CRA - 129RESOLUTION NO. CRA 129
A RESOLUTION OF THE CYPRESS REDEVELOPMENT AGENCY
APPROVING AN AGREEMENT FOR THE PURCHASE AND SALE OF REAL
PROPERTY BY AND BETWEEN THE AGENCY, AS BUYER, AND THE ARNOLD
SURVIVOR'S TRUST, NOMOINC ASSOCIATES, AND GEORGE F. WILSON III
SEPARATE PROPERTY TRUST, AS SELLER, OF AN APPROXIMATELY 2.71 ACRE
PARCEL LOCATED IN THE CITY OF CYPRESS AT 5762 LINCOLN AVENUE WITHIN
THE LINCOLN AVENUE COMPONENT AREA OF THE CYPRESS MERGED AND
AMENDED REDEVELOPMENT PROJECT AREA
WHEREAS, the Cypress Redevelopment Agency "Agency is a public body,
corporate and politic, organized and existing under the California Community
Redevelopment Law (Health Safety Code §33000 et seq.) "CRL and
WHEREAS, by previous action duly and regularly taken, the Agency and the City
Council of the City of Cypress adopted the Merged, Amended, and Restated
Redevelopment Plan "Merged Redevelopment Plan for the Cypress Merged and
Amended Redevelopment Project Area "Merged Project Area which includes the
Lincoln Avenue Component Area "Lincoln Avenue Component Area of the Merged
Project Area; and
WHEREAS, the CRL and Merged Redevelopment Plan authorize the Agency to
acquire real property; and
WHEREAS, the Agency has been engaged in activities with respect to
redevelopment of the Merged Project Area pursuant to the CRL and the Merged
Redevelopment Plan; and
WHEREAS, The Arnold Survivor's Trust, U /D /T July 9, 1991, Nomoinc Associates,
a California general partnership, and the George F. Wilson III Separate Property Trust
(collectively "Seller are the owners of that certain real property and leasehold interest in
the City of Cypress, consisting of approximately 2.71 acres, located at 5762 Lincoln
Avenue, within the Lincoln Avenue Component Area of the Merged Project Area
"Property and
WHEREAS, Agency staff and Seller officers have negotiated the terms of Seller's
sale of the Property to Agency as embodied in that certain Purchase and Sale Agreement
and Joint Escrow Instructions "Purchase Agreement
NOW THEREFORE, the Cypress Redevelopment Agency HEREBY RESOLVES as
follows:
Section 1. The above Recitals are true and correct and incorporated herein and
made a part hereof.
Section 2. The Agency finds and determines that the Agency's purchase of the
Property pursuant to the Purchase Agreement will effectuate the purpose of the CRL and
the purposes, goals, and objectives of the Merged Redevelopment Plan; is consistent with
the Merged Redevelopment Plan, the City's General Plan, and is in the best interest and
welfare of the citizens of the City of Cypress.
Section 3. All actions required to be taken by the Agency precedent to
consideration of this Resolution have been duly and regulatorily taken.
Section 4. The Purchase Agreement, a copy of which is on file with the Agency
Secretary and in the form presented to the Agency Board concurrent with the adoption of
this Resolution, is hereby approved. The Agency Executive Director is authorized to make
any final technical or clerical changes to the Purchase Agreement consistent with the
material terms of the Purchase Agreement approved hereby, and the Chairman of the
Agency is thereafter authorized to sign the Purchase Agreement on behalf of the Agency.
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Section 5. The Executive Director, Deputy Executive Director, and Secretary of
the Agency are each individually authorized and directed to carry out and effectuate the
purposes of this Resolution by taking such other and further actions necessary to
implement the terms of the Purchase Agreement, including but not limited to effecting the
opening and closing of escrow and signing such other and further documents, including
exhibits to the Purchase Agreement, as necessary or appropriate to undertake and
complete the transaction pursuant to the Purchase Agreement.
PASSED, APPROVED AND ADOPTED by the Cypress Redevelopment Agency of
the City of Cypress at a regular meeting held on the 25 day of February 2008.
ATTEST:
SECRETARY OF THE CYPRESS
REDEVELOPMENT AGENCY
STATE OF CALIFORNIA
COUNTY OF ORANGE ss
I, DENISE BASHAM, Acting Secretary of the Cypress Redevelopment Agency, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of
the said Redevelopment Agency held on the 25 day of February 2008, by the following roll
call vote:
AYES: 5 AGENCY MEMBERS: Bailey, Luebben, Narain, Mills, and Seymore
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
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439401.01 a0226'08
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w
CHAIRPERSON OF HE CYPRESS
REDEVELOPMENT AGENCY
'ICJ C,1,1
SECRETARY OF THE CYPRESS
REDEVELOPMENT AGENCY