CRA 2004-06-14
MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
June 14, 2004
Agency Chairperson Keenan called the meeting of the Cypress Redevelopment Agency
to order at 5:02 p.m. in the Board Room of the Cypress School District, 9470 Moody
Street, Cypress, California.
PRESENT: Agency Board Members McCoy, Sondhi, Agency Vice Chairperson
Piercy, Agency Chairperson Keenan
ABSENT: Agency Board Member McGill
Also present were Executive Director, City Attorney, Deputy Executive Director, Acting
Public Works Director, Chief of Police, Recreation and Community Services Director,
Assistant Community Development Director, Administrative Services Manager, Finance
Manager, and Agency Secretary.
It was moved by Agency Board Member Sondhi and seconded by Agency Vice Chair
Piercy, to approve Consent Calendar Item No. 24.
The motion was unanimously carried by the following roll call vote:
AYES: 4 AGENCY MEMBERS: McCoy, Sondhi, Piercy and Keenan
NOES: 0 AGENCY MEMBERS: None
ABSENT: 1 AGENCY MEMBERS: McGill
Consent Calendar:
Item No. 24: EXECUTION OF PROMISSORY NOTE BETWEEN THE CYPRESS
REDEVELOPMENT AGENCY AND THE CITY OF CYPRESS.
Recommendation: That the Cypress Redevelopment Agency authorize the Agency
staff to execute the Repayment Agreement and Promissory Note (Exhibit lOB") in the
amount of $7,000,000 with the City of Cypress, with the repayment by the Agency being
made from future tax increments, proceeds from the sale of property or other available
project area revenue sources.
END OF CONSENT CALENDAR
New Business:
Joint Item with the Cypress City Council:
Item No. 25: APPROVAL OF SETTLEMENT AGREEMENT AND ASSOCIATED
AFFORDABLE HOUSING AGREEMENT FOR DEVELOPMENT OF THE PROPERTY
LOCATED AT 4801 LINCOLN AVENUE,
The Housing Coordinator provided background information on this item.
It was moved by Agency Board Member Sondhi and seconded by Agency Vice Chair
Piercy, that the City Council approve the Settlement Agreement and Associated
Affordable Housing Agreement and authorize the execution of the Agreement by the
Mayor; and 2) That the Cypress Redevelopment Agency approve the Settlement
Agreement and Associated Affordable Housing Agreement and authorize the execution
of the Agreement by the Agency Chair.
CYPRESS REDEVELOPMENT AGENCY JUNE 14, 2004
The motion was unanimously carried by the following roll call vote:
AYES: 4 COUNCIUAGENCY MEMBERS: McCoy, Sondhi, Piercy and Keenan
NOES: 0 COUNCIUAGENCY MEMBERS: None
ABSENT: 1 COUNCIUAGENCY MEMBERS: McGill
ADJOURNMENT: Agency Chairperson ~urned the meeting at 8:36 p.m.
~~
CHAIRPERSON OF THE CYPRESS
REDEVELOPMENT AGENCY
.A. TTEST:
-~~.~
S CfiET ARY OF THE CYPRESS
RE EVELOPMENTAGENCY
2