CRA 87-03-23 MINUTES OF A MEETING OF THE CYPRESS
REDEVELOPMENT AGENCY
HELD
March 23, 1987
Chairman Kanel called the meeting of the Cypress Redevelopment Agency to order at 12:20
a.m. on Monday, March 23, 1987, in the Cypress City Council Chamber, 5275 Orange Avenue,
Cypress, California.
PRESENT:Members Arnold, Davis, Mullen & Kanel
ABSENT: Member Coronado
.MINUTES: It was moved by Member Mullen, seconded by Member Arnold and unanimously
carried to approve the minutes of March 9, 1987.
CONSIDERATION BY THE CYPRESS REDEVELOPMENT AGENCY OF AGREEMENT TO
PURCHASE CERTAIN REAL PROPERTY FROM THE CYPRESS SCHOOL DISTRICT,
AUTHORIZING THE EXECUTION OF SUCH AGREEMENT, AND AUTHORIZING AND
APPROVING THE LOAN FROM THE CITY OF CYPRESS: The City Manager presented a
report dated March 18.
It was moved by Member Mullen and seconded by Member Davis to adopt the Resolution by
title only, title as follows, approve a 30 day extension of the close of escrow, and correct the
purchase price in the Repayment Agreement to $652,283:
RESOLUTION NO. CRA - 31
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY
APPROVING THE ACQUISITION OF CERTAIN REAL PROPERTY FROM
THE CYPRESS SCHOOL DISTRICT, AUTHORIZING THE EXECUTION OF
THE AGREEMENT TO PURCHASE REAL PROPERTY, AND
AUTHORIZING EXECUTION OF A PROMISSORY NOTE.
The motion unanimously carried by the f ouowing roll call vote-
AYES: 4 AGENCY MEMBERS: Arnold, Davis, Mullen & Kanel
NOES: 0 AGENCY MEMBERS: None
ABSENT: 1 AGENCY MEMBERS: Coronado
ADJOURNMENT:Chairman Kanel adjourned the meeting at 12:21 a.m.
CHAIRMAN OF THE CYPRESS
REDEVELOPMENT AGENCY
ATTEST:
SECRETARY OF THE CYPRESS
REDEVELOPMENT AGENCY