CRA 2002-06-10MINUTES OFA REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
June 10, 2002
Agency Chairperson Sondhi called the meeting of the Cypress Redevelopment Agency
to order at 9:17 p.m. in the Council Chambers, 5275 Orange Avenue, Cypress,
California.
PRESENT:
Agency Board Members Keenan, McGill, Piercy, Agency Vice
Chairperson McCoy, Agency Chairperson Sondhi
ABSENT: None
Also present were Executive Director, City Attorney, Deputy Executive Director, Agency
Treasurer, Public Works Director, Chief of Police, Recreation and Community Services
Director, Assistant Community Development Director, Assistant to the City Manager,
and Agency Secretary.
The City Attorney requested that Item No. 20 be continued to the second meeting in
July. Given the new opportunities to further negotiate a satisfactory arrangement with
Cottonwood Christian Center, Costco has requested this item be continued.
Agency Board Member Piercy requested Item No. 20 be pulled from the Consent
Calendar.
Agency Chairperson Sondhi stated she would abstain from Item No. 21.
It was moved by Agency Board Member Piercy and seconded by Agency Board
Member McGill, to approve Consent Calendar Items No. 21 and 22.
The motion was unanimously carried by the following roll call vote:
AYES:
NOES:
ABSENT:
5 AGENCY MEMBERS: Keenan, McGill, Piercy, McCoy and Sondhi
0 AGENCY MEMBERS: None
0 AGENCY MEMBERS: None
Consent Calendar:
Item No. 21: EXECUTION OF PROMISSORY NOTE BETVVEEN THE CYPRESS
REDEVELOPMENT AGENCY AND THE CITY OF CYPRESS.
Recommendation: That the Cypress Redevelopment Agency authorize Agency staff to
execute the Repayment Agreement and Promissory Note (Exhibit "A") in the amount of
$7,000,000 with the City of Cypress, with the repayment to the City being made from
future tax increments or other available project area revenue sources, and approve an
appropriation increase in FY 2002-03 of $350,000 in the Agency's Debt Service Fund
for LART (4275-54-365-15) for interest expenditures due on June 1,2003.
Item No. 22: ADOPTION OF THE FISCAL YEAR 2002-03 BUDGET FOR THF
CYPRESS REDEVELOPMENT AGENCY.
Recommendation: That the Cypress Redevelopment Agency adopt the Agency's
annual budget as proposed for the fiscal year beginning July 1,2002.
CYPRESS REDEVELOPMENT AGENCY JUNE 10, 2002
Re.qardinq Item. No. 20: CONSIDERATION OF FIRST AMENDMENT TO
EXCLUSIVE NEGOTIATION AGREEMENT BETWEEN THE AGENCY AND COSTCO
WHOLESALE CORPORATION.
It was moved by Agency Board Member Keenan and seconded by Agency Vice Chair
McCoy, to continue this item to the July 22, 2002 meeting.
The motion was carried by the following roll call vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
4 AGENCY MEMBERS: Keenan, McGilI, Piercy, and McCoy
0 AGENCY MEMBERS: None
0 AGENCY MEMBERS: None
1 AGENCY MEMBERS: Sondhi
Agency Chair Sondhi did not participate on this item due to her ownership of property in
proximity to the project area.
Agency Board Member Keenan stated he would like clarification on the promissory note
and the loan amount.
The Director of Finance and Administrative Services stated this is a loan between the
City and Redevelopment Agency to cover the cash flow of the Redevelopment Agency
for the next two years. The amount relates to the deposit the Redevelopment Agency
put with the State under the eminent domain action. There is also additional money
available for the typical operations of the Los Alamitos Race Track property.
END OF CONSENT CALENDAR
ADJOURNMENT: Agency Chairperson Sondhi adjourned the meeting at 9:23 p.m.
CHAI · ~
ATTEST:
2