Resolution No. 3672RESOLUTION NO. 3672
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CYPRESS AUTHORIZING SALE OF CERTAINREAL
PROPERTY TO THE CYPRESS REDEVELOPMENT AGENCY
WHEREAS, on July 19, 1982 the City Council of the City of
Cypress ( "City ") adopted Ordinance No. 692 approving and adopting
a Redevelopment Plan for the Civic Center Project Area ( "Project
Area "); and
WHEREAS, the Cypress Redevelopment Agency ( "Agency ") is
authorized pursuant to Health & Safety Code Section 33391 and the
Redevelopment Plan for the Project Area to acquire real property
located within the Project Area; and
WHEREAS, the City desires to sell certain real property
located in the Project Area more particularly described in
Exhibit "A" attached hereto and incorporated herein by reference
(the "Subject Property ") to the Agency and the Agency desires to
purchase said property, on the terms and conditions set forth
hereinbelow.
NOW, THEREFORE, the City Council of the City of Cypress DOES
HEREBY RESOLVE as follows:
SECTION 1: The City Council of the City hereby approves the
sale and purchase of the Subject Property to the Agency in
accordance with the terms and conditions set forth herein.
SECTION 2: The Subject Property shall be sold to the Agency
for a total purchase price equal to the fair market value of the
Subject Property as of the date of this Resolution to be
determined by City Staff in accordance with appropriate appraisal
techniques (the "Purchase Price "). The Agency's obligation to
pay the Purchase Price shall be evidenced by a promissory note in
the full principal amount of the Purchase Price which promissory
note will be executed by the Agency, and delivered to the City as
of the date of the delivery of the grant deeds to the Subject
Property. The Agency's obligation to pay the Purchase Price
shall bear interest at the rate of 12 percent per annum. The
Agency's obligation to pay the Purchase Price and the interest
thereon shall be payable from (1) property taxes allocated to the
Agency in accordance with Health and Safety Code Section 33671
( "Tax Increment ") but only if and to the extent Tax Increment is
received, or (2) other funds that the Agency receives and the
Agency chooses to use to repay said amounts. The Agency's
obligation to pay the Purchase Price and the interest thereon
from Tax Increment shall be automatically subordinated to any
other obligation of the Agency secured by Tax Increment or for
which Tax Increment is otherwise pledged in connection with the
issuance of bonds or Certificates of Participation in connection
with the implementation of the Redevelopment Plan for the Project
Area.
SECTION 3: The City Attorney with the assistance of the
City Staff is hereby authorized and directed to prepare the
appropriate instruments and agreements required in order to
consummate the purchase and sale referred to herein. The Mayor,
the City Manager and the City Clerk are hereby authorized and
directed to execute any and all instruments and agreements
required in order to consummate the purchase and sale referred to
herein.
PASSED AND ADOPTED by the City Council of the City of
Cypress at the regular meeting held on the 8th day of January,
1990.
MAYOR OF THE CITY F CYPRESS
ATTEST: /!f` /G IT /,�,/
CITY CLERK OF THE Y O CY
PRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO
HEREBY CERTIFY that the foregoing Resolution was adopted at the
regular meeting of the said City Council held on the 8th day of
January, 1990: by the following roll call vote:
AYES: 5 COUNCIL MEMBERS: Age, Bowman, Kanel, Kerry and Age
NOES: 0 COUNCIL MEMBERS:None
ABSENT: 0 COUNCIL MEMBERS:None
C�
CITY C RK THE ITY OF CYPRESS
EXHIBIT "A"
DESCRIPTION OF SUBJECT PROPERTY BY
ASSESSOR PARCEL NUMBER
244 -451 -3