CRA 93-04-12 MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
April 12, 1993
Agency Chairman Kerry called the meeting of the Cypress
Redevelopment Agency to order at 11:20 p.m. on Monday, April 12,
1993, in the Council Chamber, 5275 Orange Avenue, Cypress.
PRESENT:Agency Members Age, Bowman, Nicholson, Partin
and Kerry
ABSENT: None
MINUTES: It was moved by Agency Member Age and seconded by
Councilmember Nicholson to approve the Minutes of February 22,
1993 and March 15, 1993, as submitted. The motion unanimously
carried by the following roll call vote:
AYES:5 AGENCY MEMBERS: Age, Bowman, Nicholson, Partin
and Kerry
NOES:0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
CONSIDERATION OF FIFTH 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 staff report dated
March 31, 1993, advised that 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
former Cypress Elementary School site. This effort is the result
of the Amended Civic Center Project Area Tax Increment "Pass-
Thru" Agreement, executed July 24, 1989. Subsequent to the
execution of the Tax Increment "Pass-Thrull Agreement, the Agency
indicated an interest in reversing the 2.32 acre land trade. By
mutual agreement, both parties agreed to pursue a reversal of the
exchange in order to create a project which would benefit both
entities. Because additional time is still necessary in order to
negotiate a Development Agreement with Hyter Development Co.,
Inc., a fifth extension of the Agreement is necessary. The
School District and Agency staff have agreed to an extension
through June 15, 1993.
It was moved by Agency Member Age and seconded by Agency Member
Nicholson to authorize the Executive Director to officially
notify the School District of the Agency's Agreement to a fifth
extension of the 1989 Tax Increment "Pass-Thru" Agreement through
June 15, 1993. The motion unanimously carried by the following
roll call vote:
AYES:5 AGENCY MEMBERS: Age, Bowman, Nicholson, Partin
and Kerry
NOES:0 AGENCY MEMBERS: None
ABSENT:0 AGENCY MEMBERS: None
ADJOURNMENT: Agency Chairman Kerry adjourned the meeting at
11:23 p.m.