HomeMy Public PortalAbout96.034 LRALRA RESOLUTION NO. 96-34
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING AN
AGREEMENT FOR LEASE, OPERATION AND MAINTENANCE OF A PARKING
LOT BETWEEN THE AGENCY ("LANDLORD") AND MARKET VENTURES, LLC,
("TENANT") A DELAWARE LIMITED LIABILITY COMPANY
WHEREAS, the Agency is implementing a Redevelopment Plan (the
"Redevelopment Plan") in the City of Lynwood (the "City"), State of
California, adopted by the City by Ordinance No. 945 on July 3,
1993, as amended for the redevelopment project designated the
Lynwood Redevelopment Project Area A (the "Project"); and
WHEREAS, the Agency has entered into a Disposition and
Development Agreement ("DDA") dated November 15, 1994 and
subsequent First Implementation Agreement for the DDA and
Assignment, Assumption and Approval Agreement with the Tenant (as
Developer) for the development of a shopping center (THE
"Project"); and
WHEREAS, the Tenant desires to accommodate parking which will
be required when a fast food restaurant is developed; and
WHEREAS, the Agency owns property in the vicinity of the
Project located at 10925 Atlantic Avenue (the "property") that
could be used to meet the parking needs for the Project; and
WHEREAS, pursuant to and in order to implement the
Redevelopment Plan and the DDA, the Landlord desires to lease the
Property to the Tenant and the Tenant desires to lease the Property
from the Agency for the installation, construction, and maintenance
by the Tenant of the Property as a parking lot (the "Parking Lot").
NOW, THEREFORE, in consideration of the mutual promises and
agreements herein contained, the parties hereto agree as follows:
Section 1. The Lynwood Redevelopment Agency did hear this
matter pertaining to the rental/lease of the subject Property.
Section 2. The Agency approves the Lease Agreement to lease
the Property to the Tenant to be operated by the Tenant as a
Parking Lot for fifty-five (55) years at a rate of $300.00 per
month for the first five years and $700.00 per month for the
remaining term.
Section 3. This resolution shall become effective immediately
upon its adoption.
PASSED, APPROVED and ADOPTED this 15th da f- November, 1996
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PAUL H. RICHARDS II, CHAIRMAN
ATTEST:
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Andrea L. Hooper, Se retary Fausti Gonz s,
Execute erector
APPROVE'r- AS TO FORM:
L~ /~ `
A e c~ ~Spec'ial/Cowhsel
APPROVED AS TO CONTENT:
Gary Chi s, Director
Communit evelopment
h:wp\redevelp\kvpkgls.stf
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 15th day of November 19 96 and
passed by the following vote:
AYES: MEMBER HEINE HENNING, REA, RICHARDS
NOES : NONE
ABSENT : MEMBER BYRD
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Secretary
Lynwood Redevelopment Agency
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
I, the
SS.
undersigned, Secretary
Redevelopment Agency, do hereby certify
foregoing is a full, true and correct copy
of the Lynwood
that the above and
of Resolution No.
LRA 96-34 on file in my office and that said resolution was
adopted on the date and by the vote therein stated.
DATED this 15th
day of November
e 19 96
Secretary
Lynwood Redevelopment Agency