HomeMy WebLinkAboutResolution No. 5865RESOLUTION NO. 5865
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS ELECTING TO
RECEIVE ALL OR A PORTION OF THE TAX REVENUES PURSUANT TO HEALTH
AND SAFETY CODE SECTIONS 33676 AND 33607.5 FOR THE ADDED AREA OF
THE CYPRESS MERGED, AMENDED, AND RESTATED REDEVELOPMENT
PROJECT
WHEREAS, The City Council of the City of Cypress ( "City Council ") and the Cypress
Redevelopment Agency ( "Agency ") have taken steps to merge and amend the Civic Center
(Original and Amendment Area), Lincoln Avenue (Original and Proposed Added Area) and Los
Alamitos Race Track and Golf Course Redevelopment Project Areas ( "Merged Project Area ")
for financial reasons pursuant to Section 33485 -33489 of the California Health and Safety Code
( "Redevelopment Law "); and
WHEREAS, the City Council adopted Resolution No. 5743 on March 8, 2004,
designating a redevelopment survey area generally located near the Lincoln Avenue
Redevelopment Project Area; and
WHEREAS, on June 28, 2004, the City Council, acting as the City's Planning Agency,
selected the boundaries of the area proposed to be added to the Lincoln Avenue
Redevelopment Project Area ( "Added Area "); and
WHEREAS, Section 33676 of the Redevelopment Law provides that prior to the
adoption of a redevelopment plan or adoption of an amendment to add territory, an affected
taxing agency may elect to receive, in addition to the portion of taxes allocated to the affected
taxing agency pursuant to Section 33670(a), all or any portion of the tax revenues allocated to
the Agency pursuant to Section 33670(b), which are attributable to the tax rate increases
imposed for the benefit of the taxing agency after the tax year in which the ordinance adopting
the redevelopment plan becomes effective ( "Increases "); and
WHEREAS, for redevelopment plans adopted or amended to add territory on or after
January 1, 1994, Section 33607.5 of the Redevelopment Law provides that in any fiscal year in
which a redevelopment agency receives tax increment, the community that has adopted the
redevelopment project area or amendment area may elect to receive, and the agency shall pay
it, an amount equal to twenty -five percent (25 %) of its proportionate share of the tax increments
received by the Agency after the amount required to be deposited in the Low and Moderate
Income Housing Fund has been deducted ( "City Election ").
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CYPRESS, DOES
HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
SECTION 1. The City elects to receive all Increases and the City Election as defined
herein with respect to property taxes paid from the Added Area.
SECTION 2. The City Council directs staff to transmit a copy of this Resolution to the
Executive Director of the Agency and the Auditor Controller of the County of Orange.
PASSED AND ADOPTED by the City Council of the City of Cypress at a regular
meeting held on the 13th day of June, 2005.
ATTEST:
F THE CITY OF CYPRESS
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MAYOR OF THE CITY OF CYPRESS
259
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
260
I, JILL R. GUERTIN, City Clerk of the City of Cypress, DO HEREBY CERTIFY that
the foregoing Resolution was duly adopted at a regular meeting of the said City Council
held on the 13th day of June, 2005, by the following roll call vote:
AYES: 4 COUNCIL MEMBERS: Luebben, McCoy, Seymore and McGill
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
ABSTAIN: 1 COUNCIL MEMBERS: Sondhi
Y CLER OF THE CITY OF CYPRESS
Mayor Pro Tem Sondhi did not participate in this action due to her ownership of property in
proximity to the project area.
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