HomeMy Public PortalAbout2000.096 (06-06-00)RESOLUTION N0.2000.96
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD AUTHORIZING
SUBMISSION OF A SECTION 108 LOAN AND BROWNSFIELDS ECONONIIC
DEVELOPMENT INITIATIVE APPLICATIONS TO THE UNTIED STATES DEPARTMENT
OF HOUSING AND URBAN DEVELOPMENT
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j ~ WHEREAS,. the City of Lynwood has determined that a high priority exists for economic
development and job creation activities and' that the proposed expansion of the Lynwood Town Center
` Project is an activity that meets these priorities; and,
WHEREAS, the proposed project is included in the City's adopted One-Year Action Plan of the
Consolidated Plan: and;
WHEREAS, the Section 108 Loan Guarantee program, implemented by the United States
Department of Housing and Urban .Development (HUD), is designed to provide funds to assist with these
types of projects; and, .
WHEREAS, under the Section 108 Loan Guarantee program, .the City can borrow up to five
years- worth of its annual Community Development Block Grant allocation, and can take up to twenty
years to repay the principal and interest; .and,
WHEREAS, the City is requesting a total of $7 million in Section 108 Loan Guarantee funds to
assist with construction of the expansion of the Lynwood project; and,
WHEREAS, the City is concurrently applying to HUD for a Brownfields Economic
Development Initiative (BEDI) grant in the amount of $875,000.to assist with the economics of the
project; and,
NOW, THEREFORE, The City Council does hereby resolve as follows:
SECTION 1. As part of its plan to assist with economic development and job creation,- the
City Council approves the submittal of Section 108 Loan Guarantee and BEDI applications to HUD.
SECTION 2. This Resolution shall be effective immediately upon its adoption.
APPROVED AND ADOPTED this 6`f' day of June; 2000.
ATTEST:
Andrea L. Hooper; City Clerk
APPROVED AS FORM:
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~'
~ ~ty Attorney
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6~~L'Z~i
Louis Byrd, Mayo
Rap W. Davis ,City Manager
APPROVED AS TO CO TNET
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Gary Chicots, o munity Development -
Director
0
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 6th day of June, 2000.
AYES: COUNCILMEN REA, REYES, RICHARDS, SANCHEZ, BYRD
NOES: NONE
ABSENT: NONE
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City Clerk, City of Lynwood
STATE OF 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. 2000.96 on file in my office and that said
resolution was adopted on the date and by the vote therein stated.
Dated this 6th day of June, 2000.
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City Clerk
resoluti/resobp2