HomeMy Public PortalAbout2010.087 (05-04-10)RESOLUTION NO. 2010.087
A JOINT RESOLUTIOfV OF THE LYNWOOD CITY COUNCIL AND LYNWOOD
REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD APPROVING THE
REIMBURSEMENT OF $362,530 BEDI GRANT FUNDS FROM THE LRA BUDGET
TO THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD); AND
REIMBURSEMENT IN THE AMOUNT OF $2,592,000 FROM THE SECTION 108
LOAN ACCOUNT TO THE LYNWOOD REDEVELOPMENT AGENCY BUDGET AND
INCREASE APPROPRIATIONS BY $362,530
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WHEREAS, the Department of Housing and Urban Development (HUD)
informed the City that its BEDI Grant funds were spent prematurely and requires the
City to repay funds in the amount of $362,530; and - '.~., ~;
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WHEREAS, section 108 guidelines authorizes the use of several funding sources
for repayment of section 108 loans, including redevelopment funds; and
WHEREAS, consistent with section 108 guidelines, the City of Lynwood is
required to repay HUD in the amount of $362,530 and desires to pay these funds
through the Lynwood Redevelopment Agency; and
WHEREAS, the Department of Housing and Urban Development analyzed
documentation submitted by the LRA and determined that $2,592,000 of LRA funds
spent on the Plaza Mexico Project are an eligible economic development cost; and
WHEREAS, HUD has approved the reimbursement of $2,592,000 to the LRA
from the Section 108 Loan account.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, DETERMINE, ORDER AND RESOLVE AS FOLLOWS:
Section 1. That the City Manager or designee is authorized and the City
Treasurer directed to make the following funds appropriation and wire transfer:
~A~MOUNT ~ ~'.FROM~~ .. ~. ~."' - , ,, , ,TO .'~~. ~
m , ..
Department of Housing and
$362,530 LRA AREA "A" Urban Development per
#9412.70 801 64399 HUD Wire Transfer instructions
$2,592,000 Section 108 Loan Unappropriated
US Bank Account
50% LRA Area "A" #9452 70 36999
50% Alameda #97.02 70 36999
Section 2. This Resolution shall become effective immediately upon its
adoption.
PASSED, APPROVED and ADOPTED this 4th day of May, 2010.
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Maria T. Santiilan, Mayor
ATTEST:
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Maria Quinonez, City Clerk
Roger L. aley, ity Manager
APPROVED AS TO FORM:
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Fred Galante, City Attorney
APPRO~(ED AS TO CONTENT:
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Sar . ith rs, Director of
Redevelopment
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 4t" day of May, 2010.
AYES: COUNCIL MEMBERS FLORES, MORTON, RODRIGUEZ, AND
SANTILLAN
NOES: NONE
ABSENT: COUNCIL MEMBER CASTRO
ABSTAIN: NONE
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Maria Quinonez, City Clerk
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. 2010.087 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 4th day of May, 2010.
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aria Quinonez, City Clerk