CRA - 123RESOLUTION CRA - 123
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY APPROVING A
DISPOSITION AND DEVELOPMENT AGREEMENT E3ETWEEN THE AGENCY AND
JONES DEVELOPMENT GROUP, LLC, PERTAINING TO CERTAIN REAL
PROPERTY LOCATED WITHIN THE LOS ALAMITC)S RACE TRACK AND GOLF
COURSE REDEVELOPMENT PROJECT AREA IN THE: CITY OF CYPRESS.
WHEREAS, the Cypress Redevelopment Agency ("Agency") is a public body,
corporate and politic, organized and existing undler the California Community
Redevelopment Law (Health & Safety Code Section 33000 et seq.) ("CRL"); and
WHEREAS, pursuant to the CRL, the City Council of the City of Cypress ("City"
or "City Council", as applicable) approved and adopted the Redevelopment Plan
("Redevelopment Plan") for the Los Alamitos Race Track and Golf Course
Redevelopment Project Area ("Project Area"), by Ordinance No. 851 on June 18, 1990,
as amended by Ordinance No. 952 on January 9, 1995, and by Ordinance No. 1014 on
September 10, 2001; and
WHEREAS, the Agency is the owner of that certain real property consisting of
approximately 3.05 acres of land area comprised of two adjacent legal parcels, one of
which is located at the northwest corner of Walker Street and Katella Avenue ("Corner
Parcel") and one of which is located along the Katella Avenue frontage at the northeast
corner of Winner's Circle ("Winners Parcel") (the Corner Parcel and the Winners Parcel
are collectively referred to herein as the "Site"); and
WHEREAS, Agency staff has negotiated a Disposition and Development
Agreement including attachments thereto (collectively, the "DDA") with Jones
Development Group, LLC, a California limited liability company ("Developer"), pursuant
to which the Agency proposes to convey the Site to thE~ Developer for the sum of Two
Million Four Hundred Ninety Three Thousand Three Hundred Seventy-Nine Dollars
($2,493,379); and
WHEREAS, the portion of the $2,493,379 Site purchase price allocable to the
Corner Parcel is One Million Two Hundred Fifty Three 'Thousand Three Hundred Eight
Dollars ($1,253,308) and the portion allocable to the Winners Parcel is One Million Two
Hundred Forty Thousand Seventy-One Dollars ($1,240,C)71); and
WHEREAS, Agency staff has presented the draft DDA to the Agency Board and
City Council for consideration; and
WHEREAS, pursuant to the terms of the DDA, Developer shall acquire the Site
for Developer's development thereon of a restaurant and other food and retail uses
("Project"); and
WHEREAS, the DDA also provides, among other terms, that Agency may
repurchase the Site from the Developer in the event the (Developer (i) fails to commence
construction of the Project within the time specified in the DDA, (ii) abandons or
suspends construction of the Project for sixty (60) days after notice from the Agency, or
(iii) transfers all or any portion of the Site or the Project in violation of the DDA, all as
more particularly described in the DDA; and
WHEREAS, the CRL, at Health and Safety Code Section 33433, requires that (i)
the Agency prepare a Summary Report concerning the Agency's proposed disposition
of the Site as set forth in the DDA, (ii) the Agency Board and the City Council conduct a
noticed joint public hearing with respect to the DDA, and (iii) the approval of the DDA be
set forth in a resolution making certain findings and determinations as set forth
hereinbelow; and
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WHEREAS, pursuant to the requirements of the CRL, a Summary Report for the
DDA has been prepared by the Agency's economic consultant Keyser Marston
Associates, Inc.; and
WHEREAS, a joint public hearing of the Agency Board and City Council has
been noticed and conducted in accordance with applicable requirements of law; and
WHEREAS, at the joint public hearing the Agency and City Council each
considered all of the information, testimony, and evidence presented, including but not
limited to the draft DDA in the form presented by Agency staff concurrent with
consideration of this Resolution, the Agency staff report, the Summary Report, and the
oral and written testimony received from persons wishing to appear and be heard
concerning the proposed DDA.
NOW, THEREFORE, THE CYPRESS REDEVELOPMENT AGENCY HEREBY
RESOLVES AS FOLLOWS:
1. Based on all of the information, testimony;, and evidence presented at the
joint public hearing, including but not limited to the draft DDA and the information and
evidence set forth in the Agency staff report, the Summary Report, and the oral and
written testimony received, the Agency Board finds and determines as follows:
a. That the above Recitals are true and correct and are incorporated
herein.
b. That the DDA effectuates the purposes of the Community
Redevelopment Law (Health & Safety Code Section 33000 et seq.), and of the
Redevelopment Plan, and is in the best interests of the citizens of the City of Cypress.
c. That the Agency's disposition of the Site pursuant to the DDA will
assist in the elimination of blight in that the Site is vacant and is underutilized in its
location at a commercially desirable corner in the City of Cypress. The development of
the retail uses on the Site will assist in the elimination of this blighting condition.
d. That the Agency's disposition of the Site pursuant to the DDA is
consistent with the Agency's current Five-Year Implementation Plan in that the
Implementation Plan identifies in Chapter IV, Section 2B (i) the goal of pursuing major
economic development projects that will stimulate new commercial expansion,
employment, and economic growth in the Project Area, and (ii) identifies the
development of the Site as a project that would address one or more blight factors and
assist in the economic enhancement of the community.
e. That the consideration the Developer will pay for the Agency's
disposition of the Site is not less than the fair reuse value of the Site at the use and with
the covenants and conditions and development costs authorized by the disposition.
2. The DDA, a true and correct copy of which is on file with the City
Clerk/Agency Secretary, is hereby approved.
3. The Agency Executive Director, Agency Deputy Executive Director, and
Agency Counsel are each hereby authorized and directed to make final technical
modifications to the DDA that are consistent with the substantive terms of the DDA
approved hereby, and the Agency Chairman is authorized and directed to thereafter
sign the DDA on behalf of the Agency.
4. The Agency Executive Director, Agency Deputy Executive Director, and
Agency Secretary are each authorized and directed, on behalf of the Agency, to sign,
on behalf of the Agency, such other and further documents, including but not limited to
subordination agreements and those agreements attached to the DDA as exhibits, as
may be necessary and proper to carry out the terms of the DDA.
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5. The Agency Executive Director, Agency Deputy Executive Director,
Agency Secretary, and Agency Counsel are each authorized and directed to take such
other and further actions, including but not limited to signing escrow instructions and
estoppel certificates, as may be necessary and proper to carry out the terms of the
DDA.
PASSED AND ADOPTED by the Cypress Redevelopment Agency of the City of
Cypress at a regular meeting held on the 11th day of July, 2005.
CHAIRMAN
CYPRESS REDEVELOPMENT AGENCY
ATTEST:
SECRETARY
.. RESS REDEVELOPMENT AGENCY
STATE OF CALIFORNIA )
COUNTY OF ORANGE ~ SS
I, JILL R. GUERTIN, Secretary of the Cypress Redevelopment Agency, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting
of the said Redevelopment Agency held on the 11th day of July, 2005, by the following roll
call vote:
AYES: 4 AGENCY MEMBERS: Luebben, McCoy, Seymore and McGill
NOES: 0 AGENCY MEMBERS: None
ABSENT: 1 AGENCY MEMBERS: Sondhi
SECRETARY
CYPRESS REDEVELOPMENT AGENCY
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