CRA 92-03-09 MINUTES OF A MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
March 9, 1992
Agency Chairman Partin called the meeting of the Cypress Redevelopment Agency
to order at 11:19 p.m. on Monday, March 9, 1992 in the Cypress City Council
Chamber, 5275 Orange Avenue, Cypress, California.
PRESENT:Agency Members Age, Bowman, Kerry, Nicholson and Partin
ABSENT: None
MINUTES: It was moved by Agency Member Age and seconded by Agency Member
Kerry to approve the Minutes of February 24, 1992 as submitted. The motion
unanimously carried by the following roll call vote:
AYES:5 AGENCY MEMBERS: Age, Bowman, Kerry, Nicholson and Partin
NOES:0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
CONSIDERATION OF A RESOLUTION AUTHORIZING THE USE OF TAX INCREMENT REVENUES
FROM THE LOS ALAMITOS RACE TRACK AND GOLF COURSE PROJECT AREA TO MEET THE 20%
LOW AND MODERATE HOUSING SET ASIDE REQUIREMENTS FOR ALL PROJECT AREAS: The
Executive Director requested the Finance Director present the staff report
dated March 3, 1992 which indicated legislation was approved which authorized
Redevelopment Agencies with more than one project area to use tax increment
revenues from one project area to meet the 20 percent set aside requirement
for other project areas. Staff has determined it is in the Agency's best
interest to use tax increment revenue from the Los Alamitos Race Track and
Golf Course Project Area to meet the 20 percent set aside requirement of all
project areas including Lincoln Avenue Project Area and the Civic Center
Project Area.
It was moved by Agency Member Bowman and seconded by Agency Member Kerry that
the City Council, acting as ex officio governing Board of Directors of the
Cypress Redevelopment Agency, adopt the Resolution by title only, title as
follows, authorizing the use of tax increment revenues from the Los Alamitos
Race Track and Golf Course Project Area to meet the 20 percent set aside
requirement of all project areas.
CRA NO. 70
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY AUTHORIZING THE USE OF
TAX INCREMENT REVENUES FROM THE LOS ALAMITOS RACE TRACK AND GOLF COURSE
PROJECT AREA TO MEET THE 20% LOW AND MODERATE HOUSING SET ASIDE
REQUIREMENT FOR THE AGENCY'S OTHER PROJECT AREAS.
The motion unanimously carried by the following roll call vote:
AYES:5 AGENCY MEMBERS: Age, Bowman Kerry, Nicholson and Partin
NOES:0 AGENCY MEMBERS: None
ABSENT:0 AGENCY MEMBERS: None
ADJOURNMENT: Agency Chairman Partin adjourned the meeting at 11:23 p.m.
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