CRA 96-09-09 MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
September 9, 1996
Chairman Bowman called the meeting of the Cypress Redevelopment Agency to order at 8:27 p.m.,
Monday, September 9, 1996, in the Council Chamber, 5275 Orange Avenue, Cypress.
PRESENT: Agency Members Age, Carroll, Jones, Kerry, and Bowman
ABSENT: None
MINUTES: It was moved by Agency Member Age and seconded by Agency Member Carroll to approve
the Minute of August 12 and 26, 1996. The motion carried by the following role call vote, with Agency
Member Jones abstaining due to her absence at the August 26, 1966 meeting:
AYES: 4 AGENCY MEMBERS: Age, Carroll, Kerry and Bowman
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
ABSTAINED: 1 AGENCY MEMBERS: Jones
CONSIDERATION OF PROMISSORY NOTES BETWEEN THE CYPRESS REDEVELOPMENT
AGENCY AND THE CITY OF CYPRESS: The Finance Director referenced the staff report which
indicated the City's General Fund has loaned the Cypress Redevelopment Agency $8.4 million in the form
of promissory notes, to acquire property, provide economic assistance and administer the Agency. On
September 1, 1996, these seven promissory notes matured with the principal and accrued interest due.
Base on cash flow analysis, staff has determined that the Agency cannot repay the principal maturing at
this time and will need additional funds amounting to $1.5 million over the next three years. The loans
would mature on September 1, 1999 and interest payments would be due annually on September 1. The
interest rate would be equal to the quarterly Local Agency Investment Fund (LAIF) earnings rate plus one-
half percent (0.50%).
It was moved by Agency Member Jones and seconded by Agency Member Carroll to authorize Agency
staff to execute the Repayment Agreement and the three Promissory Notes (Exhibit "B") in the amount of
$9,900,000 with the City of Cypress with the repayment by the Agency to be made from future tax
increments or other sources from the project areas. The motion unanimously carried by the following roll
call vote:
AYES:
NOES:
ABSENT:
5 AGENCY MEMBERS: Age, Carroll, Jones, Kerry and Bowman
0 AGENCY MEMBERS: None
0 AGENCY MEMBERS: None
ADJOURNMENT: Agency Chairman Bowman adjourned the meeting at 8:30 p.m.
CIdAIRMAN OF THE~ ~3YPRESS
REDEVELOPMENT AGENCY
ATTEST:
S OF THE CYPRESS
REDEVELOPMENT AGENCY