Minutes 96-07-23 MINUTES OF AN ADJOURNED MEETING OF THE
CYPRESS CITY COUNCIL
Held
July 23, 1996
The Adjourned Regular meeting of the Cypress City Council was called to order at 4:35
p.m., Tuesday, July 23,1996, in the Administrative Conference ROOM, West Wing of the
City Hall, Mayor Walter K. Bowman presiding.
PRESENT:Councilmember Age, Carroll, Jones, Kerry and Bowman
ABSENT: None
Also present were City Manager Mark Ochenduszko, Finance Director Richard Storey and
Community Development Director Chris Kelly.
ORAL COMMUNICATIONS: For Clarification of Matters on the Agenda. No one spoke.
Acting as the Cypress Redevelopment Agency, a workshop was held to review
redevelopment financing. The Finance Director reviewed the financial status of each of
the Agency's three redevelopment project areas, i.e., Civic Center, Los Alamitos and
Lincoln Avenue. A discussion was held on the land under the Senior Citizens Center,
which is owned by the Redevelopment Agency. The Finance Director advised that, by
reducing the Redevelopment Agency's debt burden, their annual debt payment is
reduced. The Agency has two choices: the City can continue to hold the debt and the
Redevelopment Agency would continue to own the Senior Center land for now, or the
City can reduce the debt by acquiring the land from the Agency this fiscal year. The
Community Development Director stated that Redevelopment is a financing tool, not an
organization like a City or a District; therefore, the Agency cannot own the property
forever.
The Finance Director advised there are two improvements that are proposed for Los
Alamitos Redevelopment area that could provide additional tax increments. He also
addressed the housing set-aside fund and the Lincoln Avenue Project area. He said that
based on the information received, staff will be returning to Council/Board with staff
reports: 1) to rescind the Board resolution on the race track housing set-aside and 2) to
request both the City and Redevelopment Agency refinance the maturing promissory
notes.
The City Manager commented that the acquisition of the land under the Senior Center
through the General Fund from the Redevelopment Agency will be brought back for
further discussion at a later date.
Reconvening as the City Council, the Mayor advised that the Storm Drainage Bond
Measure will be discussed on Tuesday, July 30,1996.
ORAL COMMUNICATIONS: For Matters Not on the Agenda. No one spoke.
ADJOURNMENT: Mayor Bowman adjourned the meeting at 5:30 p.m. to Tuesday, July 30,
1996 at 5:30 p.m. in the Administrative Conference Room.
MAYOR OF THE CITY OF CYPRESS
ATTEST:
CITY CLERK OF THE CITY OF CYPRESS