CRA 99-09-13MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
September 13, 1999
Agency Chairperson Keenan called the meeting of the Cypress Redevelopment
Agency to order at 11:44 p.m., in the Council Chambers, 5275 Orange Avenue, Cypress,
California.
PRESENT: Agency Members MCCOy, MCGilI, Sondhi, Agency Vice-Chairperson
Piercy, Agency Chairperson Keenan.
ABSENT: None
MINUTES: It was moved by Agency Vice-Chairperson Piercy and seconded by
Agency Chairperson Keenan, to approve the minutes of the meeting of AUgUSt 9, 1999.
Agency Member Sondhi abstained from voting because of her absence from the meeting.
The motion was carried bV the following roll call vote:
AYES: 4 AGENCY MEMBERS: MCCOy, McGilI, Piercy, Keenan
NOES: 0 AGENCY MEMBERS: None
ABSTENTION: I AGENCY MEMBER: Sondhi
39. Execution of Promissory Notes between the Cypress Redevelopment A,qency and
the City of Cypress.
Director of Finance & Administrative Services Storey presented the staff report for
this item. Mr. Storey advised that since the Agency was created, debt has been
generated in the form of loans from the City to the Redevelopment Agency. He
explained that in the September of 1999, three of the Promissory NOteS, issued in 1996
and totaling $9.9 million dollars, matured. It has been determined that at this time, the
Redevelopment Agency can not afford to repay the principal that is maturing. Staff
therefore recommended that the notes be rolled over an additional two years, at the
same interest rate.
Agency Member Sondhi clarified that redevelopment agencies exist for the
purpose of creating debt, in order to obtain tax increments from the County, resulting
from an additional property tax imposed on the area involved. Mr. Storey responded to a
request by the Mayor, advising that the target date for paying off this debt is 2016-2017.
A motion was made by Agency Vice-Chairperson Piercy, seconded by Agency
Member Sondhi, and unanimously carried by the following roll call vote that the Cypress
Redevelopment Agency authorize Agency staff to execute the Repayment Agreement
and three Promissory NOteS in the amount of $9,900,000 with the City of Cypress, with the
repayment to be made from future tax increments or other sources from the project
areas:
AYES:
NOES:
ABSENT:
5 AGENCY MEMBERS:
0 AGENCY MEMBERS:
0 AGENCY MEMBERS:
MCCOy, McGilI, Sondhi, Piercy, Keenan
None
None
ADJOURNMENT:
ATTEST:
Agency Chairperson Keenan a journed the meeting at 11:47 p.m.
CHAIRPERSON OF THE
CYPRESS REDEVELOPMENT AGENCY
CYPRESS REDEVELOPMENT AGENCY