HomeMy Public PortalAbout2002.041 LRALRA RESOLUTION NO. 2002.041
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY
APPROVING THE ACQUISITION OF 3181 FERNWOOD AVENUE FOR
$900,000, 3200 SANBORN AVENUE FOR $600,000 AND THE CITY
YARD FOR $300,000 PLUS RELATED ACQUISITION FEES WITH
SECTION 108 FUNDS, AUTHORIZING THE EXECUTIVE DIRECTOR
TO EXECUTE THE PURCHASE AGREEMENT ON BEHALF OF THE
AGENCY AND DIRECTING THE CITY TREASURER TO DEPOSIT THE
FUNDS INTO ESCROW
WHEREAS, the Lynwood Redevelopment Agency ("Agency") is a
redevelopment agency duly formed, organized and existing pursuant to and under the
provisions of the State Community Redevelopment Law (the "Law") (codified as California
Health and Safety Code Sections 33000 et sea.); and
WHEREAS, the Agency is engaged in carrying out a redevelopment project
in Project Area "A" ("Project") pursuant to the Redevelopment Pfan for the Project; and
WHEREAS, the Agency has development agreements for the development
of a retail project that requires the acquisition and assembly, of land; and
WHEREAS, the acquisition of the subject properties are needed to provide
the necessary parking in connection with the Plaza Mexico expansion project; and
WHEREAS, the Agency has the acquisition of said parcels in the amount of
$1,800,000.00; and
WHEREAS, the City received funds from HUD's Section 108 Loan Program
for the acquisition of property in connection with the redevelopment and expansion of the
Plaza Mexico.
NOW, THEREFORE, the Lynwood Redevelopment Agency does hereby
resolve as follows:
Section 1. The Agency approves the acquisitions in the aggregate amount
of $1,800,000.00.
Section 2. The Agency authorizes the Executive Director to execute the
purchase agreement and related escrow documents on behalf of the Agency.
Section 3. The Agency directs the City Treasurer to deposit the necessary
funds purchase and closing costs into escrow from the Section 108 Loan Program.
Section 4. This resolution shall become effective immediately upon its
adoption.
PASSED, APPROVED and ADOPTED by the Lynwood Redevelopment
Agency this 19th day of November 2002.
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ARTURO REYES~ HAIRMAN
Lynwood Redevelopment Agency
ATTEST:
Andrea Hooper, Secretary
FaustL onzales `~
Executive Director
APPROVED AS TO FORM:
J ~,
Agency Counsel
APPROVED AS TO CONTENT:
Louis Mor es, Director
Communi y Development
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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 Meeting held on the 19th day of November 2002.
AYES: COUNCILMEN BYRD, PEDROZA, RICHARDS, RODRIGUEZ, REYES
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
STATE OF CALIFORNIA }
} ss.
COUNTY OF LOS ANGELES }
~~-- ~
Andrea L. Hooper, City Clerk
I, the undersigned City Clerk of the City of Lynwood, and Clerk of the City
Council of said City, do hereby certify that the above and foregoing is a full, true and
correct copy of Resolution No. 2002.041 on file in my office and that said
Resolution was adopted on the date and by the vote therein stated.
Dated this 19th
day of November 2002.
- ,
Ol t ~' '~C~-f'Q`Q`E--1
Andrea L. Hooper, City Clerk
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