The Long Beach Community Investment Company

CITY OF LONG BEACH WEDNESDAY, DECEMBER 17, 2014 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES John Thomas, Chair Jan Ward, Director Stacy McDaniel, Vice Chair Patrice Wong, Director Diane Arnold, Director Sabrina Sanders, Director Russell Doyle, Director REGULAR MEETING MINUTES ROLL CALL Staff present: Amy Bodek, President; Patrick Ure, Vice President; Rich Anthony, Deputy City Attorney; Meggan Sorensen, Development Project Manager; Courtney Richards, Community Development Analyst; Kjell Stava, Administrative Analyst; Heather Vega, Secretary. Others present: Oscar Alvarado, Director of Development, and Brian D'Andrea, Senior Vice President, both of Century Housing. Commissioners Diane L. Arnold, Sabrina Sanders, Russell Doyle, John Thomas Present: and Stacy McDaniel Commissioners Jan Ward and Patrice Wong Absent: FLAG SALUTE Vice Chair McDaniel led the flag salute. PRESIDENT'S REPORT President Bodek welcomed new board member Russ Doyle and thanked all the board members for their service. Page 1 of 6 CITY OF LONG BEACH WEDNESDAY, DECEMBER 17, 2014 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES President Bodek also spoke about Immanuel Senior Housing project and stated that the LBCIC loan for the project had closed escrow. REGULAR AGENDA Commissioners Diane L. Arnold, Jan Ward, Patrice Wong, Sabrina Sanders, Present: Russell Doyle, John Thomas and Stacy McDaniel 1. 14-040CI Recommendation to receive and file the minutes of the Regular Board Meeting held on Wednesday, November 19, 2014. A motion was made by Vice Chair McDaniel, seconded by Director Arnold, to receive and file the minutes. The motion carried by the following vote: Yes: 7 - Diane L. Arnold, Jan Ward, Patrice Wong, Sabrina Sanders, Russell Doyle, John Thomas and Stacy McDaniel 2. 14-041CI Recommendation to: 1. Approve an Amendment to the Acquisition and Predevelopment Loan Agreement (Long Beach & Anaheim Phase II) by and among The Long Beach Community Investment Company and LBHA, LLC; and, 2. Approve an Amendment to the Phase II Four Party Agreement between Meta Housing Corporation, Century Housing Corporation, The Long Beach Community Investment Company, and the City of Long Beach; and, 3. Approve an Assignment and Assumption Agreement and all other actions necessary to affect the forgoing, with conditions; and, 4. Authorize the President to execute any and all documents necessary to implement the Amendments and Assignment and Assumption Agreement. Page 2 of 6 CITY OF LONG BEACH WEDNESDAY, DECEMBER 17, 2014 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES President Bodek spoke about the project. Vice President Ure presented the staff report. Chair Thomas spoke. President Bodek spoke. Brian D'Andrea of Century Housing introduced himself and Oscar Alvarado. They gave a brief background of Century Housing. Vice Chair McDaniel asked if the current plan for Phase II is rental or ownership. Mr. D'Andrea answered that Century does not develop for-sale housing. Discussion ensued. A motion was made by Director Wong, seconded by Vice Chair McDaniel, to approve the recommendation. The motion carried by the following vote: Yes: 7 - Diane L. Arnold, Jan Ward, Patrice Wong, Sabrina Sanders, Russell Doyle, John Thomas and Stacy McDaniel 3. 14-042CI Recommendation to: 1. Approve a loan of up to $4,000,000 in HOME funds to Century Villages at Cabrillo for the development of Anchor Place Apartments at Villages at Cabrillo, with conditions; and, 2. Authorize the President to execute any and all documents necessary to provide the loan. President Bodek spoke. Staff Sorensen presented the staff report. Brian D'Andrea of Century Housing gave an overview of the Villages at Cabrillo campus and the work they do there. Director Arnold spooke. Page 3 of 6 CITY OF LONG BEACH WEDNESDAY, DECEMBER 17, 2014 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Discussion ensued. A motion was made by Vice Chair McDaniel, seconded by Director Arnold, to approve recommendation. The motion carried by the following vote: Yes: 7 - Diane L. Arnold, Jan Ward, Patrice Wong, Sabrina Sanders, Russell Doyle, John Thomas and Stacy McDaniel 4. 14-043CI Recommendation to approve the sale of 2331 Locust Avenue (APN - 7208-014-029) to the City of Long Beach for $30,569.32, and authorize the president to execute any and all documents necessary to complete the transfer of the property to the City of Long Beach. President Bodek spoke. Vice President Ure presented the staff report. Vice Chair McDaniel spoke. Discussion ensued. A motion was made by Vice Chair McDaniel, seconded by Director Sanders, to approve recommendation. The motion carried by the following vote: Yes: 7 - Diane L. Arnold, Jan Ward, Patrice Wong, Sabrina Sanders, Russell Doyle, John Thomas and Stacy McDaniel PUBLIC PARTICIPATION: Members of the public are invited to address the Board on items of interest to the public within the Board's jurisdiction. Each speaker will be limited to two minutes unless that time is extended by the Chair. There was no public participation. Page 4 of 6 CITY OF LONG BEACH WEDNESDAY, DECEMBER 17, 2014 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES COMMENTS BY LBCIC Chair Thomas congratulated the board and staff on a successful first year of the LBCIC. ADJOURNMENT Director Wong made a motion to adjourn the meeting, seconded by Vice Chair McDaniel. The meeting was adjourned at 5:16PM. Respectfully submitted, Page 5 of 6 CITY OF LONG BEACH WEDNESDAY, DECEMBER 17, 2014 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES ________________________ AMY J. BODEK, PRESIDENT Approved by: ________________________ JOHN THOMAS, CHAIR Page 6 of 6