City Council

9.5\nJOINT PUBLIC MEETING OF LYNWOOD CITY COUNCIL AND LYNWOOD HOUSING\nAUTHORITY FOR APPROVAL CONSIDERATION OF A FOURTH AMENDMENT TO\nAN EXISTING AMENDED AND RESTATED DISPOSITION AND DEVELOPMENT\nAGREEMENT\nComments:\nOn or about September 5, 2017, City, Authority, and Pacific Development Consultants,\nInc., a California corporation entered into an Amended and Restated Disposition and\nDevelopment Agreement that provided for, among other things: (1) the City’s conveyance\nto the Original Developer certain City-owned real property located on the west side of\nAtlantic Avenue, between Agnes Avenue and Lavinia Avenue, in the City of Lynwood and\n(2) the development of the Project; and (3) the lending of a Seventeen Million Dollars\n($17,000,000) by the Authority to Developer to be used to pay eligible project costs.\nStaff recommends that the Mayor and City Council for the City of Lynwood and Chair and\nBoard Members of the Lynwood Housing Authority approve the proposed Fourth\nAmendment to the Amended and Restated Disposition and Development Agreement,\nCity Council Regular Meeting\nmodifying certain provisions of the DDA to address certain outstanding development\nissues, and provide additional protective and security measures with respect to the\ndisposition, funding, and development of certain City-owned land conveyed to Lynwood\nFamily Apartments, LP for construction completion of the Lynwood Family Apartments, LP\nconsisting of sixty seven (67) multi-family apartment units; pursuant to which, sixty-six\n(66) non-age restricted affordable apartment units and one (1) on-site manager’s unit will\nbe developed. (CD)\nRecommendation:\nStaff recommends that the Mayor and City Council for the City of Lynwood and Chair and\nBoard Members of the Lynwood Housing Authority approve the proposed Fourth\nAmendment to the Amended and Restated Disposition and Development Agreement, as\namended by a First Amendment, Second Amendment and Third Amendment (collectively,\nthe “DDA”) modifying certain provisions of the DDA to address certain outstanding\ndevelopment issues, and provide additional protective and security measures with respect\nto the disposition, funding, and development of certain City-owned land conveyed to\nLynwood Family Apartments, LP (the “Developer”) for construction completion of the\nLynwood Family Apartments, LP (“Developer”) consisting of sixty seven (67) multi-family\napartment units; pursuant to which, sixty-six (66) non-age restricted affordable apartment\nunits and one (1) on-site manager’s unit will be developed as more specifically described\nin the DDA (the “Project”).