HomeMy Public PortalAbout92-16 LRALRA RESOLUTION NO. 92- 16
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY
("THE AGENCY") APPROVING A REQUEST
FROM ETCO CONSTRUCTION COMPANY
FOR FINANCIAL ASSISTANCE
WHEREAS, Farrouk Keyvan, President of Etco Construction, has obtained
approval to develop a retail center at 9910 Long Beach Boulevard; and
WHEREAS, Farrouk Keyvan submitted a request to staff for the purpose of
recQieir!a finzncia~ assistance from the Agency to dQv_lop the Yrnject; ar:d
WHEREAS, an evaluation of the project financing indicates that Agency
financial assistance is required in order to facilitate project development; and
WHEREAS, particularly in a time of economic recession, the Lynwood
Redevelopment Agency wishes to support and facilitate development in Lynwood;
and
WHEREAS, the method of Agency participation does not require up-front "out-
of-pocket" cash participation; and
WHEREAS, the Public Works Director has established that the cost of the off-
site improvements will not exceed. $42,000.00 (see attachment);
NOW, THEREFORE, the Lynwood Redevelopment Agency does hereby resolve
as follows:
Section 1. The Agency will contribute 50% of the project off-site improvements
in an amount not to exceed $21,000.00. (60% of annual tax increment generated from
the project.)
Section 2. This resolution shall go into effect immediately upon its adoption.
APPROVED AND ADOPTED by the Lynwood Redevelopment Agency this
16th day of June, 1992.
J~HEINL; CHAIRMAN
~ Redevelopment Agency
ATTEST:
~4
Andrea L. Hooper, Secretary
Al'PKU~Vci~,AS i0 1rt~lir.Ivi:
~S. Barbosa
cy Special Counsel
1Li $`1~i.1'r GI~ Av T~.:a C'.i1• A a..~~ a.
Sol Blu of ld, Acting Director
Community evelopment Department
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELDS )
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 16th day of June , 19 92 , and passed by the
following vote:
AYES: MEMBERS BYRD, REA, RICHARDS, WELLS, HEINE
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 92-16 on file in my
office and that said resolution was adopted on the date and by
the vote therein stated.
DATED thi s 18th day of June , 1 9 92
~~.
Secretary
Lynwood Redevelopment Agency