CRA 91-06-24 MINUTES OF A MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
June 24, 1991
Agency Chairman Bowman called the meeting of the Cypress
Redevelopment Agency to order at 11:12 p.m. on Monday, June 24,
1991 in the Cypress City Council Chamber, 5275 Orange Avenue,
Cypress, California.
PRESENT:Agency Members Age, Kerry, Nicholson, Partin and
Bowman
ABSENT: None
MINUTES: It was moved by Agency Member Kerry and seconded by
Agency Member Partin to approve the Minutes of June 10, 1991.
The motion carried by the following roll call vote:
AYES:5 AGENCY MEMBERS: Age, Kerry, Nicholson,
Partin and Bowman
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
CONSIDERATION OF THE ADOPTION OF THE 1991-92 BUDGET FOR THE
CYPRESS REDEVELOPMENT AGENCY: The Executive Director summarized
the staff report dated June 17, 1991, which stated that the
proposed budget has been reviewed with the Planning Director, the
City Manager and the City Council at the May 13 and June 12, 1991
workshops. The funding for the proposed budget of $6,112,029
will be from Tax Increment revenue and the proceeds from the
refinancing of the Civic Center.
It was moved by Agency Member Kerry and seconded by Agency Member
Nicholson that the City Council, acting as the Redevelopment
Agency, adopt the 1991-92 Agency Budget.
AYES:5 AGENCY MEMBERS: Age, Kerry, Nicholson,
Partin and Bowman
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
CONSIDERATION OF DETERMINATION OF BENEFIT TO THE CIVIC CENTER
REDEVELOPMENT PROJECT AREA OF ACTIONS UNDER AN OWNER
PARTICIPATION AGREEMENT WITH CYPRESS HOMES, INC.: The Executive
Director presented the staff report dated June 18, 1991, which
indicated that the initial phase of public improvements by
Cypress Homes, Inc., is complete and it is now appropriate for
the City and the Agency each to adopt a resolution concerning the
execution and delivery of the Note and the benefit of the
improvements to the Project Area.
It was moved by Agency Member Partin and seconded by Agency
Member Kerry that the City Council, acting as the Board of
Directors of the Cypress Redevelopment Agency, adopt the
Resolution by title only, title as follows, authorizing the
execution of a tax allocation note.
CRA NO. 68
CONSIDERATION OF APPROVAL OF THE DEFEASANCE OF THE 1966 CYPRESS
CIVIC CENTER CORPORATION LEASEHOLD REVENUE BONDS AND APPROVAL AND
AUTHORIZATION OF THE EXECUTION AND DELIVERY OF CERTIFICATES OF
PARTICIPATION (CIVIC CENTER REFINANCING AND IMPROVEMENT PROJECTS)
EVIDENCING INTERESTS IN LEASE PAYMENT TO BE MADE BY THE CITY TO
THE REDEVELOPMENT AGENCY: The Agency Chairman referred to the
staff report dated June 18, 1991, which indicated that currently,
the reserve fund of the 1966 Bonds contains more than sufficient
funds to defease the 1966 bonds. In order to fund certain
projects, staff is proposing to: (1) defease the 1966 Bonds,
which would release the Civic Center from the lien created under
the 1966 Bonds; and (2) execute and deliver Certificates of
Participation (COP) in an amount not to exceed $6,000,000. The
COP transaction would be secured by a new lien on the Civic
Center site and facilities. It is proposed that the Certificates
be sold at a public sale. The City has retained the services of
Seidler-Fitzgerald as financial advisor and Burke, Williams,
Sorensen & Gaar as Special Counsel. The suggested resolution
approved the defeasance of the 1966 Bonds, the issuance and
execution of the COP, the manner of public sale of the COP and
the projects to be financed by COP and approve the execution of
the following documents: Base Lease, Lease Agreement, Memorandum
of Lease Agreement, Trust Indenture, Reimbursement Agreement,
Notice Inviting Bids and Preliminary Official Statement.
It was moved by Agency Member Partin and seconded by Agency
Member Nicholson to adopt the Resolution by title only, title as
follows, approving defeasance of the 1966 Leasehold Revenue Bonds
and approval and authorization of the execution and delivery of
Certificates of Participation.
CRA NO. 69
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
CYPRESS, CALIFORNIA, AUTHORIZING THE EXECUTION, SALE AND
DELIVERY NOT TO EXCEED $6,000,000 PRINCIPAL AMOUNT OF
CERTIFICATES OF PARTICIPATION, (CIVIC CENTER REFINANCING AND
IMPROVEMENT PROJECTS), FOR THE PURPOSE OF PROVIDING FUNDS TO
PAY THE COSTS OF CERTAIN PROJECTS FOR THE AGENCY AND THE
CITY OF CYPRESS, CALIFORNIA; AUTHORIZING AND APPROVING
CERTAIN DOCUMENTS IN CONNECTION WITH THE EXECUTION, SALE AND
DELIVERY OF SAID CERTIFICATES OF PARTICIPATION; MAKING
CERTAIN DETERMINATIONS AND AUTHORIZING CERTAIN OTHER ACTIONS
IN CONNECTION THEREWITH.
The motion carried by the following roll call vote:
AYES: 4 AGENCY MEMBERS: Kerry, Nicholson, Partin
and Bowman
NOES: 0 AGENCY MEMBERS: None
ABSENT:0 AGENCY MEMBERS: None
ABSTAINED:1 AGENCY MEMBERS: Age
ADJOURNMENT:Agency Chairman Bowman adjourned the meeting at
11:15 p.m.
104/4/
CHAIRMAN OF THE CYPRESS
REDEVELOPMENT AGENCY