Resolution No. 5522 297
RESOLUTION NO. 5522
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS AUTHORIZING
THE SALE OF CERTAIN REAL PROPERTY TO THE CYPRESS REDEVELOPMENT
AGENCY
WHEREAS, the City Council of the City of Cypress ("City") previously approved
and adopted the AMENDED REDEVELOPMENT PLAN FOR THE CIVIC CENTER
PROJECT AREA, as amended ("Project Area"); and
WHEREAS, the Cypress Redevelopment Agency ("Agency") is authorized
pursuant to Health & Safety Code Section 33391 and the Redevelopment Plan for the
Project Area to acquire real property located within the Project Area; and
WHEREAS, the City desires to sell certain real property located in the Project
Area described as Assessor Parcel Numbers 244-451-14 & 15 and a 1/6th ownership
interest in Assessor Parcel Number 244-451-26 (the "Subject Properties") to the Agency
and the Agency desires to purchase the Subject Properties.
NOW, THEREFORE, the City Council of the City of Cypress DOES HEREBY
RESOLVE as follows:
1. The City Council of the City of Cypress hereby approves the Agreement of
Purchase and Sale attached hereto as Exhibit "A" and incorporated herein by reference
(the "Agreement") which sets forth the terms and conditions of the City's sale of the
Subject Properties to the Agency.
2. As set forth in the Agreement, the Subject Properties shall be sold to the
Agency for a total purchase price of $477,000.00 (the "Purchase Price"). The Purchase
Price represents the fair market value determined by an appraisal of Assessor Parcel Nos.
244-451-14 & 15 conducted by the appraisal firm of Lea Associates, Inc., and this total
compensation to be paid by the Agency also includes the City's transfer to the Agency of
an uneconomic remnant owned by the City of a 1/6th ownership interest in Assessor Parcel
No. 244-451-26.
3. The Mayor is authorized and directed to sign the Agreement on behalf of the
City. The City Attorney, with the assistance of City Staff, is hereby authorized and directed
to prepare such other appropriate instruments and/or agreements required to consummate
the purchase and sale referred to herein. The Mayor, the City Manager, and the City Clerk
are hereby authorized and directed to execute any and all instruments and/or agreements
required in order to consummate the purchase and sale referred to herein.
PASSED AND ADOPTED by the City Council of the City of Cypress at a regular
meeting held on the 28th day of January, 2002.
MAYOR THE CITY OF CYPRESS
ATTEST:
di 0 j:Liketti",—
1:1 Y CLERK OF TH ITY OF CYPRESS
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298
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, JILL R. INGRAM-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 28,0 day of January, 2002, by the following roll call vote:
AYES: 5 COUNCIL MEMBERS: Keenan, McGill, Piercy, McCoy and Sondhi
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
It °
JTY CLE`K OF T '�. CITY OF CYPRESS
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