CRA 98-11-23 MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
November 23, 1998
Agency Chairman Jones called the meeting of the Cypress Redevelopment Agency to
order at 10:10 p.m., in the Council Chamber, 5275 Orange Avenue Cypress.
PRESENT: Agency Members Bowman, Carroll, Keenan, Piercy and Jones
ABSENT: None
MINUTES: It was moved by Agency Member Keenan and seconded by Agency
Chairman Jones to approve the minutes of October 26, 1998 and November 9, 1998.
The motion was unanimously carried by the following roll call vote:
AYES: 5 AGENCY MEMBERS: Bowman, Carroll, Keenan, Piercy
and Jones
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
CONTINUATION OF EXECUTION OF PROMISSORY NOTES BETWEEN THE CITY AND
THE REDEVELOPMENT AGENCY: Mr. Storey, Finance and Administrative Services
Director, presented the report which requested authorization of three Promissory
Notes between the City and the Redevelopment Agency. Staff recommended that
Cypress Redevelopment Agency Board authorize staff to execute the Repayment
Agreement and the three Promissory Notes in the amount of $4,100,000 with the City of
Cypress and the Cypress Lighting District No. 2, with the repayment by the Agency to
be made from future tax increment or other sources from the referenced Project
Areas. That the Cypress Redevelopment Agency Board approve an increase in
estimated debt proceeds from the balance of the Redevelopment Agency funds to the
following accounts for the additional loans approved:
Los Alamitos Race Track Project Area Account 1360-54
Lincoln Avenue Project Area Account t 360-37
$500,000
$1,600,000
It was moved by Agency Member Piercy and seconded by Agency Member Bowman to
authorize staff to execute the Repayment Agreement and the three Promissory Notes
in the amount of $4,t00,000 with the City of Cypress and the Cypress Lighting District
No. 2, with the repayment by the Agency to be made from future tax increment or other
sources from the referenced Project Areas, and approve an increase in estimated debt
proceeds from the fund balance of the Redevelopment Agency funds to the following
accounts for the additional loans approved:
Los Alamitos Race Track Project Area Account 1360-54
Lincoln Avenue Project Area Account 1360-37
$500,000
$1,600,000
The motion unanimously carried by the following roll call vote:
AYES:
NOES:
ABSENT:
5 COUNCILMEMBERS: Bowman, Carroll, Keenan, Piercy
and Jones
0 COUNCILMEMBERS: None
0 COUNCILMEMBERS: None
REDEVELOPMENT AGENCY MINUTES November 23, 1998
It was moved by Agency Member Bowman and seconded by Agency Member Piercy to
approve the parameters for the Cypress Redevelopment Agency Housing Monitoring
Program, as set forth in the Procedures and Guidelines Manual. The motion was
unanimously carried by the following roll call vote:
AYES:
NOES:
ABSENT:
5 COUNCILMEMBERS: Bowman, Carroll, Keenan, Piercy
and Jones
0 COUNCILMEMBERS: None
0 COUNCILMEMBERS: None
ADJOURNMENT: Agency Chairman Jones adjourned the meeting at 10:20 p.m.
CHAIRMAN OF THE CYPRESS
REDEVELOPMENT AGENCY
ATTEST:
SECRETARY OF THE CYPRESS
REDEVELOPMENT AGENCY