|Los Angeles City Council, Journal/Council Proceeding|
Wednesday, June 14, 2017
JOHN FERRARO COUNCIL CHAMBER ROOM 340, CITY HALL 200 NORTH SPRING STREET, LOS ANGELES, CA 90012 - 10:15 AM
(For further details see Official Council Files)
(For communications referred by the President see Referral Memorandum)
Members Present: Blumenfield, Bonin, Buscaino, Cedillo, Englander, Harris-Dawson, Huizar, Koretz, Martinez, O'Farrell, Price, Ryu and President Wesson (13); Absent: Krekorian (1); Vacant: Council District Seven
|Items for which Public Hearings Have Not Been Held - (10 Votes Required for Consideration)|
COMMUNICATION FROM THE GENERAL MANAGER, LOS ANGELES HOUSING AND COMMUNITY INVESTMENT DEPARTMENT (HCIDLA) relative to authorizing the sale of the condominium unit located at 1119 Albany Street, Unit 330.
Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR:
- REQUEST the City Attorney to prepare and present an ordinance effectuating the sale of the real property located at 1119 Albany Street, Unit 330, to the selected buyer for $308,000, above the property’s full appraised value.
- AUTHORIZE the General Manager, HCIDLA, or designee, to:
- Execute all ancillary documents required for the sale of the property.
- Deposit the net sale proceeds into the Low and Moderate Income Housing Fund No. 55J, upon receipt of funds.
Fiscal Impact Statement: The HCIDLA reports that this action will not impact the General Fund. The above recommendations authorize the HCIDLA to sell 1119 Albany Street, Unit 330, at fair market value. The net proceeds from the sale will be returned to the Low and Moderate Income Housing Fund No. 55.T in accordance with California Redevelopment Law.
Community Impact Statement: None submitted.
(Housing Committee waived consideration of the above matter)
|Adopted, (13); Absent: Krekorian (1)|
|Whereupon the Council did adjourn.|
|ATTEST: Holly L. Wolcott, CITY CLERK|
Council Clerk PRESIDENT OF THE CITY COUNCIL