CRA 97-01-13MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
January 13, 1997
The Agency Chairman called the meeting of the Cypress Redevelopment Agency to order
at 11 p.m., Monday, January 13, 1997, in the Council Chamber, S275 Orange Avenue,
Cypress.
PRESENT:
ABSENT:
Agency Members Bowman, Jones, Keenan, Piercy and Carroll
None
MINUTES: It was moved by Agency Member Bowman and seconded by Agency Member
Jones to approve the Minutes of December 10, 1996, as submitted. The motion
unanimously carried by the following roll call vote:
AYES: 5 AGENCY MEMBERS:
NOES: 0 AGENCY MEMBERS:
ABSENT: 0 AGENCY MEMBERS:
Bowman, Jones, Keenan, Piercy and Carroll
None
None
CONSIDERATION OF IMPLEMENTATION OF HOUSING PROGRAMS: The Executive Director
requested that the Finance Director present the staff report who reported that direction
was given to staff at an Agency meeting held July 22, 1996 to return with both owner
occupied, as well as multi-family residential housing programs. Staff indicated a need for
the Agency to spend $400,000 annually in order to comply with Redevelopment Law
regarding the required expenditure of housing funds. At the workshop session held
earlier in the evening, reasons were discussed for the need and ways to spend the
Redevelopment housing money.
Agency Member Jones would approve staff's recommendation based on the changes
made to obtain proposals from a wider range of banks. Mayor Carroll suggested that the
all geographical constraints on banks be removed.
It was moved by Agency Member Jones and seconded by Agency Member Keenan to
authorize staff to:
Obtain proposals from banks and mortgage brokers to commence a First Time
Homebuyer Program, with funds in the amount of $400,000 to be encumbered prior to
July 1, 1997.
Direct staff to commence the implementation phase of a Single-family Residential
Rehabilitation Program with eligible improvements identified in Attachment A, with a
loan limit of $10,000.
2. Approve an additional appropriation in the amount of $25,000 to ACCOUnt Number 196
from the Housing Set-aside fund balance, to provide FY 1996-97 contract housing
services.
Agency Member Keenan commented that this is a City-wide program for the use of any
Cypress citizen meeting the qualifications. Agency Chairman Carroll suggested that this
program be widely advertised.
The motion unanimously carried with the following roll call vote:
AYES: 5 AGENCY MEMBERS:
NOES: 0 AGENCY MEMBERS:
ABSENT: 0 AGENCY MEMBERS:
Bowman, Jones, Keenan, Piercy and Carroll
None
None
ADJOURNMENT:
Mayor Carroll adjourned the meeting at 11:05 p.m.
CH~AIR~(~AN OF THE CY~
REDEVELOPMENT AGENCY
ATTEST:
SECRETARY OF THE CYPRESS
REDEVELOPMENT AGENCY