CRA 90-09-10 MINUTES OF A MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
September 10, 1990
Vice Chairman Kanel called the meeting of the Cypress Redevelopment Agency to
order at 12:08 a.m. on Tuesday, September 10, 1990 in the Cypress City Council
Chamber, 5275 Orange Avenue, Cypress, California.
PRESENT: Agency Members Arnold, Bowman, Kanel and Kerry
ABSENT: Agency Chairman Age
CONTINUATION OF CONSIDERATION OF AN AGREEMENT BETWEEN THE CYPRESS
REDEVELOPMENT AGENCY AND CYPRESS HOMES, INC., PROVIDING FOR FINANCING OF
CERTAIN IMPROVEMENTS REQUIRED BY THE SORRENTO HOMES DEVELOPMENT ON THE TEXACO
TANK FARM: The Executive Director summarized the staff report dated August
31, 1990, which indicated that the agreement is ready for Council approval and
provides for $4.5 million in reimbursements from redevelopment tax increment
funds for Cypress Homes construction of improvements benefiting the entire
community and which were necessary to allow the site to be redeveloped from
its former tank farm use.
It was moved by Agency Member Bowman and seconded by Agency Member Kerry to
adopt the Resolution by title only, title as follows, authorizing the issuance
of a tax allocation note.
CRA NO. 67
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF CYPRESS
AUTHORIZING THE ISSUANCE OF A TAX ALLOCATION NOTE IN THE PRINCIPAL
AMOUNT NOT EXCEEDING $4,500,000 AND APPROVING AN OWNER PARTICIPATION
AGREEMENT WITH CYPRESS HOMES, INC., AND CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH (CIVIC CENTER REDEVELOPMENT PROJECT AREA).
The motion unanimously carried by the following roll call vote:
AYES: 4 AGENCY MEMBERS: Arnold, Bowman, Kanel and Kerry
NOES: 0 AGENCY MEMBERS: None
ABSENT: 1 AGENCY MEMBERS: Age
At 1:12 a.m., the Council again recessed to act as the Redevelopment Agency
with all Agency Members present and Agency Chairman Age presiding.
MINUTES: It was moved by Agency Member Bowman and seconded by Agency Member
Arnold to approve the Minutes of August 13, 1990. The motion unanimously
carried by the following roll call vote:
AYES : 5 AGENCY MEMBERS: Arnold, Bowman, Kanel, Kerry and Age
NOES: 0 AGENCY MEMBERS: None
ABSENT :0 AGENCY MEMBERS: None
ADJOURNMENT:Agency Chairman Age adjourned the meeting at 1:12 a.m.
CHAIRMAN OF THE CYPRESS
REDEVELOPMENT AGENCY
ATTEST:
SECRETARY OF THE CYPRESS REDEVELOPMENT
AGENCY