CRA 95-05-22 MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
May 22, 1995
Agency Chairman Age called the meeting of the Cypress
Redevelopment Agency to order at 9:45 p.m., Monday, May 22, 1995,
in the Council Chamber, 5275 Orange Avenue, Cypress.
MINUTES: It was moved by Agency Member Jones and seconded Agency
Member Bowman to approve the Minutes of February 27, 1994. The
motion carried by the following roll call vote:
AYES:5 AGENCY MEMBERS: Bowman, Carroll, Jones,
Kerry and Age
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 Finance
Director presented the staff report dated May 10, 1995, which
indicated that each year the Redevelopment Agency submits a
Statement of Indebtedness to the County from which tax increments
are distributed to the Agency. On June 15, 1995, three
promissory notes will mature and based on Agency needs, staff
feels that the notes should be reissued for an additional year in
the amount of $3,100,000.
It was moved by Agency Member Kerry and seconded by Agency Member
Jones to authorize Staff to execute the Repayment Agreement and
the three Promissory Notes in the amount of $3,100,000 with the
City with the repayment by the Agency to be made from future tax
increments or other sources from the project areas. The motion
unanimously carried by the following roll call vote:
AYES:5 AGENCY MEMBERS: Bowman, Carroll, Jones, Kerry
and Age
NOES:0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
Councilmember Kerry explained that the borrowing of money was
between the City and the Redevelopment Agency, borrowed from one
agency and loaned to the other.
CONSIDERATION OF POLICY DIRECTION REGARDING AGENCY INVOLVEMENT IN
PROJECT DEVELOPMENT: The Deputy Executive Director presented the
staff report dated May 11, 1995, which identified several target
sites on which to focus redevelopment efforts along Lincoln
Avenue. As interest increases in these sites, staff will need
policy direction in order to guide developers as to what to
submit in their preliminary proposals. Two serious inquiries
were received from theater developers. One developer
aggressively began collecting preliminary data on the City until
a couple of weeks ago when staff received a letter from this
developer requesting a non-site specific Exclusive Right to
Negotiate with the Agency for 90 days. There are some legal and
technical problems that were not resolved prior to this meeting
and staff asked Council for direction to answer some of the
CYPRESS REDEVELOPMENT AGENCY May 22, 1995
requirements that need to be cleared. Staff is asking Council
which of the two concepts should they pursue: the Agency can go
through a selective Request for Proposal (RFP) Process; or enter
into an exclusive right to negotiate (ERN) agreement with the one
developer.
After additional discussion, the City Attorney suggested that an
alternative would be to address Councilmember Bowman's concerns
because there is a developer for a specific use but a non-
specific site. Councilmember Bowman said he did not think it
would be prudent to enter into an exclusive agreement with anyone
at this point. The Planning Director advised that if they send
out an RFP, it would be to the original list. Councilmembers Age
and Jones did not have a problem with sending out RFPs but would
not consider an exclusive right to negotiate at this time.
ADJOURNMENT: Agency Chairman Age adjourned the meeting at 10:00
p.m.
C@ IRMAN OF THE CYPR -ESir
REDEVELOPMENT AGENCY
ATTEST:
SECRETAR OF TH C ESSREDEVELOPMENT AGENCY