HomeMy Public PortalAbout2010.198 (09-21-10)RESOLUTION NO. 2010.198
A JOINT RESOLUTION OF THE LYNWOOD CITY COUNCIL AND LYNWOOD
REDEVELOPMENT AGENCY (AGENCY) APPROVING THE REIMBURSEMENT IN
THE AMOUNT $2,592,000 FROM THE SECTION 108 LOAN ACCOUNT TO THE
LYNWOOD REDEVELOPMENT AGENCY BUDGET
WHEREAS, the Department of Housing and Urban Development (HUD)
informed the City that its BEDI Grant funds were spent prematurely and required the
City to repay funds in the amount of $362,530; and
WHEREAS, section 108 guidelines authorizes the use of several funding sources
for repayment of section 108 loans, including redevelopment funds; and
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WHEREAS, consistent with section 108 guidelines, the City of Lynwood was
required to repay HUD in the amount of $362,530 and desired to pay these funds
through the Lynwood Redevelopment Agency; and
WHEREAS, On August 18, 2010 HUD notified the City that $362,530 was
received for the reimbursement of BEDI grant funds; and
WHEREAS, the Department of Housing and Urban Development analyzed
documentation submitted by the Agency and determined that $2,592,000 of Agency
funds spent on the Plaza Mexico Project are eligible economic development costs; and
WHEREAS, HUD has approved the use of Section 108 Loan fund to reimburse
cost incurred in the amount of $2,592,000 by the Agency for eligible activities initially
funded with non-Sec4ion 108 funds.
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:
Section 2. This Resolution shall become effective immediately upon its
adoption.
PASSED, APPROVED, and ADOPTED this 21 day of September.
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Mar a T. Santillan, Mayor
ATTEST:
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APPROVED AS TO FORM:
Fred Galante, City Attorney
APPRQVED AS TO CONTENT;
Director of
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
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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 21 day of September, 2010.
AYES:
NOES:
COUNCIL MEMBERS FLORES, MORTON, RODRIGUEZ, CASTRO
AND SANTILLAN
NONE
ABSENT: NONE
ABSTAIN: NONE
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Maria Quinonez, City lerk
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
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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. 2010.198 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 21 day of September,
2010.
Maria Quinonez,
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