CRA 91-09-09 MINUTES OF A MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
September 9, 1991
Agency Chairman Bowman called the meeting of the Cypress
Redevelopment Agency to order at 10:55 p.m. on Monday, September
9, 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 Nicholson to approve the Minutes of August 12,
1991. The motion carried by the following roll call vote:
AYES:5 AGENCY MEMBERS: Age, Kerry, Nicholson,
Partin and Bow-man
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
CONSIDERATION OF RESTRUCTURING OF REPAYMENT AGREEMENTS BETWEEN
THE CITY AND THE CYPRESS REDEVELOPMENT AGENCY: The Finance
Director presented the staff report dated August 29, 1991, which
described loans made to the Cypress Redevelopment Agency by the
City of Cypress in the amount of $3,369,946 through seven
Promissory Notes and advances. The loans were used by the Agency
to purchase property and to administer the Agency. Since the
accrued interest on all these loans will be paid as of August 31,
1991 and a certain amount of the principal will be paid, staff
feels it would be appropriate to consolidate all the outstanding
loans into one new Promissory Note for the Civic Center Project
area. In addition, two new Notes would be issued to include
operating funds for the administration of the Lincoln Avenue and
Los Alamitos Race Track and Golf Course Project Areas.
The City Attorney noted the correction to be made on the first
page of Exhibit I'D", Repayment Agreement, Section 1, 5th line,
change "calculated at the prime rate twelve percent (12%) per
annum.11 to "calculated at the prime rate annually."
It was moved by Agency Member Age and seconded by Agency Member
Kerry that the Agency Members authorize the Executive Director to
execute the Repayment Agreement and the three Promissory Notes in
the amount of $3,900,000 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, and approve the Civic
Center Project Area Promissory Note and funds from the Agency as
payment in full of the previous loans outstanding as shown in
Exhibit "A," with the correction in the interest rate.
AYES: 5 AGENCY MEMBERS: Age, Kerry, Nicholson,
Partin and Bowman
NOES: 0 AGENCY MEMBERS: None
ABSENT:0 AGENCY MEMBERS: None
ADJOURNMENT: Aqencv Chairman Bowman adiniirntn(i thin -mnizi-inry n+-