HomeMy Public PortalAbout88-039 (03-15-88)RESOLUTION NO. 88-39
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD AMENDING COMMERCIAL REHABILITATION PROGRAM
GUIDELINES TO PROVIDE FINANCIAL INCENTIVES FOR TARGET
AREA PARTICIPANTS
WHEREAS, On August 4, 1987, the City Council of the City of
Lynwood approved the targetting of 1987-88 CDBG funds to implement
a Facade Improvement Program on Long Beach Boulevard between
Imperial Highway and Fernwood Avenue, and
WHEREAS, additional financing mechanisms are necessary to
provide incentives for property owner and tenant participation in
this project and similar projects the City may wish to undertake.
NOW, THEREFORE, the City Council of the City of Lynwood
does hereby find, order, determine and resolve as follows:
SECTION 1. Section 1.02 of the City's Commercial
Rehabilitation Program Guidelines are hereby amended to include
the following:
G. Target Area Loans
In addition to the terms provided
this Section, property and business
City sponsored facade improvement
target areas will be eligible for
assistance:
- Grant
in paragraphs E and F of
owners that participate in
programs in designated
the following types of
A grant in the amount of $5,000 for exterior improvements,
consistent with approved design guidelines, will be provided
to property owners in the designated target area.
A grant in the amount of $2,500 for interior improvements will
be provided to tenants of commercial property located in the
designated target area.*
Rahata
A rebate of 508 of the cost of exterior improvements, (up to
$10,000) consistent with approved design guidelines, will be
provided to property owners in the designated target area
Deferred Loans
A maximum loan of $15,000 at 68 simple interest, deferred for
10 years, will be provided for exterior improvements
consistent with approved design guidelines, for commercial
property owners in the designated target area.
A maximum loan of $5,000, at 6B simple interest, deferred for
the current term of the lease, will be provided for tenants of
commercial property in the designated target area.*
*Financial assistance to business owners will be expected to
result in job creation or retention. See Grant/Loan agreement
for details.
PASSED, APPROVED and ADOPTED this 15th day of
1988.
March ,
APPROVED AS TO FORM:
PAUL H. RICHARDS, II, Mayor
City of Lynwood
ATTEST:
ANDREA L. HOOPER, City Jerk
City of Lynwood
APPROVED AS TO CONTENT:
/s/ Vicente L. Mas
VICENTE L. MAS, Director
Community Development Dept.
ATTORNEY
ACCOUNTING MA ER
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I
STATF. OF CALIFORNIA )
ss.
COUNTY OF T,OS ANGELES )
I, the undersigned City Clerk of the City of Lynwood,
do hereby certify that the above and foregoing resolution was
duly adopted by the City Council of said City at a regular
meeting thereof held in the City I-tall of said City on the
15th day o:f March 1988, and passed by the following
vote:
AYES: COIINCILMF..MBER HEINE, HENNING, MORRIS, 1VF.LLS, RICHARDS
NOES: NONE
ABSENT: NONE
~~~~ ~
City Clerk, City o. Lynwoo
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SPATE OP CALIFORNIA )
ss.
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. 88-39 on file i.n my office and that said
resolution was adopted on the date and by the vote therein
stated.
Dated this 18th day of March 1988.
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City Cler
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