Resolution No. 3954RESOLUTION NO 3954
A RESOLUTION OF THE CITY COUNCIL OF CITY OF
CYPRESS DETERMINING BENEFIT TO THE REDEVELOP-
MENT AGENCY OF THE CITY OF CYPRESS CIVIC
CENTER REDEVELOPMENT PROJECT AREA
WHEREAS the Redevelopment Plan for a redevelopment
project known as the Civic Center Redevelopment Project
Area (the 'Project Area ) was approved and adopted by the
City Council of the City of Cypress (the City') by
Ordinance No 692 on July 19 1982 and was thereafter
amended by Ordinance No 813 adopted on April 10 1989 (the
Amended Redevelopment Plan and all requirements of law
for and precedent to the adoption and approval of the
Amended Redevelopment Plan have been duly complied with and
WHEREAS for the purpose of providing for the
redevelopment of certain property within the Project Area in
accordance with the Amended Redevelopment Plan the City has
duly entered into that certain owner participation agreement
with Cypress Homes, Inc ('Cypress Homes ) and the
Redevelopment Agency of the City of Cypress (the Agency')
dated as of September 10 1990 (the 'Owner Participation
Agreement ) which was approved by the City with the adoption
of its Resolution No 3824 on September 10 1990 and
WHEREAS Cypress Homes qualifies as and is an
owner -participant pursuant to the Agency s Owner
Participation Rules and
WHEREAS the Owner Participation Agreement provides
that Cypress Homes will design and construct certain public
facilities including (i) a portion of a regional storm
drain system and pump station within or directly benefitting
the Project Area and (ii) perimeter streets and certain
improvements related thereto adjacent to the Site namely a
portion of Orange Avenue, Moody Street Ball Road and Denni
Street (collectively referred to as Redevelopment
Facilities ) as more particularly described therein which
Redevelopment Facilities benefit the Project Area and in
consideration of Cypress Homes constructing and conveying
the Redevelopment Facilities to the Agency or its designee
the Agency has duly provided for the issuance pursuant to
the Owner Participation Agreement of the Redevelopment
Agency of the City of Cypress (Civic Center Redevelopment
Project Area), Tax Allocation Note in the principal amount
not in excess of $4 500,000 (the 'Note ) payable from a
portion of tax increment revenues attributable to the
Project Area and
WHEREAS the Redevelopment Facilities constitute
redevelopment activity primarily of benefit to the Project
Area and the Agency is authorized by Section 33445 of the
Health and Safety Code of the State of California to pledge
such tax increment revenues as set forth in the Owner
Participation Agreement to the payment of the Note provided
that the Agency and the City first make certain
determinations with respect thereto
r
NOW THEREFORE THE CIT'x COUNCIL OF THE CIT'i OF
CYPRESS DOES HEREBY RESOLVE DETERMINE AND ORDER AS
FOLLOWS
Section 1. The above recitals are true and correct
Section 2. Pursuant to authority contained in
Section 33445 of the Health and Safety Code of the State of
California the City hereby determines that the
Redevelopment Facilities are of benefit to the Project Area
and that no means other than the pledge of tax increment
revenues contained in the Owner Participation Agreement is
reasonably available to the City to finance such
Redevelopment Facilities
Section 3. The determinations made herein by the
City shall be deemed final and conclusive
Section 4. This Resolution shall take effect and be
in full force from and after its adoption by the City
PASSED AND ADOPTED by the City Council of the City
of Cypress at a regular meeting held on the 24th day of
June 1991
ATTEST
niget
MAYOR OF THE C(I TY tOFo C R SS
TA:�p�
CI Y CLER OF TH.,/'CITY OF CYPRESS
STATE OF CALIFORNIA
ss
COUNTY OF ORANGE
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 24th day of June 1991 by the
following roll call vote
AYES 4 COUNCIL MEMBERS Kerry Nicholson, Partin and Bowman
NOES 0 COUNCIL MEMBERS None
ABSENT 0 COUNCIL MEMBERS None
ABSTAINED 1 COUNCIL MEMBERS Age
CITY/C ERmaze THE/CITY OF CYPRESS
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