CRA - 108RESOLUTION NO. CRA-108
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY
APPROVING AN AGREEMENT FOR THE PURCHASE AND SALE OF
REAL PROPERTY BY AND BETWEEN THE AGENCY, AS BUYER, AND
COTTONWOOD CHRISTIAN CENTER, INC., AS SELLER, OF AN
APPROXIMATELY 18-ACRE PARCEL LOCATED 1N THE CITY OF
CYPRESS AT THE NORTHWEST CORNER OF WALKER STREET AND
KATELLA AVENUE WITHIN THE LOS ALAMITOS RACE TRACK AND
GOLF COURSE REDEVELOPMENT PROJECT AREA
WHEREAS, the Cypress Redevelopment Agency (hereinafter the "Agency") is a public
body, corporate and politic, organized and existing under the California Community
Redevelopment Law (Health & Safety Code {}33000 et seq.) (hereinafter the "CRL"); and
WHEREAS, by previous action duly and regularly taken, the Agency and the City
Council of the City of Cypress adopted the Redevelopment Plan for the Los Alamitos Race
Track and Golf Course Redevelopment Project as amended from time to time (hereinafter, the
"Redevelopment Plan"), which Redevelopment Plan delineates the Los Alamitos Race Track and
Golf Course Redevelopment Project Area (hereinafter the "Project Area"); and
WHEREAS, the CRL and Redevelopment Plan authorize the Agency to acquire real
property;
WHEREAS, the Agency has been engaged in activities with respect to redevelopment of
the Project Area pursuant to the CRL and the Redevelopment Plan, including but not limited to
the previously adopted Walker/Katella Retail Project; and
WHEREAS, Cottonwood Christian Center, Inc., a California nonprofit corporation
(hereinafter "Cottonwood"), is the owner of that certain real property in the City, consisting of
approximately 18 acres, located at the northwest corner of Walker Street and Katella Avenue,
within the Project Area (hereinafter the "Property"); and
WHEREAS, Agency staff and Cottonwood officers have negotiated the terms of
Cottonwood's sale of the Property to Agency as embodied in that certain Agreement for the
Purchase and Sale of Real Property (Approximately 18 Acres at Walker & Katella) [hereinafter
the "Purchase Agreement"]"
NOW THEREFORE, the Cypress Redevelopment Agency HEREBY RESOLVES as
follows:
Section 1.
a part hereof.
The above Recitals are true and correct and incorporated herein and made
Section 2. The Agency finds and determines that the Agency's purchase of the
Property pursuant to the Purchase Agreement will effectuate the purpose of the CRL and the
purposes, goals, and objectives of the Redevelopment Plan; is consistent with the Redevelopment
Plan, the City's General Plan, and the Cypress Business & Professional Center Specific Plan; and
is in the best interest and welfare of the citizens of the City of Cypress. Specifically, the above-
referenced documents promote the city's long-term economic development goals and objectives;
including the attraction and retention of high quality businesses to the area, the need to diversify
the area to maintain and enhance its competitiveness, as well as the need to facilitate the
expansion of the city's retail sector. The purchase of the Property pursuant to the Purchase
Agreement will facilitate the meeting of these goals and objectives.
Section 3. All actions required to be taken by the Agency precedent to consideration
of this Resolution have been duly and regulatory taken.
Section 4. The Purchase Agreement, a copy of which is on file with the Agency
Secretary and in the form presented to the Agency Board concurrent with the adoption of this
Resolution, is hereby approved. The Agency Executive Director is authorized to make any final
technical or clerical changes to the Purchase Agreement consistent with the material terms of the
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Purchase Agreement approved hereby, and the Chairman of the Agency is thereafter authorized
to sign the Purchase Agreement on behalf of the Agency.
Section 5. The Executive Director, Deputy Executive Director, and Secretary of the
Agency are each individually authorized and directed to carry out and effectuate the purposes of
this Resolution by taking such other and further actions necessary to implement the terms of the
Pumhase Agreement, including but not limited to effecting the opening and closing of escrow
and signing such other and further documents, including exhibits to the Purchase Agreement, as
necessary or appropriate to undertake and complete the transaction pursuant to the Purchase
Agreement.
PASSED AND ADOPTED by the governing body of the Cypress Redevelopment
Agency at a special meeting held on the 24th day of February, 2003.
FRANK MCCOY, CHAIRM~-I~
CYPRESS REDEVELOPMENT AGENCY
ATTEST:
~,.,IJJL INGRAM-G~rEI~IN, SECRETARY
CYPRESS REDEVELOPMENT AGENCY
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF CYPRESS
I, JILL R. INGRAM-GUERT1N, Secretary of the Cypress Redevelopment Agency, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted at a Special meeting of said
Agency held on the 24th day of February, 2003, by the following roll call vote:
AYES:
4 AGENCY MEMBERS: McGill, Piercy, Keenan and McCoy
NOES:
0 AGENCY MEMBERS: None
ABSENT: I AGENCY MEMBERS: Sondhi
(Council Member Sondhi did not participate in the discussion and was not present in the Council
Chambers due to her ownership of property in the project area, as per Government Code Section
87105.)
3~LL INGRAM-GU~¢TIN, sECRETARY
CYPRESS REDEVELOPMENT AGENCY
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