HomeMy Public PortalAbout96.020 LRA
RESOLUTION NO. 96-20
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING THE
EXECUTION OF AN EXCLUSIVE NEGOTIATION AGREEMENT (ENA) WITH THE ROSE
STREET COMPANY (DEVELOPER) TO DEVELOP AFFORDABLE SINGLE-FAMILY
HOMES ON AGENCY-OWNED PROPERTY LOCATED ON THE EAST SIDE OF
EDGEBROOK AVENUE LAVINIA STREET AND RAYBORN STREET
WHEREAS, The proposed ENA will permit the developer to obtain
financial commitments from outside public/private resources; and
WHEREAS, The proposed project will provide eighteen (18)
affordable single-family homes; and
WHEREAS, The site will be developed pursuant to the General
Plan and Municipal Code requirements; and
WHEREAS, The units are anticipated to be sold in a price range
that will be commensurate with the market value of homes in the
area; and
WHEREAS, The City's Mortgage Credit Certificates will be
utilized to augment affordability and decrease the mortgage; and
WHEREAS, The proposed project will put vacant underutilized
property into productive use.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of
the City of Lynwood that:
Section 1. The Redevelopment Agency of the City of Lynwood,
based on the aforementioned findings and determinations hereby
adopts this resolution and authorizes the Executive Director to
execute an Exclusive Negotiation Agreement with the Developer.
Section 2. This resolution shall go into effect immediately
upon its adoption.
PASSED, APPROVED, and ADOPTED this 2nd day of July, 1996
PAUL H. RICHARDS, CHAIRMAN
ATTEST:
Andrea L . Hooper, Se retary Fa-u- in o-n le
Executive -erector
AS TO FORM:
APPROVED AS ~'b CONTENT:
Gary Chots, Director
Commune y Development
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood
Redevelopment Agency, 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 2nd day of July 19 96 and
passed by the following vote:
AYES: .MEMBER BYRD, HEINE, HENNING, REA, RICHARDS
NOES : NONE
AIISENT : NONE
,mil r
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 96-20 on file in my office and that said resolution was
adopted on the date and by the vote therein stated.
DATED this 3rd day of July ~ 1g 96
Secretary
Lynwood Redevelopment Agency