CRA 95-08-95MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
August 28, 1995
Agency Chairman Age called the meeting of the Cypress
Redevelopment Agency to order at 10:25 p.m., Monday, August 28,
1995, in the Council Chamber, 5275 Orange Avenue, Cypress.
MINUTES: It was moved by Agency Member Bowman and seconded
Agency Member Kerry to approve the Minutes of June 26, 1995.
motion unanimously carried by the following roll call vote:
The
AYES: 4 AGENCY MEMBERS: Bowman, Carroll, Kerry and
Age
NOES: 0 AGENCY MEMBERS: None
ABSENT: 1 AGENCY MEMBERS: Jones
CONSIDERATION OF SELECTION OF A MASTER DEVELOPER FOR 5800 LINCOLN
AVENUE AND ADJACENT PROPERTIES: The Executive Director asked the
Deputy Executive Director to present the staff report dated
August 18, 1995, which advised that, after conducting an economic
study of Lincoln Avenue, staff found that Cypress could support
entertainment type uses. Based on the data produced by the
economic study, staff began to market Lincoln Avenue and the City
to movie theater/theater developers and received several
responses. The Redevelopment Agency directed staff to proceed
with a Request for Proposal process. Request for Proposals (RFP)
were sent to theater companies and theater developers with a 30
day response time. Staff received one proposal from Inland
Pacific Property Counselors, Inc./Krikorian Premier Theatres,
which has been under review. Krikorian Premier Theatres, Inc.
proposes to enter into an Exclusive Right to Negotiate agreement.
The City/Agency is not legally obligated by entering this
agreement. If it is later determined that the project is not
economically feasible for either party, the agreement may be
terminated.
Mr. Timothy O'Byrne, President of Inland Pacific Property
Counselors, Inc., who acts as the in-house developer for
Krikorian Premier Theatres, stated that they plan to bring other
tenants to fill out the entire development. He indicated that a
movie theater is one of the top redevelopment projects that
interest cities, attracting a wide variety of patrons and,
hopefully, an agreement can be entered into with the City.
Responding to Councilmember Carroll, Mr. O'Byrne provided some
background on his company and their plans for expansion out of
the Southern California area.
It was moved by Agency Member Bowman and seconded by Agency
Member Kerry to adopt the Resolution, by title only, title as
follows, granting an Exclusive Right to Negotiate with Krikorian
Premiere Theatres for a Theatre/Entertainment Development, with
the agreement attached.
CRA NO. 79
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY, GRANTING
AN EXCLUSIVE RIGHT TO NEGOTIATE WITH KRIKORIAN PREMIERE
THEATRES FOR A THEATRE/ENTERTAINMENT DEVELOPMENT IN THE
LINCOLN AVENUE REDEVELOPMENT PROJECT AREA (GENERALLY LOCATED
AT 5800 LINCOLN AVENUE).
The motion unanimously carried by the following roll call vote:
AYES:
NOES:
ABSENT:
4 AGENCY MEMBERS:
0 AGENCY MEMBERS:
1 AGENCY MEMBERS:
Bowman, Carroll, Kerry and Age
None
Jones
REDEVELOPMENT AGENCY MINUTES August 28, 1995
Councilmember Bowman suggested that it would be appropriate to
place sending out RFPs for the hotel site situated on the Cypress
Golf Course property on the next agenda. Councilmember Carroll
asked about the status of the Lincoln Avenue Redevelopment
Committee. The Executive Director advised that the Chamber has
been seeking additional applicants. The Deputy Executive
Director will be contacting the consultant.
ADJOURNMENT:
pom.
Agency Chairman Age adjourned the meeting at 10:35
REDEVELOPMENT AGENCY
ATTEST:
SECR~'~i~Y'~F Ul~E CYP'RS[$~ REDEVELOPMENT AGENCY