Resolution No. 2926320
RESOLUTION NO. 2926
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
GRANTING AN OPTION TO NATIONAL CHURCH RESIDENCES OF CYPRESS
TO PURCHASE A PORTION OF CERTAIN REAL PROPERTY KNOWN AS
CYPRESS ELEMENTARY SCHOOL FOR A SENIOR CITIZENS HOUSING PROJECT
AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THIEREWITH.
WHEREAS, the Cypress Redevelopment Agency (the "Agency") has entered
into that certain Option Agreement dated May 13, 1985 ("Option Agreement")
with the Cypress School District ("District") pursuant to which the District
granted the Agency an option to purchase a portion of certain real property,
no less than 1.3 acres, 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 the Property substantially on the terms and conditions set forth
in the Option Agreement except as modified by Resolution No.CRA-22 of 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 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 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; provided in the event that the Section 202 funding is not avail-
able (or HUD does not commit to provide such funding), on or before
October 31, 1985,the rights of National Church Residences of Cypress shall
expire automatically.
SECTION 2. Subsequent to the acquisition of the Property by the City,
the City shall be referred to as "Optionor" and the Corporation as "Optionee."
All other modifications set forth in this Resolution shall be effective upon
acquisition of the Property by the City.
SECTION 3. Section 4 of the Option Agreement is hereby modified to
acknowledge that the Corporation has paid to the City the sum of one
dollar ($1.00) as consideration for the granting of the option to purchase
the Property as provided in this Resolution.
SECTION 4. Section 6 of the Option Agreement is hereby modified as
follows:
"The 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 7 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 9 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.
321
SECTION 7. Sectionl0 of the Option Agreement is hereby modified as
follows:
"OPTIONLE OPTIONOR
National Church Residences City of Cypress
of Cypress 5275 Orange Avenue
5821 Wellson Drive Cypress, California 90630"
Cypress, California 90630
SECTION 8. Section 6 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
the Property for 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 Corpo-
ration 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."
SECTION 9. National Church Residences of Cypress shall reasonably
and in good faith determine not later than October 31, 1985, whether it
will proceed to acquire the Property as herein provided. If National
Church Residences is unable or unwilling to proceed for any reason to
acquire the Property and develop the senior housing pursuant to the Option
Agreement, it will immediately relinquish any interest in the Property to
the City (or an entity designated by the City).
PASSED AND ADOPTED by the City Council of the City of Cypress at a
regular meeting held on the 13th day of May1985.
ATTEST
i%1
CITY CLERK OF THE CIT OF CYPRESS
i
MAYOR OF,IHE CITY ON CYPR'SS
STATE OF CALIFORNIA ) SS
COUNTY OF ORANGE )
I, DARRELI. 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 13th day of May 1985, by the following roll
call vote:
AYES: 3 COUNCIL MEMBERS: Mullen, Partin, and Kanel
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 2 COUNCII. MEMBERS: Coronado and Lacayo
L/J
CITY CLERK OF 711(OF CYPRESS
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