CONTRACT 4136 Other4136 .
AGREEMENT FOR EXCHANGE OF
COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS
This Agreement for Exchange of Community Development Block Grant Funds
( "Agreement ") is made and entered into as of this15 1 day of FebruA = 2011,
by and between the City of El Segundo and the City of Lawndale.
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 Lawndale has executed a three -year reimbursable agreement with
the County of Los Angeles concerning CDBG Funds for Fiscal Years 2009 -2010,
2010 -2011, and 2011 -2012.
C. The City of El Segundo has unexpended CDBG Funds that could be made
available to the City of Lawndale in exchange for the assignment by the City of
Lawndale of the amount of its general funds indicated below, and the City of El
Segundo is willing to assign unexpended CDBG funds to the City of Lawndale.
D. The Cities now desire to enter into this Agreement to authorize the City of
Lawndale to exchange $63,042.70 of its general funds for $90,061 of the City of
El Segundo's unexpended entitlement of CDBG Funds for Fiscal Years 2010-
2011 and 2011 -2012.
NOW, THEREFORE, the Cities agree as follows:
1. EXCHANGE. The City of El Segundo agrees to assign $90,061 of its
unexpended CDBG Funds for Fiscal Years 2010 -2011 and 2011 -2012 to
the City of Lawndale. In return, the City of Lawndale agrees to assign
$63,042.70 of its general funds to the City of El Segundo. The exchange
rate is $0.70/$1.00. The table below summarizes the amount to be
exchanged and any public service and /or administration authority to be
transferred to the City of Lawndale.
FY
Amount
Public Service
Administrative
Authority
Authority
Received
Received
FY 2011 -2012
$ 85,683.00
$12,852.00
$8,568.00
Unallocated
$ 4,378.00
None
None
Balance
Total
$90,061.00
$12,852.00
$8,568.00
2. CONSIDERATION. The City of El Segundo shall assign the agreed upon
CDBG Funds in one lump sum payment. The City of Lawndale 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 July 31, 2011.
41 36 . ,,.A
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 $90,061 of its CDBG Funds to the City of Lawndale. The
City of Lawndale 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 Lawndale
14717 Burin Avenue
Lawndale, CA 90260
7. GOVERNING LAW. This Agreement shall be governed by the laws of the
State of California.
IN WITNESS WHEREOF, the parties have executed this Agreement this
15th day of February 2011
/U� lip
AYT
JAC ity Manager HAROLD E. HOFMANN, yor
CIT OF EL SEGUNDO CITY OF LAWNDALE
ATTEST:
ATTEST:
CINDY MORTESEN, City Clerk �Fn PAULA HARTWEL, City Clerk
(seat)
APPROVED AS TO FORM:
APPROVED AS TO FORM:
ALESHIRE & WYNDER, LLP
DCity AttorneyTIFF Y J. EL, City Attorney
II