Resolution No. 27785
RESOLUTION NO. 2778
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CYPRESS GRANTING AN OPTION TO NATIONAL CHURCH
RESIDENCES OF CYPRESS TO PURCHASE OR LEASE
CERTAIN REAL PROPERTY KNOWN AS CYPRESS
ELEMENTARY SCHOOL FOR A SENIOR CITIZENS
HOUSING PROJECT AND AUTHORIZING CERTAIN
ACTIONS IN CONNECTION THEREWITH
WHEREAS, the Cypress Redevelopment Agency (the "Agency")
has entered into that certain Option Agreement dated 4/9/84
1984 ("Option Agreement") with the Cypress School District
("District") pursuant to which the District granted the Agency
an option to purchase or lease certain real property commonly
known as the Cypress Elementary School located at 9031 Grindlay
Street, Cypress, California more particularly described therein
("Property"); and
WHEREAS, the Agency has granted the City of Cypress
("City") an Option to purchase or lease the Property
substantially on the terms and conditions set forth in the
Option Agreement except as modified by Resolution No.CRA-19of
the Agency and accepted by the City Council of the City; and
WHEREAS, the City Council desires to grant in favor of
National Church Residences of Cypress, a California nonprofit
corporation ("Corporation") an option to purchase or lease the
Property on the same terms and conditions as set forth in the
Option Agreement and the Resolution of the Agency granting an
option in favor of the City, except as modified by this
Resolution.
NOW, THEREFORE, the City Council of the City of Cypress
does hereby resolve as follows:
Section 1. The City Council hereby grants to the
Corporation the exclusive right to lease or purchase the
Property on the same terms and conditions as set forth in
the Option Agreement and the Resolution of the Agency
referred to in the recitals hereinabove, except as modified
by this Resolution.
Section 2. The introduction of the Option Agreement is
modified to refer to the City as "Optionor" and the
Corporation as "Optionee".
Section 3. Section 3 of the Option Agreement is hereby
modified to acknowledge that the Corporation has paid to
the City the sum of one dollar as consideration for the
granting of the option to lease or purchase the Property as
provided in this Resolution.
Section 4. Section 4 of the Option Agreement is hereby
modified as follows:
"The lease or purchase price will be determined
as a result of the appraisal approved by the
United States Department of Housing and Urban
Development."
Section 5. Section 5 of the Option Agreement is hereby
modified to add as a condition to the exercise of the
Option the obtaining of proceeds of a direct loan from the
United States Department of Housing and Urban Development
pursuant to Section 202 of the Federal Housing Act.
Section 6. Section 6 of the Option Agreement is hereby
amended to add that the Option granted hereby shall
automatically terminate in the event that the United States
Department of Housing and Urban Development rejects the
Corporation's application for a direct loan to construct a
senior citizens housing project pursuant to Section 202 of
the Federal Housing Act.
Section 7. Section 9
modified as follows:
"OPTIONEE
of the Option Agreement is
National Church Residences
of Cypress
5821 Wellson Drive
Cypress, California 90630
hereby
OPTIONOR
City of Cypress
5275 Orange Avenue
Cypress, California 90630"
Section 8. Section 8 of the Option Agreement is hereby
modified to add the following sentence:
"The obligations of the Cypress Redevelopment Agency,
the City of Cypress and National Church Residences of
Cypress to purchase or lease the Property to National
Church Residences of Cypress for the development of a
senior citizens housing project thereon shall be set
forth in a Disposition and Development Agreement to be
entered into by and among the Agency, the City and the
Corporation as soon as possible after the approval by
the United States Department of Housing and Urban
Development of the making of a direct loan to the
Corporation pursuant to Section 202 of the Federal
Housing Act."
PASSED AND ADOPTED by the City Council of the City of
Cypress at a regular meeting held on the 9th day of April
1984.
MAY CITY OF
ATTEST:
�
CITY CLERK 0 THE C Y - ▪ OF CYPRESS
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 duly adopted
at a regular meeting of the said City Council held on the 9th
day of April 1984, by the following roll call vote:
AYES:
NOES:
ABSENT:
5 COUNCIL MEMBERS: Coronado,Kanel,Lacayo,Mullen,and
0 COUNCIL MEMBERS: None
0 COUNCIL MEMBERS: None
Partin
CITY CLERK OF THE,CITY OF CYPRESS
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