRIATED FUND BALANCE OF REDEVELOPMENT PROJECT AREA A
AND PURSUE AN APPROVED LOAN AGREEMENT IN THE AMOUNT OF $250,000
WHEREAS, the Redevelopment Plan for Lynwood Project Area "A"
("Redevelopment Plan"), was duly approved and adopted on July 3, 1973 by Ordinance
No. 945 and subsequently amended on December 27, 1973 by Ordinance No. 960, on
August 19, 1975 by Ordinance No. 990, on June 1, 1976 by Ordinance No. 1000, on
December 7, 1976 by Ordinance No. 1010, on December 16, 1980 by Ordinance No.
1111, on July 19, 1988 by Ordinance No. 88-1308, and March 20, 2001 by Ordinance
1504; and
WHEREAS, the Lynwood Redevelopment Agency ("Agency") is engaged in
activities necessary to execute and implement the Redevelopment Plan for
Redevelopment Project Area "A" ("Redevelopment Project") in the City of Lynwood and in
order to do so the Agency and proposes to enter into loan agreement with EI Gallo Giro
restaurant; and
WHEREAS, the Agency has funds in the unappropriated Tax Increment account
within Redevelopment Project Area "A"; and
NOW, THEREFORE, IT IS RESOLVED by the Lynwood Redevelopment Agency
as follows:
Section 1. The Agency hereby finds and determines that the transfer funds in the
amount of $250,000 is necessary to carry out the Agency's intent to enter into a loan
agreement to foster economic development and to produce jobs.
Section 2. The Agency hereby authorizes the movement of funds as follows.
Move from: Move funds to new account:
Fund 14 Area "A" Amount to be moved
Amount to be moved $250,000
$250,000
Section 3. The Executive Director of the Agency, or his designee, is hereby
authorized, on behalf of the Agency to appropriate the funds as outlined and execute the
loan agreement.
APPROVED AND ADOPTED this: 5'" day of February, 2002.
_ ~ Z~ -~`-
ARTURO REYES, C IRMAN
H:word/redevelp/(morales/appropriatfundGalloGiro.res
ATTEST:
~~~~-- ~.
~~
Andrea L. Hooper, Secretary
APPROVED AS TO FORM:
Michael Montgomery
Agency Special Counsel
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
SS.
~. ~
Faustin-Gonzales, Executi e~D'rector
APPROVED AS TO CONTENT:
ais Morales Deputy Director
mmunity evelopment
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 Stn day of February, 2002.
AYES: MEMBER BYRD, RICHARDS, RODRIGUEZ, PEDROZA, REYES
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
STATE OF CALIFORNIA )
SS.
COUNTY OF LOS ANGELES )
City Clerk, City of Lynwood
I, the undersigned City Clerk of the City of Lynwood, 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. ~nn9 nn~ on file in my office and that said resolution
was adopted on the date and by the vote therein stated.
Dated this 5th day of February, 2002.
H:word/redevelp/(morales/appropriatfundGalloGiro.res
City Clerk, City of Lynwood