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HomeMy WebLinkAboutCRA - 80RESOLUTION NO. CRA-80 A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY RESCINDING AGENCY RESOLUTION #70 WHICH AUTHORIZED THE USE OF TAX INCREMENT REVENUES FROM THE LOS ALAMITOS RACE TRACK AND GOLF COURSE PROJECT AREATO MEET THE 20% LOWAND MODERATE HOUSING SET ASIDE REQUIREMENT FOR THE AGENCY'S OTHER PROJECT AREAS EFFECTIVE FISCAL YEAR 1996-97 WHEREAS, California Community Redevelopment Law provides that not less that 20 percent of all taxes which are allocated to the Agency pursuant to Government Code Section 33670 shall be used by the Agency for low and moderate-income housing; and WHEREAS, AB 315 as approved by the California State Legislature authorizes the use of tax increment revenue from one project area to meet the 20 percent set aside requirement for other project areas; and WHEREAS, Agency Resolution #70 had authorized the Agency to use tax increment revenues from the Los Alamitos Race Track and Golf Course to meet the 20 percent set aside requirement for all project areas, including the Lincoln Avenue Project Area and the Civic Center Project Area as amended. WHEREAS, the Agency has determined that it is in the best interest of the Agency to rescind Agency Resolution #70 effective fiscal year 1996-97. NOW, THEREFOREt BE IT RESOLVED, that the Cypress Redevelopment Agency hereby rescinds Resolution #70 which authorized the use of tax increment revenues from the Los Alamitos Race Track and Golf Course Project Area to meet the 20 percent low and moderate income housing set aside requirement. PASSED AND ADOPTED by the governing body of the Cypress Redevelopment Agency, on the 12th day of August, 1996. Attest: Cha rman, ypress Redevelopment Agency Secretary, Cypress Redevelopment Agency STATE OF CALIFORNIA ) SS COUNTY OF ORANGE ) I, LILLIAN HAINA, Secretary of the Cypress Redevelopment Agency, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of the said Agency held on the 12th day of August 1996, by the following roll call vote: AYES: 5 AGENCY MEMBERS: Age, Carroll, Jones, Kerry and Bowman NOES: 0 AGENCY MEMBERS: None ABSENT: 0 AGENCY MEMBERS: None Secretary, Cypress RedevelopmentAgency EXCLUSIVE NEGOTIATION AGREEMENT This EXCLUSIVE NEGOTIATION AGREEMENT ("Agreement") is dated this __ day of , 1995, by and between Krikorian Premiere Theatres, Inc. ("Developer") and the City of Cypress Redevelopment Agency, a public body, corporate and politic ("Agency"). WHEREAS, the parties have been discussing the redevelopment of property located at and within the Cypress Lincoln Avenue Redevelopment Project Area (the "Property"); and WHEREAS, Developer owns, builds and operates movie theatres and Agency believes the development of a movie theatre on the Property ("Project") is in the best interest and general welfare of the public; and WHEREAS, preliminary studies, site planning, engineering and other significant out-of- pocket expenses must be incurred by Developer before a Development Agreement, Owner Participation Agreement COPA"), or similar Agreement can be entered between Developer and Agency; and WHEREAS, the parties wish to exclusively negotiate with each other the terms of an OPA or similar agreement. THEREFORE, the parties do hereby agree as follows: 1. The term of this Agreement shall be in accordance with the following "Due Diligence Period" requirements: a) No later than 60 days from the date of execution of this Agreement, Developer shall enter into a contingent purchase and sale agreement for the acquisition of the Property for the Project and submit a preliminary site plan to Agency for its review. b) If Developer completes item (a) above within the time period presented, this Agreement shall be extended for an additional period of 90 days. During this 90 day period, Developer and Agency shall in good faith negotiate the terms of an OPA or similar agreement for the development of the Project. 2. Developer shall complete all preliminary studies, engineering, and other preliminary items during the Due Diligence Period. 3. Agency shall submit to Developer any and all information regarding the Property, including without limitation all studies, reports, appraisals, environmental audits, or other material relevant to the Property in the possession of Agency. -1- Attachment "A" 4. Developer and Agency shall exclusively deal with each other during the term of this Agreement or any extension thereof. 5. The parties shall expedite all negotiations and respond promptly to information or other requests from the other party. 6. On or before the expiration of the Due Diligence Period, Developer shall submit to Agency a proposed OPA for Agency's review. Agency shall promptly review and return the proposed OPA within 15 days of submittal by Developer along with any comments and changes. 7. The intent of the Due Diligence Period is to allow the parties time to complete preliminary studies, and provide for the negotiation of a mutually acceptable OPA. 8. By its execution of this Agreement, the Agency is not committing itself to or agreeing to undertake: (a) any disposition of land to Developer; or (b) any other acts or activities requiring the subsequent independent exercise of discretion by the Agency, the City, or any agency or department thereof. This Agreement does not constitute a disposition of property or exercise of control over property by the Agency or the City and does not require a public hearing. Execution of this Agreement by the Agency is merely an agreement to enter into a period of exclusive negotiations according to the terms hereof, reserving final discretion and approval by the Agency and City as to any OPA and all proceedings and decisions in connection therewith. 9. All information exchanged by the parties shall be kept confidential and shall not be disclosed to any third party. WHEREOF, the parties have entered into this Agreement as of the date first written above. Krikorian Premier Theatres By Its The City of Cypress Redevelopment Agency By Its -2-