CRA 89-08-28
MINUTES OF A MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
August 28, 1989
Chairman Arnold called the meeting of the Cypress Redevelopment Agency
to order at 12:01 a.m. on Monday, August 28, 1989 in the Cypress City
Council Chambers, 5275 Orange Avenue, Cypress, California.
PRESENT: Agency Members Age, Bowman, Kanel, Kerry and Arnold
ABSENT: None
MINUTES: It was moved by Agency Member Kerry and seconded by Agency
Member Kanel to approve the minutes of August 14, 1989. The motion
carried by the following roll call vote:
AYES: 4 AGENCY MEMBERS: Age, Bowman, Kanel and Kerry
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
ABSTAINED: 1 AGENCY MEMBERS: Arnold
Chairman Arnold abstained due to her absence at the August 14, 1989
meeting.
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: It was moved by Agency Member Kanel and seconded by
Agency Member Bowman to continue this item to the meeting of September
11, 1989. The motion unanimously carried by the following roll call
vote:
AYES: 5 AGENCY MEMBERS: Age, Bowman, Kanel, Kerry & Arnold
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
CONSIDERATION OF A PROMISSORY NOTE BETWEEN THE CYPRESS REDEVELOPMENT
AGENCY AND THE CYPRESS RECREATION AND PARK DISTRICT: The staff report
dated August 17, 1989 indicated that a promissory note and repayment
schedule for the loan has been drawn up for the purchase of the Gonzales
property.
It was moved by Agency Member Kerry and seconded by Agency Member Kanel
that the Agency Members authorize the Executive Director to execute the
Promissory Note in the amount of $360,000 with the Cypress Recreation
and Park District with repayment by the Agency to be made from future
tax increments from the Civic Center Project Area. The motion
unanimously carried by the following roll call vote:
AYES: 5 AGENCY MEMBERS: Age, Bowman, Kanel, Kerry & Arnold
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
ADJOURNMENT: Chairman Arnold adjourned the meeting at 12:04 a.m.
CHAIRMAN OF THE CYPRESS
REDEVELOPMENT AGENCY
ATTEST:
SECRETARY OF THE CYPRESS REDEVELOPMENT
AGENCY
1