HomeMy Public PortalAbout96.012 LRALRA RESOLUTION NO 96- 12
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING THE
TERMINATION OF A DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN
KRS DEVELOPMENT CORPORATION AND THE AGENCY AND AUTHORIZING THE
EXECUTIVE DIRECTOR TO EXECUTE THE AGREEMENT TERMINATING THE
DISPOSITION AND DEVELOPMENT AGREEMENT
WHEREAS, the Redevelopment Plan for the Lynwood Project Area
"A" ("Redevelopment Plan"), was duly approved and adopted on July
3, 1973 by Ordinance 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 1000, on December 7, 1976 by Ordinance
No. 1010, on December 16, 1980 by Ordinance No.llll, 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" ("Project
Area"); and
WHEREAS, in order to implement said Redevelopment Plan, on or
about February 21, 1995, the Agency and the City approved a
Disposition and Development Agreement ("DDA") by and between the
Agency and KRS ("Developer") for development of Single-Family
homes; and
WHEREAS, the Developer has requested that the DDA be
terminated due to project inefficiencies and that the Agency refund
$4,528.95 to the Developer; and
WHEREAS, the Agency has duly considered the termination and
refund request and believes that the termination of the DDA is in
the best interest of both the Agency and Developer;
NOW, THEREFORE, BE IT RESOLVED by the Lynwood Redevelopment as
follows:
SECTION 1. The Agency hereby finds and determines that the
termination of the DDA and refund is in the best interest of the
City of Lynwood and Agency and the health, safety, morals and
welfare of its residents, and in accord with the public purposes
and provisions of applicable State and local law.
SECTION 2. The Agency finds and determines that the
termination of the DDA is necessary to effectuate the purpose of
the Redevelopment Plan.
SECTION 3. The Executive Director of the Agency is hereby
authorized to execute the Termination Agreement.
APPROVED AND ADOPTED by the member of he Lynwood
Redevelopment Agency this 7th day of May, 1 96.
~_
Paul H. Richards II, Chairman
AT EST:
Andrea L. Hooper, Se retarv
fly
Fain in o -z ales
Executive Director
APPRO ED AS TO CONTiENT:
,>
f ~ , ~~.
`Gary Chic s, Director
Communit evelopment
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood
Redevelopment Agency, do hereby certify that th
foregoing
regular
e above
resolution was duly ado ted b
meeting
Lynwood on the
and
P y the said Agency at a
thereof held in the City Hall of the City of
7th day of May 19 96 and
passed by the following vote:
AYES: MEMBER BYRD, HEINE, HENNING, REA, RICHARDS
NOES : NONE
ABSENT : 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 96-12 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 May 19 96
Secretary
Lynwood Redevelopment Agency