CRA - 101 RESOLUTION NO. CRA-101
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY AUTHORIZING THE
PURCHASE OF CERTAIN REAL PROPERTY FROM THE CITY OF CYPRESS
WHEREAS, the City Council of the City of Cypress ("City") previously approved
and adopted the AMENDED REDEVELOPMENT PLAN FOR THE CIVIC CENTER
PROJECT AREA ("Project Area"), as amended; 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 sell certain real property located in the Project
Area described as Assessor Parcel Numbers 244-451-14 & 15 and a 1/6th ownership
interest in Assessor Parcel Number 244-451-26 (the "Subject Properties") to the Agency
and the Agency desires to purchase the Subject Properties.
NOW, THEREFORE, the Cypress Redevelopment Agency DOES HEREBY
RESOLVE as follows:
1. The Agency hereby approves the Agreement of Purchase and Sale attached
hereto as Exhibit "A" and incorporated herein by reference (the "Agreement") which sets
fodh the terms and conditions of the City's sale of the Subject Properties to the Agency.
2. As set forth in the Agreement, the Subject Properties shall be sold to the
Agency for a total purchase price of $477,000.00 (the "Purchase Price"). The Purchase
Price represents the fair market value determined by an appraisal of Assessor Parcel Nos.
244-451-14 & 15 conducted by the appraisal firm of Lea Associates, Inc., and this total
compensation to be paid by the Agency also includes the City's transfer to the Agency of
an uneconomic remnant owned by the City of a 1/6th ownership interest in Assessor Parcel
No. 244-451-26.
3. The Chairman is authorized and directed to sign the Agreement on behalf of
the Agency. The Agency Council, with the assistance of Agency staff, is hereby
authorized and directed to prepare such other appropriate instruments and/or agreements
required to consummate the purchase and sale referred to herein. The Chairman,
Executive Director, and Secretary of the Agency are hereby authorized and directed to
execute any and all appropriate instruments and agreements required in order to
consummate the purchase and sale referred to herein.
PASSED AND ADOPTED by the governing body of the Cypress Redevelopment
Agency at a regular meeting held on the 28th day of January, 2002.
/ I CHAIRMAN
CYPRE~ REDEVELOPMENT AGENCY
ATTEST:
REDEVELOPMENT AGENCY
_]_
STATE OF CALIFORNIA )
COUNTY OF ORANGEi SS
I, JILL R. INGRAM-GUERTIN, Secretary of the Cypress Redevelopment Agency,
DO HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular
meeting of said Agency held on the 28th day of January, 2002, by the following roll call
vote:
AYES:
5 AGENCY MEMBERS: Keenan, McGill, Piercy, McCoy and Sondhi
NOES:
0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
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