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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