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CRA 92-06-22 MINUTES OF A MEETING OF THE CYPRESS REDEVELOPMENT AGENCY HELD June 22, 1992 Agency Chairman Partin called the meeting of the Cypress Redevelopment Agency to order at 10:40 p.m. on Monday, June 22, 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 Bowman and seconded by Agency Member Kerry to approve the Minutes of June 8, 1992. 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 ADDITIONAL APPROPRIATION FOR REDEVELOPMENT PROGRAMS - FY 1991-92: The Executive Director presented the staff report dated June 11, 1992, which estimated that the Debt Service Fund of the Redevelopment Agency will require additional appropriations to cover expenditures for fiscal year ending June 30, 1992. Responding to Agency Member Bowman, the Finance Director explained that a portion of the money to finance the Senior Center was set aside to pay debt that the Redevelopment Agency owed the City's General Fund. To retire that debt, funds need to be appropriated to spend the money and the fund balance is not affected. It was moved by Agency Member Bowman and seconded by Agency Member Kerry that the City Council, acting as the Cypress Redevelopment Agency, authorize the appropriation of $1,920,911 from the unreserved fund balance of the redevelopment Debt Service fund to Account 4279-52-363-15. 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 THE ADOPTION OF THE 1992-93 BUDGET FOR THE CYPRESS REDEVELOPMENT AGENCY: The Executive Director presented the staff report dated June 17, 1992, which revealed the proposed budget had been reviewed with the Planning Director, the City Manager and the City Council at the April 25 and June 15, 1992 workshops. The funding for the proposed budget will be from Tax Increment Revenue and the loan proceeds from the City's General Fund. Tt wA-- mnirpri hv AffmnnxT mizmlna-r Rnvrmnn nnA amrr%nAnA @iT Arc@-mrx7 staff report dated June 2, 1992, which indicated private development of a 110 unit retirement community will be taking place on Lincoln Avenue, meeting a portion of requirements under the City's General Plan. The Planning Director stated that the development will qualify for the 15% of new or rehabilitated units within a redevelopment area available at an affordable housing cost to persons of low and moderate income. It was moved by Agency Member Bowman and seconded by Agency Member Kerry that the Agency Board found that the 110 unit senior housing project at 5120 Lincoln Avenue, with the referenced Density Bonus and Operating Agreement, will assist with the Redevelopment Agency's requirements by satisfying 100% of the Redevelopment Agency's requirement for low and moderate income units, and by providing 11 of the required 40 units needed for very low income persons. 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 AN EXTENSION OF THE AGREEMENT BETWEEN THE CYPRESS REDEVELOPMENT AGENCY AND THE CYPRESS SCHOOL DISTRICT FOR REIMBURSEMENT OF TAX INCREMENT FUNDS FROM THE CIVIC CENTER REDEVELOPMENT PROJECT,, AMENDMENT NO, 1: The Executive Director presented the staff report dated June 18, 1992, which indicated the Cypress Redevelopment Agency and the Cypress Elementary School District have been working together to facilitate the development of a senior housing project at the Cypress Elementary School site, to be owned by either the School District or the Cypress Redevelopment Agency. Because additional time is necessary in order to determine which development proposal will be negotiated, an extension of the Agreement is necessary. The Executive Director noted that there was a discrepancy in that the communication from the Cypress School District indicated that the Board extended the Agreement for sixty (60) days and the staff report recommended ninety (90) days. He suggested that the Agency approve the extension for ninety (90) days and advise the School Board of the action. It was moved by Agency Member Bowman and seconded by Agency Member Nicholson that the Agency Board authorize the Executive Director to officially notify the School District of the Agency's agreement to an extension of the 1989 Tax Increment "Pass-Thrull Agreement for a period of ninety (90) days, effective July 24, 1992. 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 10:45 p.m.