Minutes 2012-05-22354
MINUTES OF A SPECIAL MEETING OF THE
CYPRESS CITY COUNCIL
HELD
May 22, 2012
A special meeting of the Cypress City Council was called to order at 5:30 p.m. by Mayor
Bailey in the Executive Board Room, 5275 Orange Avenue, Cypress, California.
Members present:
Mayor Doug Bailey
Mayor Pro Tem Prakash Narain
Council Member Leroy Mills
Council Member Todd Seymore
Members absent:
Council Member Phil Luebben
Staff present:
City Manager John Bahorski
Assistant City Manager /Director of Finance and Administrative Services Richard Storey
Assistant Director of Finance and Administrative Services Matt Burton
City Clerk Denise Basham
ORAL COMMUNICATIONS:
None.
SUCCESSOR AGENCY TO THE CYPRESS REDEVELOPMENT AGENCY MATTERS:
The Cypress City Council, Acting as the Successor Agency to the Cypress Redevelopment
Agency.
Item No. 1: RECONSIDERATION OF RECOGNIZED OBLIGATION PAYMENT
SCHEDULE (ROPS), RESTATED AND RE- ENTERED REPAYMENT AGREEMENT, AND
AUTHORIZING A LETTER BE SENT TO THE AUDITOR - CONTROLLER REGARDING
DISPUTED ITEMS.
The City Manager provided background information on this item.
The Assistant City Manager /Director of Finance and Administrative Services Manager stated
that in a couple of years, the County of Orange will take over to finish off the final payments
and that the Cypress Redevelopment Agency debt is approximately $24 million with over $1
million in interest. He indicated that restructured payments would be made over the next 13
years, including interest.
It was moved by Council Member Mills and seconded by Council Member Seymore, that the
Successor Agency: 1) Approve the Resolution approving and ratifying a Restated and Re-
Entered Repayment Agreement (loan agreement) between the City in its capacity as a
municipal corporation and the Successor Agency; 2) Consider approval of the Resolution for
the revised ROPS for the period January 1, 2012 — June 30, 2012, and the period July 1, 2012
— December 31, 2012 (collectively, the "ROPS "); and 3) Authorize the Mayor as Chair of the
Successor Agency to sign a letter to the County Auditor Controller regarding the escrowing of
funds until the disputed items on the ROPS are resolved between the Successor Agency and
the Department of Finance.
The motion was carried by the following roll call vote:
AYES: 4 COUNCIL MEMBERS: Mills, Seymore, Narain and Bailey
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 1 COUNCIL MEMBERS: Luebben
CITY COUNCIL MINUTES MAY 22, 2012 355
SUCCESSOR AGENCY RESOLUTION NO. SA -1
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE
DISSOLVED CYPRESS REDEVELOPMENT AGENCY, APPROVING AND
RATIFYING A RESTATED AND RE- ENTERED REPAYMENT AGREEMENT.
SUCCESSOR AGENCY RESOLUTION NO. SA -2
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE
DISSOLVED CYPRESS REDEVELOPMENT AGENCY, APPROVING THE
REVISED RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD
JANUARY 1, 2012 THROUGH JUNE 30, 2012, AND FOR THE PERIOD
JULY 1, 2012 THROUGH DECEMBER 31, 2012.
CITY OF CYPRESS:
Item No. 2: RESTATED AND RE- ENTERED REPAYMENT AGREEMENT.
The City Manager provided background information on this item.
It was moved by Council Member Seymore and seconded by Council Member Mills, that the
City Council approve Resolution No. 6308 approving and ratifying a Restated and Re- Entered
Repayment Agreement (loan agreement) between the City in its capacity as a municipal
corporation and the City as Successor Agency to the dissolved Cypress Redevelopment
Agency.
The motion was carried by the following roll call vote:
AYES: 4 COUNCIL MEMBERS: Mills, Seymore, Narain and Bailey
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 1 COUNCIL MEMBERS: Luebben
RESOLUTION NO. 6308
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS,
APPROVING AND RATIFYING A RESTATED AND RE- ENTERED
REPAYMENT AGREEMENT AS APPROVED BY THE OVERSIGHT BOARD
FOR THE SUCCESSOR AGENCY TO THE DISSOLVED
CYPRESS REDEVELOPMENT AGENCY.
Item No. 3: INTERVIEW OF COMMISSION /COMMITTEE APPLICANTS.
The City Council conducted interviews of Commission applicants for vacancies on the
Recreation and Community Services Commission and Senior Citizens Commission.
ADJOURNMENT: Mayor Bailey adjourned the meeting at 7:53 p.m. to Tuesday, May 29,
2012, beginning at 6:30 p.m. in the Executive Board Room.
ATTEST:
CITY CLERK OF THE CITY OF CYPRESS
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