HomeMy Public PortalAbout96.010 LRALRA RESOLUTION 96-10
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY
APPROVING THE TRANSFER OF $70,000 OF REDEVELOPMENT
TAX INCREMENT FUNDS FROM THE LOAN GUARANTY FUND
ESTABLISHED WITH FIRST STATE BANK TO THE COMMERCIAL
REHABILITATION GRANT PROGRAM IN REDEVELOPMENT PROJECT AREA "A"
WHEREAS, the Agency has directed staff to develop a Commercial
Rehabilitation Program for the City's major commercial
corridors; and
L^;HEP.EAS, the Program provides grants and low interest loans to
eligible participating business and property owners; and
WHEREAS, First State Bank agreed to .participate in the Program by
offering low interest (5%) loans to eligible business and property
owners for approved facade improvements under the Program; and
WHEREAS, the Commercial Rehabilitation Program provides substantial
benefit to the City through upgrading of commercial property and
through additional retail sales and sales tax revenue generated by
enhanced commercial activity; and
WHEREAS, the transfer of $70,000 of Loan Guaranty Funds to the
Commercial Rehabilitation Grant Program will permit the Agency to
fulfill loan obligations currently incurred under the Program and
expeditiously complete several projects which cannot be implemented
without grant assistance.
NOW THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the
City of Lynwood that:
Section 1: The Agency hereby adopts tYiis Resolution and authorizes
the transfer of $70,000 of Loan Guaranty Funds established with
First State Bank to the Commercial Rehabilitation Grant Program to
provide grants of up to $5,000 to eligible business and property
owners.
Section 2: The Agency hereby directs and authorizes the Executive
Director to amend the Agreement with First State Bank to affect the
necessary transfer of a portion of the Loan Guaranty Funds.
Section 3: This Resolution shall become effective immediately upon
its adoption.
PASSED, APPROVED and ADOPTED this f ril
PAUL H. R DS
~---~'
Faustin Go les
Executive Director
APPROV AS TO CONT NT:
ary Chico s, Director
Community velopment Dept.
ATTEST:
Andrea L. Hooper, Secr tary
j b ~
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary. of the Lynwood
Redevelopment Agency, do hereby certify .that the above and
foregoinga resolution was duly aclooted by the said P_gen~v ~t a
regular meeting thereof held in the City Hall of the -City of
Lynwood on the 2nd day of Apri 1 , 19 96 , and
passed by the following vote:
AYES: MEMBER BYRD, HEINE, HENNING, REA, RICHARDS
NOES : NONE
ASSENT : NONE
~, ~~ _
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 96-10 on file in my office and that said resolution was
adopted on the date and by the vote therein stated.
DATED this 2nd day of Apri l 19 96 .
/l i
Secretary
Lynwood Redevelopment Agency