HomeMy Public PortalAbout88-020 (02-16-88)RESOLUTION N0 ._ 88-20
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF LYNWOOD DIRECTING STAFF
TO MAKE APPLICATION FOR A SECTION 108
LOAN TO THE FEDERAL DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT (HUD)
_ AND A GRANT FROM THE ECONOMIC DEVELOP-
MENT ADMINISTRATION (EDA) AND APPROVE
~ A REQUEST FROM THE LYNWOOD REDEVELOPMENT
V AGENCY FOR A CITY LOAN.
WHEREAS, the Lynwood Redevelopment Agency (the
"Agency") desires to obtain a loan from the City in order to
implement redevelopment projects in the Redevelopment Project
Areas "A" and Alameda; and
WHEREAS, the implementation of the redevelopment
projects presently under exclusive negotiating agreements or
under consideration will require approximately $3,500,000.00
over the next 18 to 24 months for land acquisitions and land
cost writedown, relocation compensation, public improvements
and other costs associated with project implementation; and
WHEREAS, the Agency has a projected shortfall of
funding for the referenced period of approximately
$2,100,000.00; and
WHEREAS, the Agency may not be able to secus~e these
funds through other sources at the same favorable terms and
conditions; and
r WHEREAS, the implementations of the referenced
redevelopment projects by the Agency is in furtherance of the
City's economic development efforts; and
WHEREAS, the City may qualify for a HUD Section 108
loan and an EDA grant for economic development activities
undertaken by the Agency; and
WHEREAS, the lending of the HUD loan and EDA grant
proceeds to the Agency would be an appropriate action by the
City Council.
NOW, THEREFORE, the City Council of the City of
Lynwood does hereby find, determine, order and resolve as
follows:
Section 1. Staff is directed to make application to
HUD for a Section 108 loan and to EDA for a grant for economic
development purposes.
Section 2. The Agency`s request for a loan
contingent upon the City securing the HUD loan and/or EDA grant
is approved subject to final determination by the City Council
on amount and terms and conditions.
Section 3. This resolution shall become effective
immediately upon its adoption.
PASSED, APPROVED and ADOPTED this 16th day of
February 1988. -~~
PAUL H. RICHARDS, II, MAYOR
DISK 24:RESOLOAN
ATTEST:
f' _
ANDREA L. HOOPER, Cit Clerk
DISK 24:RESOLOAN
APPROVED AS TO CONTENT:
V' ente L. Mas, Director
Community Development Dept.
/recounting Manager
y
f
J
z~
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGBLES )
I, the undersigned City Clerk of the City of: Lynwood,
do hereby certify that the above and foregoing resolution idas
duly adopted by the City Council of said City at a regular meeting
thereof held in the City Hall of said City on the 16th day of
February 1988, and passed by the following vote:
AYES: COUNCIL~IEMBER HEINF, HF..NNINC, MORRIS, 19F.LI,S, RI CHARDS
NOES: NONE
ABSDNT: NONE
~' ~`~~~
City Clerk, City o_ Lynwo
STATE OF CALIFORNIA )
~ ) ss.
COUNTY OF LOS ANGI:LBS )
i
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. 88-20 on file in my office and that said
resolution was adopted on the date and by the vote therein
stated.
Dated this 22nd day /of~^^ F,4e~b/ru~ar~w 1988.
l ~~V~GCi~~~
ity Cler City of Lynivoo