HomeMy Public PortalAbout93-053 (05-18-93)RESOLUTION NO. 93 -53
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
APPROVING THE AMENDMENT TO THE COMMUNITY DEVELOPMENT BLOCK
GRANT (CDBG) SECTION 108 LOAN GUARANTEE FUND APPLICATION
FOR PROJECTED USE OF FUNDS FOR THE 1992 -93 PROGRAM YEAR
WHEREAS, on March 1, 1989, the City executed a Grant Agreement for the
Section 108 Loan Program in the amount of $1,500,000 with the Department of
Housing and Urban Development; and
WHEREAS, the loan was approved by HUD with the intent, as indicated by
the City at the time of application submission, that the funds would be
oaned to the Lynwood Redevelopment Agency for the purpose of eliminating
lums and blighted conditions by acquiring properties in the City's
edevelopment area for resale to developers; and
WHEREAS, at the time of application submission and approval,
approximately four years ago, no specific projects for the Section 108 Loan
proceeds had been identified; and
WHEREAS, on February 11, 1992, the City Planning Commission granted West
Coast Equity partners, owners of Central Electric, a Conditional Use Permit
(CUP 105) to develop and operate a 77,000 square foot retail facility at the
southwest intersection of Pendleton Avenue and Atlantic Avenue; and
WHEREAS, on June 9, 1992, the City Planning Commission recommended the
designation of the Central Electric site and adjacent properties PCD No. 1,
and on September 15, 1992, the City Council approved the PCD No. 1
designation subject to final approval of the project master plan; and
WHEREAS, pursuant to CDBG guidelines, prior to allocation of Section
108 Loan funds for proposed projects, two public hearings were conducted on
the matter by the City Council and Housing and Community Development Block
Grant Advisory Committee; and
WHEREAS, staff has commissioned appraisals for acquisition of adjacent
roperty and is seeking City Council approval to allocate $695,000 for
roperty acquisition and $838,000 for predevelopment costs (consultant, legal
d relocation fees and environmental documentation) to assist with
of the project; and
WHEREAS, the City is' currently paying back the Section 108 Loan
Guarantee funds over a five year repayment schedule; and funds must be
allocated prior to the end of the fiscal year.
NOW, THEREFORE, the City Council of the City of Lynwood does hereby
find, determine, order and resolve as follows:
Section 1. Approve and adopt the amendment to the Community Development
Block Grant (CDBG) Section 108 Loan Guarentee Fund application for projected
use of funds for the 1992 -93 program year.
Section 2. This resolution shall become effective immediately upon its
adoption.
PASSED, APPROVED and ADOPTED this 18th day of May, 1993.
F ATTEST:
PAUL H. RICHARDS, II, MAYOR
CITY OF LYNWOOD
Laur ce Ad s, ity ager
APPROVED AS TO CONTENT:
Blume fe d, Director
Community Development Department
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Andrea L. Hooper, City Cler k
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, do hereby
certify that the foregoing resolution was passed and adopted by the City
Council of the City of Lynwood at a regular meeting held on the 18th of
May , 1993.
AYES: COUNCILMEMBER BYRD, HEINE, REA, RICHARDS
NOES: NONE
ABSENT: COUNCILMEMBER WELLS
City Clerk, City of Lynwood
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and Clerk
of the City Council of said City, do hereby certify that the above and
foregoing is a full, true and correct copy of Resolution No. 93 -43 on file
in my office and that said resolution was adopted on the date and by the
vote therein stated.
Dated this 18th day of May, 1993.
;'f-z . OI ' m!-
City Clerk