CRA 2006-11-13
MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
November 13, 2006
Agency Chairperson Sondhi called the meeting of the Cypress Redevelopment Agency
to order at 5:30 p.m. in the Executive Board Room, 5275 Orange Avenue, Cypress,
California.
Members present:
Mayor/Agency Chair Lydia Sondhi
Mayor Pro Tem/Agency Vice Chair Phil Luebben
Council/Agency Board Member Frank McCoy
Council/Agency Board Member Mike McGill (arrived at 7:56 p.m.)
Council/Agency Board Member Todd Seymore
Others present:
Acting City Manager Richard Storey
City Attorney William Wynder
Acting Community Development Director Ted Commerdinger
Chief of Police Rick Hicks
Public Works Director Doug Danes
Recreation and Community Services Director Laura Detweiler
Assistant City Engineer Kamran Dadbeh
Administrative Services Manager June Liu
Interim City Clerk Denise Basham
It was moved by Agency Board Member Seymore and seconded by Agency Vice Chair
Luebben, to approve Consent Calendar Items No. 12 and 13.
The motion was unanimously carried 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
Consent Calendar
Item No. 12: PURCHASE AND SALE AGREEMENT FOR THE PROPERTY LOCATED
AT THE NORTHWEST CORNER OF WINNERS CIRCLE AND KATELLA AVENUE.
Recommended Action: That the Cypress Redevelopment Agency Board: 1) Approve the
Purchase and Sale Agreement and the Resolution with Los Alamitos Race Track and
Rolling A Ranch, LLC for the Agency's acquisition of the approximately 13.329 acre area
located at the northwest corner of Winners Circle and Kate II a Avenue; and 2) Approve an
appropriation from the General Fund (pursuant to the accompanying staff report from the
Finance Manager) in the amount of $19,993,500 to the following asset account number:
1431-38 (Land Held for Resale - LART).
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CYPRESS REDEVELOPMENT AGENCY NOVEMBER 13, 2006
Item No. 13: EXECUTION OF PROMISSORY NOTE BETWEEN THE CYPRESS
REDEVELOPMENT AGENCY AND THE CITY OF CYPRESS.
Recommended Action: That the Cypress Redevelopment Agency Board authorize
Agency staff to execute the Repayment Agreement and Promissory Note (Exhibit B) in the
amount of $20,000,000 with the City of Cypress for the purchase of land, with the
repayment to the City being made from the proceeds resulting from reselling the land for
development.
END OF CONSENT CALENDAR
ADJOURNMENT: Agency Chairperson Sondhi adjourned the meeting at 9:55 p.m.
ATTEST:
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SECRETARY OF THE CYPRESS
REDEVELOPMENT AGENCY