CRA - 29RESOLUTION NO. CRA-29
A RESOLUTICN OF CYPRESS REDEVELOPMENT AGENCY
APPROVING AN OWNER PARTICIPATION AGREEMENT
BY AND BETWEEN THE CYPRESS REDEVELOPMENT
AGENCY AND HOLLYWOOD PARK REALTY
ENTERPRISES; DETERMINING THAT THE
CONSTRUCTICN OF CERTAIN PUBLIC IMPROVEMENTS
IS OF BENEf'IT TO THE CIVIC CENTER
REDEVELOPMENT PROJECT AND THE IMMEDIATE
NEIGHBORHOC,D IN WHICH THE PROJECT IS
LOCATED; DETERMINING THAT THERE ARE NO OTHER
REASONABLE MEANS OF FINANCING SAID
IMPROVEMENTS; AND AUTHORIZING THE EXECUTION
AND DELIVE~ OF SAID OWNER PARTICIPATION
AGREEMENT.
WHEREAS, the Cypress Redevelopment Agency ("Agency") is
authorized to carry out the redevelopment of the Civic Center
Redevelopment Project Area ("Project Area"); and
WHEREAS, the Redevelopment Plan for the Project Area
authorizes and directs the Agency to pay all or part of the
value of the construction of certain public improvements; and
WHEREAS, the Agency desires to enter into an Owner
Participation Agreement ("OPA") with Hollywood Park Realty
Enterprises, Inc., a Delaware corporation (the "Developer"),
substantially in the form presented to the Agency at the
meeting at which this resolution was adopted.
WHEREAS, pursuant to the OPA, subject to satisfaction of
conditions by the Developer, the Agency contemplates providing
financial support in an amount of not to exceed the cost of
col~struction of those certain public improvements, referenced
in the OPA (the "Included Public Improvements"); and
WHEREAS, the "Site" (as defined in the OPA) and the
immediately adjacent. area is deficient in respect to
infrastructure to such an extent that it is not financially
feasible for the necessary improvements to be provided (i) by
private enterprise acting alone or (ii) by means of assessment
district without direct Agency contribution toward the efforts
of such a district; and
WHEREAS, California Health and Safety Code Section 33445
provides that a redevelopment agency may, with the consent of
the legislative body, pay all or part of the value of public
buildings, facilities, structures or other improvements upon a
finding that such public improvements are of benefit to the
project area or the immediate neighborhood in which the project
is located and that there are no other reasonable means of
financing such public improvements available to the community;
WHEREAS, Section 33397 of the California Health and Safety
Code provides that a redevelopment agency may acquire interests
in property within a survey area or for purposes of
redevelopment:
WHEREAS, the provision of the Included Public Improvements
will benefit the Project Area and the immediate neighborhood by
improving the ability of those areas to handle existing and
anticipated traffic providing direct benefit as well as
increasing the flexibility available to designate appropriate
land uses; and
WHEREAS, Included Public Improvements will be used by
present and future residents of the Project Area; and
WHEREAS, the OPA will encourage certain private activities
which will increase revenues available to the Agency and the
City; and
WHEREAS, the OPA will promote the public health, safety,
and welfare;
NOW, THEREFORE, THE CYPRESS REDEVELOPMENT AGENCY DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1: The Agency hereby determines that the
acquisition, construction and installation of the Included
Public Improvements is of benefit to the Project Area and the
surrounding neighborhood in which the project is located.
Section 2: The Agency approves the form of the OPA with
the Developer presented at the meeting at which this resolution
was adopted and authorizes the Chairman and the Secretary to
execute the OPA.
PASSED AND ADOPTED by the governing body of the
Cypress Redevelopment Agency this 22nd day of September
1986.
CYPRESS REDEVELOPMENT AGENCY
ATTEST:
Secretary, ~pr~ss Redevelopment Agency
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, DARRELL ESSEX, Secretary of the Cypress Redevelopment
Agency, DO HEREBY CERTIFY that the foregoing Resolution was
duly adopted at a meeting of the said Agency held on the 22nd
day of September 1986; by the following roll call vote:
AYES: 4
NOES: 1
ABSENT: 0
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Kanel, Mullen, Partin and Lacayo
Coronado
None
~RCRE~ARY ~'
CYPRESS REDEVELOPMENT AGENCY
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