HomeMy Public PortalAbout99.042 LRA_ t
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RESOLUTION NO. 99.42
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING A
COOPERATION AGREEMENT BETWEEN THE AGENCY AND THE CITY OF
LYNWOOD FOR A CITY LOAN TO THE AGENCY IN THE AMOUNT OF 31,300,000 IN
CONNECTION WITH THE OWNER PARTiCIPATION,AGREEMENT BETWEEN THE
AGENCY AND 3100 E. 114~IPERIAL WIGHWAY, LLC.
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, 1 S75 by Ordnance No. 950, on Jung 1, 1975 by Ordinance No. 1000, an
December 7, 1976 by Ordinance No. 1010, on December 16, 1980 by Ordinance No.
1111, and on July 19, 1988 by Ordinance No. 88-1308; 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 proposes to enter into a Owner Participation Agreement
("OPA") with 3100 E. Imperial Highway, LLC ("Developer"), which provides for the
development of Phase I of the Marketplace expansion project on developer and Agency-
owned property and in doing so necessitate the need for the Cooperation Agreement
between the Agency and City; and
WHEREAS, the proposed OPA contains all the provisions, terms, conditions and
obligations required by state and local law; and
WHEREAS, it is necessary that the City loan the Agency $1,300,000 so that the
Agency meet its obligations under the proposed OPA with the Developer; and
WHEREAS, the Agency and City Council of the City of Lynwood have held a duly
noticed joint public hearing on the proposed OPA and related agreements;
WHEREAS, the Agency and the City Council have duly considered the proposed
OPA and believe that development pursuant thereto is in the best interest of the City of
Lynwood and in furtherance of the goals and objectives of the Lynwood Redevelopment
Agency to reduce blight in the Project Area;
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Lynwood
and the Lynwood Redevelopment Agency as follows:
Section 1. The Agency and City Council hereby find and determine that the
Cooperation Agreement is necessary for development of the Site pursuant to the OPA
and is in the best interest of the City of Lynwood and the health, safety, morals and
welfare of .its residents, and i0 accord with the public purposes and provisions of
applicable State- and local law.
Section 2. .The Agency and rarity Councii hereby find and determine that the
development of the Site and approval of the Cooperation Agreement pursuant to the
~ proposed OPA is necessary to effectuate the purpose of the Redevelopmen4 Plan for the
Redevelopment Project.
Section 3. The Agency and the City Council hereby find and .determine that the
development of the Site pursuant to the proposed OPA will be consistent with the
development permitted at that location by Lynwood's Zoning Ordinance.
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned Secretary of the Lynwood Redevelopment Agency (LRA) do
hereby certify that the above and foregoing resolution was duly adopted by 'the said
Agency at a regular meeting thereof held in the .City Hall of the City of Lynwood on the
17th day of August , 19, 99 ,and passed by the following vote:
AYES: MEMBERS BYRD, REA, RICHARDS, SANCHEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: MEMBER REYES
SECRETARY
LYNWOOD REDEVELOPMENT AGENCY
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelopment Agency, do hereby
certify that the above and foregoing is a full, true and correct copy of Resolution No. LRA
99.42 on file in my office and that said resolution was adopted on the date and b}~
the vote therein stated.
DATED this 17th day of August , 1999,
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SECRETARY
LYNWOOD REDEVELOPMENT AGENCY