The Long Beach Community Investment Company

CITY OF LONG BEACH WEDNESDAY, FEBRUARY 26, 2014 THE LONG BEACH THIRD WEDNESDAY OF THE MONTH COMMUNITY INVESTMENT 333 W. OCEAN BOULEVARD COMPANY MINUTES 3RD FLOOR CONFERENCE ROOM, 4:00 PM John Thomas, Chair Janice Ward, Director Stacy McDaniel, Vice Chair Patrice Wong, Director Diane Arnold, Director SPECIAL MEETING MINUTES ROLL CALL Commissioners Diane L. Arnold, Jan Ward, Patrice Wong and John Thomas Present: Commissioners Stacy McDaniel Excused: Staff present: Amy Bodek, President; Patrick Ure, Vice President; Rich Anthony, Deputy City Attorney; Alem Hagos, Grant Administration Officer; Meggan Sorensen, Development Project Manager; Courtney Richards, Community Development Analyst; Heather Vega, Secretary. Guests present: Andrew Gross and Alexis Laing of Thomas Safran and Associates. Members of the public present: Gary Shelton and Alisa Aslanyan. PRESIDENT'S REPORT President Bodek spoke about the recent Oversight Board meeting, where $24 million in former Agency debt repayments to the Housing Fund were approved. The repayments will occur over the next 5 years depending on approvals from the State Department of Finance. This year's payment will be $8.8 million. The LBCIC Board will receive a memo regarding the issue. A budget discussion will be on next month's agenda. President Bodek also stated that the amended Bylaws will be presented to the City Council on March 4, 2014. The revised Bylaws change the annual meeting of LBCIC Page 1 of 7 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 26, 2014 THE LONG BEACH THIRD WEDNESDAY OF THE MONTH COMMUNITY INVESTMENT 333 W. OCEAN BOULEVARD COMPANY MINUTES 3RD FLOOR CONFERENCE ROOM, 4:00 PM to every January instead of every October, and would require removal of a member from the Board for four absences from a regular Board meeting, not special board meetings or committee meetings. REGULAR AGENDA 1. 14-010CI Recommendation to receive and file the minutes of the Special Meeting held on Wednesday, January 29, 2014. A motion was made by Director Arnold, seconded by Director Ward, to receive and file the minutes of the Special Meeting held on January 29, 2014. The motion carried by the following vote: Yes: 4 - Diane L. Arnold, Jan Ward, Patrice Wong and John Thomas Excused: 1 - Stacy McDaniel 2. 14-006CI Recommendation to accept the conveyance of 1044 Maine Avenue (APN - 7271021901) by the City of Long Beach for consideration already received, and authorize the President to execute any and all documents necessary to complete the transfer of the property at 1044 Maine Avenue to The Long Beach Community Investment Company. Vice President Ure presented the staff report. Director Wong spoke. Director Ward spoke. President Bodek spoke. Discussion ensued. Chair Thomas asked if there would be an on-site manager at the project. Vice President Ure answered no, as that is only required of complexes with 17 or more units. Vice President Ure also stated that staff member Courtney Richards inspects all LBCIC properties and Page 2 of 7 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 26, 2014 THE LONG BEACH THIRD WEDNESDAY OF THE MONTH COMMUNITY INVESTMENT 333 W. OCEAN BOULEVARD COMPANY MINUTES 3RD FLOOR CONFERENCE ROOM, 4:00 PM meets with property management respresentatives to ensure that properties are being well-maintained. Director Arnold spoke. Public comments: Gary Shelton spoke. A motion was made by Director Arnold, seconded by Director Wong, to approve recommendation. The motion carried by the following vote: Yes: 4 - Diane L. Arnold, Jan Ward, Patrice Wong and John Thomas Excused: 1 - Stacy McDaniel ROLL CALL Commissioners Diane L. Arnold, Jan Ward and Patrice Wong Present: Commissioners Stacy McDaniel Excused: Commissioners John Thomas Absent: 3. 14-009CI Recommendation to: 1. Approve additional funding in the amount of $800,000 to provide a total loan amount of up to $1,650,000 in HOME funds to Immanuel Community Housing, L.P., to provide gap financing for the development of Immanuel Church at 3215 E. Third Street into a 25-unit affordable senior rental project; 2. Authorize the President to negotiate with Immanuel Community Housing, L.P. on alternative financing structures that may provide additional funding for the project, provided that the LBCIC loan does not exceed $1,650,000; 3. Authorize the President to negotiate and enter into a Loan Agreement with Immanuel Community Housing, L.P.; and Page 3 of 7 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 26, 2014 THE LONG BEACH THIRD WEDNESDAY OF THE MONTH COMMUNITY INVESTMENT 333 W. OCEAN BOULEVARD COMPANY MINUTES 3RD FLOOR CONFERENCE ROOM, 4:00 PM 4. Authorize the President to execute any and all documents necessary to implement the Loan Agreement. Chair Thomas recused himself. President Bodek took over the meeting as Chair. Staff Sorensen presented the staff report. Director Wong spoke. Discussion ensued. Public comment: Gary Shelton spoke. Vice President Ure spoke. A motion was made by Director Arnold, seconded by Director Ward, to approve recommendation. The motion carried by the following vote: Yes: 3 - Diane L. Arnold, Jan Ward and Patrice Wong Excused: 1 - Stacy McDaniel Absent: 1 - John Thomas Chair Thomas returned to the meeting. 4. 14-007CI Recommendation to: 1. Authorize the President to list the property at 3361 Andy Street for sale for fair market value without restrictions; and, 2. Authorize the President to negotiate the terms of the sale with perspective purchasers Director Wong spoke. Page 4 of 7 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 26, 2014 THE LONG BEACH THIRD WEDNESDAY OF THE MONTH COMMUNITY INVESTMENT 333 W. OCEAN BOULEVARD COMPANY MINUTES 3RD FLOOR CONFERENCE ROOM, 4:00 PM Director Arnold spoke. Discussion ensued. Chair Thomas voiced his concern about thorough vetting of ultimate buyer. A motion was made to approve the recommendation with the stipulation of thorough disclosure of recommended buyer, including their property management history and looking at other properties they own. A motion was made by Chair Thomas, seconded by Director Arnold, to approve recommendation. The motion carried by the following vote: Yes: 4 - Diane L. Arnold, Jan Ward, Patrice Wong and John Thomas Excused: 1 - Stacy McDaniel 5. 14-008CI Recommendation to Support the establishment of the Andy Street Property and Business Improvement District and authorize the President to sign the petition, vote in the affirmative during the subsequent mailed ballot process, and pay the corresponding assessment if the Andy Street Business Improvement District is established. President Bodek presented the staff report. Chair Thomas requested that the sale of 3361 Andy Street be postponed until after the vote on the PBID so that LBCIC is able to vote on it as an owner. President Bodek spoke. Director Arnold spoke. Discussion ensued. Public comment: Page 5 of 7 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 26, 2014 THE LONG BEACH THIRD WEDNESDAY OF THE MONTH COMMUNITY INVESTMENT 333 W. OCEAN BOULEVARD COMPANY MINUTES 3RD FLOOR CONFERENCE ROOM, 4:00 PM Gary Shelton spoke. A motion was made by Director Ward, seconded by Director Arnold, to approve recommendation. The motion carried by the following vote: Yes: 4 - Diane L. Arnold, Jan Ward, Patrice Wong and John Thomas Excused: 1 - Stacy McDaniel COMMENTS BY LBCIC Director Arnold asked about the former courthouse building and site. President Bodek stated that it belongs to the Successor Agency. Chair Thomas requested that we start all future meetings with the Pledge of Allegiance. PUBLIC PARTICIPATION: Members of the public are invited to address the Board on items of interest to the public within the Agency Board jurisdiction. Each speaker will be limited to two minutes unless that time is extended by the Chair. There was no public participation. ADJOURNMENT A motion was made by Director Ward, seconded by Director Arnold, to adjourn the meeting. The motion carried by the following vote: Yes: 4 - Diane L. Arnold, Jan Ward, Patrice Wong and John Thomas Excused: 1 - Stacy McDaniel The meeting was adjourned at 5:08 PM. Page 6 of 7 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 26, 2014 THE LONG BEACH THIRD WEDNESDAY OF THE MONTH COMMUNITY INVESTMENT 333 W. OCEAN BOULEVARD COMPANY MINUTES 3RD FLOOR CONFERENCE ROOM, 4:00 PM Respectfully submitted, ______________________________ AMY J. BODEK, PRESIDENT Approved by: _______________________________ JOHN THOMAS, CHAIR Page 7 of 7