CRA-127
RESOLUTION NO. CRA - 127
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 LOS ALAMITOS RACE COURSE AND
ROLLING RANCH, LLC., AS SELLER, OF AN APPROXIMATELY 13.329 -ACRE PARCEL
LOCATED IN THE CITY OF CYPRESS AT THE NORTHWEST CORNER OF WINNERS
CIRCLE AND KATELLA AVENUE WITHIN THE LOS ALAMITOS RACE TRACK AND
GOLF COURSE REDEVELOPMENT PROJECT AREA
WHEREAS, the Cypress Redevelopment Agency (hereinafter the "Agency") is a public
body, corporate and politic, organized and existing under the California Community
Redevelopment Law (Health & Safety Code g33000 et seq.) (hereinafter the "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 Los Alamitos Race
Track and Golf Course Redevelopment Project as amended from time to time (hereinafter, the
"Redevelopment Plan"), which Redevelopment Plan delineates the Los Alamitos Race Track and
Golf Course Redevelopment Project Area (hereinafter the "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, including but not limited to
the previously adopted Walker/Katella Retail Project, Marriott Residence Inn project and A VG
Partners project; and
WHEREAS, the Agency is proposing to acquire those certain parcels of real property
consisting of 13.329 acres identified as Assessor Parcel Nos. 241-091-22, 241-091-23,241-091-
24,241-091-25 and 241-091-26 (the "Property") from Los Alamitos Race Course and Rolling A
Ranch, LLC ("Seller"); and
WHEREAS, the Property is located in the Project Area; and
WHEREAS, the Agency and Seller propose to enter into that certain Purchase and Dale
Agreement and Joint Escrow Instructions ("Agreement") for Agency's acquisition of the
Property for a Purchase Price of Nineteen Million Nine Hundred Ninety Three Thousand Five
Hundred Dollars ($19,993,500).
NOW THEREFORE, the Cypress Redevelopment Agency HEREBY RESOLVES as
follows:
Section 1. The above Recitals are true and correct and incorporated herein and made
a part hereof.
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 the Cypress Business & Professional Center Specific Plan; and
is in the best interest and welfare of the citizens of the City of Cypress. Specifically, the above-
referenced documents promote the city's long-term economic development goals and objectives;
including the attraction and retention of high quality businesses to the area, the need to diversify
the area to maintain and enhance its competitiveness, as well as the need to facilitate the
expansion of the city's retail sector. The purchase of the Property pursuant to the Purchase
Agreement will facilitate the meeting of these goals and objectives.
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
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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.
PASSED AND ADOPTED by the governing body of the Cypress Redevelopment
Agency at a regular meeting held on the 13th day of November, 2006.
~
CHAIRMAN
EVELOPMENT AGENCY
ATTEST:
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ACTING SECRETARY
CYPRESS REDEVELOPMENT AGENCY
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF CYPRESS )
I, DENISE BASHAM, Acting Secretary of the Cypress Redevelopment Agency, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of said
Agency held on the 13th day of November, 2006, by the following roll call vote:
AYES: 5 AGENCY MEMBERS: McCoy, McGill, Seymore, Luebben and Sondhi
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
~~ 6~
ACTING SECRETARY
CYPRESS REDEVELOPMENT AGENCY
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