Resolution No. 7415I RESOLUTION NO. 7415
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
3 VERNON APPROVING AND AUTHORIZING THE EXECUTION
OF AN ELECTRICAL SERVICE CREDIT AGREEMENT BY AND
4 BETWEEN THE CITY OF VERNON, THE REDEVELOPMENT
AGENCY,OF THE CITY OF VERNON AND FORTUNE
FASHIONS INC.
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6 WHEREAS, Fortune Fashions Inc. ("Company") is a silk
screening and embroidery business, currently located at 6501
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Flotilla Street in the City of Commerce, California; and
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WHEREAS, Company's affiliate FFI Properties, Inc.
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10 presently owns a building located at 4700 South Boyle Avenue in
11 the City of Vernon, California (hereinafter referred to as the
12 "Property"), which is located within the Vernon Industrial
13 Redevelopment Project Area; and
14 WHEREAS, FFI and Company seek to rehabilitate and occupy
this vacant building in order to convert the building to a new
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manufacturing use, thereby increasing the value of the property
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and creating new employment opportunities within the City of
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Vernon and the Vernon Industrial Redevelopment Project Area; and
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WHEREAS, the City of Vernon, the Agency and Company
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intend to enter into an Electrical Service Credit Agreement to
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establish the terms and conditions for Company (i) to receive a
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credit against future electric bills during the first twelve (12)
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months of Company's operation in order to reimburse the Company
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for funds spent in the installation of electrical service
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facilities which will support the redevelopment of the Property
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and (ii) to purchase electricity from the City of Vernon; and
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WHEREAS, the conversion of the building, the use of the
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new electrical service facilities, and relocation of Company's
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.w. 16
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1 manufacturing facility to the Property will contribute to the
2 implementation of the redevelopment program for the City of
3 Vernon, will contribute to the redevelopment of the project area,
4 and will benefit the health, safety, and public welfare of the
5 City of Vernon.
6 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
7 CITY OF VERNON AS FOLLOWS:
8 SECTION 1: The City Council hereby finds and determines
9 that the recitals contained hereinabove are true and correct.
10 SECTION 2: The City Council hereby approves the
11 Electrical Service Credit Agreement, a copy of which has been
12 presented to the City Council concurrently with this resolution,
13 and the City Council hereby orders said Agreement to be received
14 and filed by the City Clerk.
15 SECTION 2: The City Council hereby authorizes the Mayor
16 and the City Clerk to execute said Agreement for, and on behalf
17 of, the City of Vernon.
18 SECTION 4: The City Clerk of the City of Vernon shall
19 certify to the passage of this resolution, and thereupon and
20 thereafter the same shall be in full force and effect.
21 APPROVED AND ADOPTED this 21st day of September, 1999.
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23 'THOMAS A. Y ARRA, Mayor Pro Tem
24 ATTEST'
25 ;�n�
BRUCE V. MALKENHORST, City Clerk
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STATE OF CALIFORNIA )
) ss
COUNTY OF LOS ANGELES )
I, BRUCE V. MALKENHORST, City Clerk of the City of
Vernon, do hereby certify that the foregoing Resolution, being
Resolution No. 7415 was duly adopted by the City Council of the
City of Vernon at an regular meeting of the City Council duly held
on Tuesday, September 21, 1999, and thereafter was duly signed by
the Nayor Pro Tem of the City of Vernon.
BRUCE V. MALKENHORST, City Clerk
(SEAL)
6.7415.res
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SUPPORTING
DOCUMENTS
OFFICE OF THE CITY ADMINISTRATOR/CITY CLERK
INTER -OFFICE MEMORANDUM
VIA FEDERAL EXPRESS
DATE: September 28, 1999
TO: Eddie Olivo, Assistant City Attorney '
FROM: Gloria J. Oro�hief Deputy City Clerk
RE: Fortune Fashions, Inc.
Transmitted herewith, for further processing by the City
Attorney's office are the following Fortune Fashion Inc.
documents which were approved by City Council and the
Redevelopment Agency on September 21, 1999 through Resolutions
Nos. RA-155, RA-156, & 7415:
• Commercial Loan Agreement - Our Agreement No. RDA-
99-015
• Electrical Service Credit Agreement - Our Agreement
Nos. RDA-99-016 & C/C 99-065
One original executed agreement of each is being retained by the
City Clerk's office.
C: K. DeDario
C. Dacey
Agreement Files