CRA - 103RESOLUTION NO. CRA-103
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY APPROVING THE
AGREEMENT FOR PURCHASE AND SALE AND ESCROW INSTRUCTIONS
BE'I'VVEEN THE CYPRESS REDEVELOPMENT AGENCY
AND FIELDSTONE COMMUNITIES, INC.
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, a public body, corporate and
politic ("Agency"), is the redevelopment agency performing redevelopment functions
within the territorial limits of the City pursuant to the California Community
Redevelopment Law (Health & Safety Code § 33000, et seq.); and
WHEREAS, the Agency has negotiated an Agreement for Purchase and Sale and
Escrow Instructions ("Agreement") with Fieldstone Communities, Inc. (the "Buyer"),
pursuant to which the Agency is to convey to the Buyer certain real property located within
the Project Area (the "Property") for Five Million Sixty-Two Thousand Nine Hundred Thirty
Three Dollars ($5,062,933.00), and pursuant to which the Buyer is to redevelop the
Property to construct forty (40) single-family homes and related improvements, including
landscaping (the "Project"), which Project is consistent with the Redevelopment Plan for
the Project Area and the General Plan of the City; and
WHEREAS, Health & Safety Code Section 33433 requires the Agency to prepare
a Summary Report prior to disposing of property located in a redevelopment project area,
and that the Agency Board and the City Council conduct a noticed joint public hearing with
respect to the Agreement, and that the approval of the Agreement be accompanied by
certain findings and determinations as set forth herein; and
WHEREAS, a Summary Report for the Agreement has been prepared and the
joint public hearing has been conducted in accordance with applicable requirements of
law; and
WHEREAS, the City Council and the Agency have considered all the information
and evidence set forth in the Summary Report presented by the Agency staff and
presented by persons wishing to appear and be heard concerning the impact of the
Agreement on the Project Area and the City as a whole.
NOW, THEREFORE, the Cypress Redevelopment Agency DOES HEREBY
RESOLVE as follows:
SECTION 1.
herein.
That the above recitals are true and correct and incorporated
SECTION 2.
That the Agency does hereby find and determine as follows:
a. The Agreement is in accordance with, and effectuates the purposes of, the
Redevelopment Plan.
b. The Agency's sale of real property will assist in the elimination of blighting
conditions in the Project Area in that the Properly has been, for the most part, vacant since
the Agency's acquisition of the parcels beginning in 1983, and is therefore underutilized in
its location, which is desirable for residential development. The development of a single-
family residential neighborhood on this Property will assist in the elimination of this
blighting condition.
c. The Agency's sale of real property is consistent with the Agency's Five-Year
Implementation Plan in that the Implementation Plan identifies the facilitation of a higher
utilization of property within the Project Area as a goal of the Amended Civic Center
Redevelopment Project Area, and specifically identifies the completion of master planning
for the Wicker Drive property and implementation of development of the master plan.
Additionally, the Five-Year Implementation Plan identifies the consolidation of the
numerous land-locked Wicker Drive parcels into a single, developable parcel as a land use
goal. The residential development of the Property will provide a new residential
community which utilizes existing community facilities and is compatible with the
surrounding neighborhood, as further outlined in the goals of the Agency's Five-Year
Implementation Plan.
d. The consideration the Buyer will pay for the real property to be conveyed by
the Agency is not less than the fair market value as more particularly described in the
Summary Report.
SECTION 3.
hereby approved.
The Agreement, in the form presented by Agency staff, is
SECTION4. Agency staff is authorized and directed to finalize the
Agreement for execution by the Agency Chair and the Agency Chair is thereafter
authorized and directed to sign the Agreement on behalf of the Agency. Further, the
Agency Executive Director is authorized to take such other and further actions and to sign
such other and further documents as may be required to effectuate the terms of the
Agreement and the purposes of this Resolution.
PASSED AND ADOPTED by the governing body of the Cypress Redevelopment
Agency at a regular meeting held on the 22"d day of April, 2002.
CYPRE /IENT AGENCY
ATTEST:
SECFfL~-ARY - _
YPRESS REDEVELOPMENT AGENCY
STATE OF CALIFORNIA
COUNTY OF ORANGE i SS
I, JILL R. INGRAM-GUERTIN, Secretary of the Cypress Redevelopment Agency,
DO HEREBY CERTIFY that the foregoing Resolution was du y adopted at a regular
meeting of said Agency held on the 22naday of April, 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
(~/ SEC~JETARY
CYPRESS REDEVELOPMENT AGENCY
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