CRA 96-08-12MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
AUgUSt 12, 1996
Chairman Bowman called the meeting of the Cypress Redevelopment Agency to order at
10:00 p.m., Monday, August 12, 1996, in the Council Chamber, 5275 Orange Avenue,
cypress.
PRESENT:
ABSENT:
Agency Members Age, Carroll, Jones, Kerry and Bowman
None
MINUTES: It was moved by Agency Member Ages and seconded by Agency Member
Jones to approve the Minutes of July 22, 1996. The motion 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
CONSIDERATION OF A RESOLUTION RESCINDING AGENCY RESOLUTION NO. 70, WHICH
AUTHORIZED THE USE OF TAX INCREMENT REVENUES FROM THE LOS ALAMITOS RACE TRACK
AND GOLF COURSE PROJECT AREA TO MEET THE 20% LOW AND MODERATE HOUSING SET ASIDE
REQUIREMENT FOR ALL PROJECT AREAS, EFFECTIVE FISCAL YEAR 1996-97: The Finance
Director referred to the July 29, 1996 report. He explained that, in 1992, the Agency
Board approved Resolution NO. 70, which took all the tax increment housing
requirements and shifted them to the Los Alamitos Race Track and Golf Course Project
Area to meet the 20% set aside requirement of all project areas, including Lincoln
Avenue and Civic Center Project Areas. Staff has determined that it is in the Agency's
best interest to rescind Resolution No. 70, which will result in each Agency Project Area
allocating 20% of its tax increment to the Low and Moderate Income Housing Set Aside
Fund.
It was moved by Agency Member Age and seconded by Agency Member Jones to adopt
the Resolution by title only, title as follows, rescinding Agency Resolution No. 70 which
authorized the use of tax increment revenues from the LOS Alamitos Race Track and Golf
Course Project Area to meet the 20% set aside requirement of all project areas.
CRA NO. 80
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY RESCINDING AGENCY
RESOLUTION NO. 70, WHICH AUTHORIZED THE USE OF TAX INCREMENT REVENUES FROM
THE LOS ALAMITOS RACE TRACK AND GOLF COURSE PROJECT AREA TO MEET THE 20%
LOW AND MODERATE HOUSING SET ASIDE REQUIREMENT FOR THE AGENCY'S OTHER
PROJECT AREAS, EFFECTIVE FISCAL YEAR 1996-97.
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
10:03 p.m.
CHAIRMAN OF THI
~ CYPRESS
REDEVELOPMENT AGENCY
ATTEST:
REDEVELOPMENT AGENCY