CRA - 111RESOLUTION NO. CRA-111
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
STSONS ENTERPRISES, INC., AS SELLER, OF AN APPROXIMATELY 1.10
ACRE PARCEL LOCATED IN THE CITY OF CYPRESS AT 5732 LINCOLN
AVENUE WITHIN THE LINCOLN AVENUE REDEVELOPMENT PROJECT
AREA
WHEREAS, the Cypress Redevelopment Agency ("Agency") is a public body, corporate
and politic, organized and existing under the California Community Redevelopment Law (Health
& Safety Code {}33000 et seq.) ("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 Lincoln Avenue
Redevelopment Project as amended from time to time ("Redevelopment Plan"), which
Redevelopment Plan delineates the Lincoln Avenue Redevelopment Project Area ("Project
Area"); and
WHEREAS, the CRL and Redevelopment Plan authorize the Agency to acquire real
property; and
WHEREAS, the Agency has been engaged in activities with respect to redevelopment of
the Project Area pursuant to the CRL and the Redevelopment Plan; and
WHEREAS, Stsons Enterprises, Inc., a California corporation ("Seller"), is the owner of
that certain real property in the City of Cypress, consisting of approximately 1.10 acres, located
at 5732 Lincoln Avenue, within the Project Area ("Property"); and
WHEREAS, Agency staff and Seller officers have negotiated the terms of Seller's sale of
the Property to Agency as embodied in that certain Purchase and Sale Agreement and Joint
Escrow Instructions ("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 is in the best interest and welfare of the citizens of the City of
Cypress.
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
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
Purchase 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.
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PASSED AND ADOPTED by the governing body of the Cypress Redevelopment
Agency at a regular meeting held on the 27th day of October, 2003.
FRANK MCCOY, CHAIRMAN ~
CYPRESS REDEVELOPMENT AGENCY
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF CYPRESS )
I, JILL R. INGRAM-GUERTIN, Secretary of the Cypress Redevelopment Agency, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of the
said City Council held on the 27th day of October, 2003, by the following roll call vote:
AYES:
5 AGENCY MEMBERS: McGill, Piercy, Sondhi, Keenan and McCoy
NOES:
0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
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