CRA 93-06-14 MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
June 14, 1993
Agency Chairman Kerry called the meeting of the Cypress
Redevelopment Agency to order at 10:50 p.m. on Monday, June 14,
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
Agency Member Nicholson to approve the Minutes of June 14, 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 A SIXTH 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 7, 1993, which stated 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 Cypress Elementary
School site. This work effort is a result of the Amended Civic
Center Project Area Tax Increment "Pass-Thru" Agreement.
Because additional time is still necessary in order to negotiate
a Development Agreement with Hyter Development Co., Inc., a sixth
extension of the Agreement is necessary. The School District and
Agency staff have agreed to an extension through September 15,
1 9 9 3 .
It was moved by Agency Member Bowman and seconded by Agency
Member Nicholson to authorize the Executive Director to
officially notify the School District of the Agency's Agreement
to a sixth extension of the 1989 Tax Increment "Pass-Thru"
Agreement through September 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
CONSIDERATION OF PROMISSORY NOTES BETWEEN THE CYPRESS
REDEVELOPMENT AGENCY AND THE CITY OF CYPRESS: The staff report
dated June 2, 1993 indicated that each year the Redevelopment
Agency submits a Statement of Indebtedness to the County. The
Agency currently has three promissory notes and two cash advances
outstanding with the City totalling $4,775,000. The three
promissory notes would be one year notes with the principal and
AYES:5 AGENCY MEMBERS: Age, Bowman, Nicholson, Partin
and Kerry
NOES:0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
CONSIDERATION OF THE EARLY PAYOFF OF THE PROMISSORY NOTE BETWEEN
THE CYPRESS REDEVELOPMENT AGENCY AND THE CYPRESS RECREATION AND
PARK DISTRICT: The staff report dated June 1, 1993 advised that,
on August 28, 1989, the City Council, acting as the ex-officio
governing Board of Directors of the Cypress Recreation and Park
District authorized the District to execute a promissory note in
the amount of $360,000 with the Cypress Redevelopment Agency.
The Note is scheduled to be paid off July 1, 1994. However,
since the District would like to purchase Texaco Park and does
not have sufficient funds, the District would like to have the
Note paid off one year earlier.
It was moved by Agency Member Partin and seconded by Agency
Member Bowman to authorize the early payoff of the Promissory
Note between the District and the Cypress Redevelopment Agency.
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
10:55 p.m.
CHA-RRMAN OF THE s
REDEVELOPMENT AGF-NCY
ATTEST:
SECRETAIZY'OF-tH]e CYP7@@SS REDEVELOPMENT
AGENCY