CRA 96-06-10MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
June 10, 1996
Chairman Bowman called the meeting of the Cypress Redevelopment
Agency to order at 9:35 p.m., Monday, June 10, 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 Kerry and seconded by
Agency Member Jones to approve the Minutes of May 13, 1996. The
motion carried by the following roll call vote:
AYES:
NOES:
ABSENT:
5 AGENCY MEMBERS:
0 AGENCY MEMBERS:
0 AGENCY MEMBERS:
Age, Carroll, Jones, Kerry
and Bowman
None
None
CONSIDERATION OF EXTENSION OF PROMISSORY NOTES BETWEEN THE
CYPRESS REDEVELOPMENT AGENCY AND THE CITY OF CYPRESS: The
Executive Director called upon the Finance Director to summarize
the staff report dated June 3, 1996, which advised that each year
the Redevelopment Agency submits a Statement of Indebtedness to
the County. Based on the Statement, tax increments are
distributed to the Agency. On June 15, 1996, three promissory
notes totaling $3,100,000 will mature and based on the Agency's
continued needs for FY 96-97, staff recommended that the notes be
extended until September 1, 1996. The three promissory noties
would continue to pay the same interest rate (prime rate plus one
percent) and be payable from future tax increment revenue or
other sources available.
It was moved by Agency Member Jones and seconded by Agency Member
Kerry to authorize staff to extend until September 1, 1996 the
Repayment Agreement and the three Promissory Notes in the amount
of $3,100,000 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:
0 AGENCY MEMBERS:
0 AGENCY MEMBERS:
Age, Carroll, Jones, Kerry
and Bowman
None
None
ADJOURNMENT:
9:36 p.m.
Agency Chairman Bowman adjourned the meeting at
REDEVELOPMENT AGENCY
ATTEST:
SECKETARY OF THE CYPRESS
REDEVELOPMENT AGENCY