CONTRACT 4054 OtherAGREEMENT FOR EXCHANGE OF 4 O 5 4
QTY DEVELOPMENT BLOCK GRANT FUNDS
This Agreement is made and entered into as of 2010, by and t&�K� between the City of El Segundo and the City of La Mirada.
RECITALS
A. The City of El Segundo has renewed its a three -year cooperation agreement with
the County of Los Angeles concerning Community Development Block Grant
(CDBG) Funds for Fiscal Years 2009 -2010, 2010 -2011, and 2011 -2012.
B. The City of La Mirada has executed a three -year reimbursable agreement with
the County of Los Angeles concerning CDBG funds for Fiscal year 2009 -2010,
2010 -2011, and 2011 -2012.
C. The City of El Segundo has unexpended CDBG Funds which could be made
available to the City of La Mirada in exchange for the assignment by the City of
La Mirada of the amount of its general funds indicated in Section 1 below, the
City of El Segundo is willing to assign unexpended CDBG funds to the City of La
Mirada.
D. The Cities now desire to enter into an agreement under which the City of La
Mirada would exchange $55,488 of its general funds for $100,887 of unexpended
entitlement of CDBG Funds for Fiscal year 2010 -2011.
NOW, THEREFORE, the Cities agree as follows:
1. EXCHANGE. The City of El Segundo agrees to assign $100,887 of its
unexpended CDBG funds for Fiscal year 2010 -2011 to the City of La
Mirada. In return, the City of La Mirada agrees to assign $55,488 of its
general funds to the City of El Segundo. The exchange rate is $.55/100.
The table below summarizes the amount to be exchanged and any public
service and /or administration authority to be transferred to the City of La
Mirada
FY
Amount
Public Service
Administrative
Authority
Authority
Received
Received
FY 2010 -2011
$ 93,387.00
$15,133.00
$10,088.00
Unallocated
$ 7,500.00
None
None
Balance
Total
$100,887.00
$15,133.00
$10,088.00
2. CONSIDERATION. The City of El Segundo shall assign the agreed upon
CDBG Funds in one lump sum payment. The City of La Mirada shall assign the agreed
upon general funds to the City of El Segundo in one lump sum payment. The lump sum
payment shall be due and payable on or before August 31, 2010.
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a.4 �) 4 " 6 . i +01
3. BEST EFFORTS. The City of El Segundo shall use its best efforts to
obtain any consent required of any other governmental or administrative agency to
effectuate the assignment of $100,887 of its CDBG Funds to the City of La Mirada. The
City of La Mirada agrees to execute any and all additional documents which such
agencies may request in connection with the assignment and receipt of the grant.
4. TERM. The Agreement is effective on the date above written and for such
time as is necessary for both parties to complete their mutual obligations under this
Agreement.
5. TERMINATION. Termination of this Agreement may be made by either
party, so long as written notice of intent to terminate is given to the other party at least
five (5) days prior to termination.
6. NOTICE. Notices shall be given pursuant to this Agreement by personal
service on the party notified, or by written notice upon such party deposited in the
custody of the United States Postal Service addressed as follows:
City of El Segundo
350 Main Street
El Segundo, CA 90245
City of La Mirada
13700 La Mirada Boulevard
La Mirada, CA 90638
7. GOVERNING LAW. This Agreement shall be governed by the laws of the
State of California.
IN JdVITNESS WHEREOF, the parties have executed this Agreement the day of
I �,i A-,-R --�, . 2010
WAYT, X"anager
OFELAEGUNDO
CINDY • R
THOMAS E. OBINSON, City Manager
CITY OF LA MIRADA
ATTE T:
AN E HARAK IN, City Clerk
APPROVED AS TO FORM:
JAM MARKMAN, City Attorney