HomeMy Public PortalAbout2009.177 (09-15-09)RESOLUTION NO. 2009.177
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING
THE LANDLORD'S CONSENT TO ASSIGNMENT "CONCERNING THOSE
BILLBOARD SITES LEASED BY" THE CITY OF LYNWOOD ~TO BILLBOARD
DISPLAYS LLC'S UNDER THAT CERTAIN AGREEMENT FOR LEASE AND
DEVELOPMENT FEES, AS AMENDED, AND AUTHORIZING THE MAYOR TO
EXECUTE SAME
WHEREAS, on October 21, 2008, the City Council approved an amendment to
an Agreement for Lease and Development Fees ("Billboard Agreement"), which
authorized Bulletin Displays, LLC ("Bulletin Displays") to install certain billboards in the
City of Lynwood. Bulletin Displays has now obtained the financing for the construction
of its signs;
WHEREAS, the bank providing the financing, Metro Phoenix Bank, requires that
Bulletin Displays temporarily assign its interest in those billboard sites to provide
collateral for the loan by way of a Landlord's Consent to Assignment; and
WHEREAS, the billboard locations subject to the Landlord's Consent to
Assignment are described as Sites #8, #9 and #11, as shown on Exhibit "B-2" to said
Landlord's Consent to Assignment; and
WHEREAS, the City Council wishes to approve the temporary assignment,
consistent with the terms of the Billboard Agreement so as to allow Bulletin Displays to
fund and develop the billboards in accordance with such Billboard Agreement.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, ORDER, AND RESOLVE AS FOLLOWS:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby approves the Agreement for Lease and
Development Fees in a form approved by the City Attorney and authorizes the Mayor to
execute same.
Section 3. This Resolution shall become effective immediately upon its adoption.
PASSED, APPROVED and ADOPTED this 15~" day of September, 2009.
~~ ~~
Maria T. Santillan
Mayor
ATTEST:
i
Maria Quinonez
City Clerk ~~
APPROVED AS TO FORM:
Fred Galante
City Attorney
Roger L. Haley
City Manager
STATE OF CALIFORNIA )
SS.
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 15~h day of September, 2009.
AYES: COUNCIL MEMBERS MORTON, RODRIGUEZ, CASTRO, AND
SANTILLAN
NOES: NONE
ABSENT: COUNCIL MEMBER FLORES
ABSTAIN: NONE
~ e
Maria Quihonez, City Clerk J
STATE OF CALIFORNIA )
SS.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and the Clerk of the City
Council of said City, do hereby certify that the above foregoing is a full, true and correct
copy of Resolution No. 2009.177 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 15~h day of September,
2009.
Maria Quinonez, City Clerk