CRA - 68RESOLUTION NO. CRA-68
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF CYPRESS DETERMINING
BENEFIT TO ITS CIVIC CENTER REDEVELOPMENT
PROJECT AREA AND AUTHORIZING THE
EXECUTION OF A TAX ALLOCATION NOTE IN THE
PRINCIPAL AMOUNT NOT IN EXCESS OF
$4,500,000
WHEREAS, the Redevelopment Agency of the City of
Cypress (the "Agency") is a redevelopment agency (a public
body, corporate and politic) duly created, established and
authorized to transact business and exercise its powers, all
under and pursuant to the Community Redevelopment Law (Part
1 of Division 24 commencing with Section 33000 of the Health
and Safety Code of the State of California (the "Law"), and
the powers of the agency include the power to issue bonds
and notes for any of its corporate purposes, and
WHEREAS, the Redevelopment Plan for a redevelopment
project known as the "Civic Center Redevelopment Project
Area" (the "Project Area") was approved and adopted by the
City Council of the City of Cypress by Ordinance No. 692 on
July 19, 1982, and was thereafter amended by Ordinance No.
813, adopted on April 10, 1989 (the "Amended Redevelopment
Plan", and all requirements of law for and precedent to the
adoption and approval of the Amended Redevelopment Plan have
been duly complied with; and
WHEREAS, for the purpose of providing for the
redevelopment of certain property within the Project Area in
accordance with the Amended Redevelopment Plan, the Agency
has duly entered into that certain owner participation
agreement with Cypress Homes, Inc. ("Cypress Homes") and the
City of Cypress, California (the "City") dated as of
September 10, 1990 (the "Owner Participation Agreement")
which was approved by the Agency with the adoption of its
Resolution No. CRA-67 on September 10, 1990; and
WHEREAS, Cypress Homes qualifies as and is an
owner-participant pursuant to the Agency's Owner
Participation Rules; and
WHEREAS, the Owner Participation Agreement provides
that Cypress Homes will design and construct certain public
facilities, including (i) a portion of a regional storm
drain system and pump station within or directly benefitting
the Project Area and (ii) perimeter streets and certain
improvements related thereto adjacent to the Site, namely, a
portion of Orange Avenue,' Moody Street, Ball Road and Denni
Street, (collectively referred to as "Redevelopment
Facilities") as more particularly described therein, which
Redevelopment Facilities benefit the Project Area, and in
consideration of Cypress Homes constructing and conveying
the Redevelopment Facilities to the Agency or its designee,
and in exercise of the Agency's borrowing power, the Agency
has duly provided for the issuance pursuant to the Owner
Participation Agreement of the Redevelopmnent Agency of the
City of Cypress (Civic Center Redevelopment Project Area),
Tax Allocation Note in the principal amount not in excess of
$4,500,000 (the "Note") payable from a portion of tax
increment revenues attributable to the Project Area; and
WHEREAS, the Redevelopment Facilities constitute
redevelopment activity primarily of benefit to the Project
Area and the Agency is authorized by Section 33445 of the
Health and Safety Code of the State of California to pledge
such tax increment revenues as set forth in the Owner
Participation Agreement to the payment of the Note, provided
that the Agency and the City first make certain
determinations with respect thereto;
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE
CITY OF CYPRESS DOES HEREBY, RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
Section 1.
correct.
The above recitals are true and
Section 2. Pursuant to authority contained in
Section 33445 of the Health and Safety Code of the State of
California, the Agency hereby determines that the
Redevelopment Facilities are of benefit to the Project Area
and that no means other than the pledge of tax increment
revenues contained in the Owner Participation Agreement is
reasonably available to the Agency to finance such
Redevelopment Facilities.
Section 3. The determinations made herein by the
Agency shall be deemed final and conclusive.
Section 4. In accordance with the Law and the
Amended Redevelopment Plan, the Chairman, Secretary and
Executive Director are authorized and directed to execute,
attest, authenticate and deliver the Note in a principal
amount not to exceed $4,500,000 at an interest rate not to
exceed 8% pursuant to and in accordance with the Owner
Participation Agreement.
Section 5. This Resolution shall take effect and
be in full force from and after its adoption by the Agency.
PASSED AND ADOPTED by the Redevelopment Agency of
the City of Cypress at a regular meeting held on the 24th
day of June, 1991.
REDEVELOPMENT AGENCY OF THE
CITY OF CYPRESS
I
ATTEST:
· ~ECRE~ARY -/v
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STATE OF CALIFORNIA )
) ss.
COUNTY OF ORANGE )
I, DARRELL ESSEX, Secretary of the Redevelopment
Agency, DO HEREBY CERTIFY, that the foregoing Resolution
No. CRA-68 was approved and adopted by the Redevelopment
Agency of the City of Cypress at a regular meeting held on
the 24th day of June, 1991, by the following vote
to wit: ·
AYES: 4
NOES: 0
ABSENT: 0
AGENCY MEMBERS:
AGENCY MEMBERS:
AGENCY MEMBERS:
ABSTAINED: 1 AGENCY MEMBERS:
Kerry, Nicholson, Partin and Bowman
None
None
Age
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