Resolution No. 2624192
RESOLUTION NO.2624
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CYPRESS APPROVING THE SALE OF CERTAIN
REAL PROPERTY LOCATED IN THE CIVIC CENTER
PROJECT AREA TO THE CYPRESS REDEVELOPMENT
AGENCY AND AUTHORIZING CERTAIN ACTIONS IN
CONNECTION THEREWITH
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 convey certain real property located in the
Project Area more particularly described in Exhibit "A" attached hereto and
incorporated herein by reference (the "Subject Properties") to the Agency and
the Agency desires to accept said conveyance, 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 of the
Subject Properties to the Agency in accordance with the terms and conditions
set forth herein.
SECTION 2: The Subject Properties shall be sold to the Agency for a total
purchase price equal to the fair market value of the Subject Properties 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
and delivered to the City as of the date of the delivery of the grant deeds to
the Subject Properties. 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 Council of the City hereby approves the assignment
of certain real property leases entered into with respect to several of the
Subject Properties, more particularly described in Exhibit "B" attached hereto
and incorporated herein by reference, and hereby approves the transfer of any
and all security deposits and other amounts received by the City in connection
with entering into said leases. Rent received from the tenants shall be pro-
rated between the Agency and the City as of the date of the recordation of the
deeds with respect to those Subject Properties subject to said leases.
SECTION 4: The City Attorney with the assistance of the City Staff is
hereby authorized and directed to prepare the appropriate instruments and agree-
ments required in order to consummate the transactions 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 transactions referred to herein.
193
PASSED AND ADOPTED by the City Council of the City of Cypress at an
adjourned regular meeting held on the 7th day of March 1983.
ATTEST:
��
CITY ERK OF THE CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
OR HE CITY 1 CYPRESS
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY that
the foregoing Resolution was adopted at an adjourned regular meeting of the said
City Council held on the 7th day of March 1983; by the following roll call vote:
AYES: 4 COUNCIL MEMBERS: Kanel, Mullen, Partin, and Lacayo
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 1 COUNCIL MEMBERS: Coronado
/� G(/;!
CITY CLERK F THE CT8`Y OF CYPRESS
2
194
EXHIBIT "A"
Description of Subject Properties by
Assessor Parcel Numbers
244-451-2
244-451-7
244-451-8
244-451-9
244-451-11
244-451-12
244-451-22
244-451-23
244-451-25
244-451-26
195
Parcel 2 -
EXHIBIT "B"
LEASE AGREEMENTS
(Sudderth) 5361-63 Wicker Drive.
The leases are month-to-month, whereby
the tenants (Ms. Catherine Carter and
Ms. Deborah K. Bikoski) pay $275 and
$400 per month respectively, and are
responsible for all property maintenance.
Parcel 8 - (Matlock) 5452 Wicker Drive.
The lease is month-to-month, whereby
the tenant (Gary Crunk) pays $325 per
month and is responsible for all
property maintenance.
Parcel 9 - (Goldman) 9411 Walker Street.
The lease is month-to-month, whereby
the tenants (Ryan K. and Lauri J.
Crampton) pay $325 per month and are
responsible for all property
maintenance.
Parcel 12 - (Stockman) 9451 Walker Street.
The lease is month-to-month, whereby
the tenant (Mrs. Stockman who is the
previous property owner) pays $150 per
month and is responsible for all
property maintenance.
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