The Long Beach Community Investment Company

CITY OF LONG BEACH WEDNESDAY, MAY 20, 2015 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: Patrick Ure, Vice President; Rich Anthony, Deputy City Attorney; April Apodaca, Financial Services Officer; Alem Hagos, Grant Administration Division Officer; Meggan Sorensen, Development Project Manager; Barbi Clark, Development Project Manager; Marie Nguyen, Housing Rehabilitation Counselor; Silvia Medina, Community Program Specialist; Liz Salcedo, Assistant Administrative Analyst; Heather Vega, Secretary; Jessica Rodriguez, Clerical Aid. President Amy Bodek arrived at 5:18pm. FLAG SALUTE REGULAR AGENDA 1. Recommendation to receive and file the minutes of the regular board meeting held on Wednesday, April 15, 2015. A motion was made by Director Ward, seconded by Director Sanders, to receive and file the minutes of the regular board meeting held on Wednesday, April 15, 2015. The motion carried by the following vote: 2. Recommendation to adopt the proposed budget of the Long Beach Community Investment Company for Fiscal Year 2015-2016. A motion was made by Director Wong, seconded by Director Ward, to approve the recommendation. The motion carried by the following vote: Page 1 of 3 CITY OF LONG BEACH WEDNESDAY, MAY 20, 2015 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES 3. Recommendation to receive and file a report on the proposed Fiscal Year 2016 Action Plan budget for the expenditure of Community Development Block Grant (CDBG), Home Investment Partnership Grant (HOME), and Emergency Solutions Grant (ESG) funds and the proposed amendment to the Fiscal Year 2015 Action Plan budget. A motion was made by Director Ward, seconded by Director Wong, to receive and file the item. The motion carried by the following vote: 4. Recommendation to: 1. Approve the repayment of the Lois Apartments acquisition and rehabilitation loan to the California Department of Housing and Community Development in the amount of $1,693,623; and, 2. Authorize the President to execute any and all documents necessary to payoff the loan. A motion was made by Director Sanders, seconded by Director Ward, to approve the recommendation. The motion carried by the following vote: 5. Recommendation to approve a Multi-Family Rehabilitation Loan in the amount of $400,000 to GSAM II, L.P. for the rehabilitation of the property at 1100 E. Seventh Street, with conditions. A motion was made by Director Ward, seconded by Director Doyle, to approve the recommendation. The motion carried by the following vote: PRESIDENT'S REPORT PUBLIC PARTICIPATION: COMMENTS BY LBCIC Page 2 of 3 CITY OF LONG BEACH WEDNESDAY, MAY 20, 2015 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES ADJOURNMENT Note: A digital recording of this meeting will be available upon request. The City of Long Beach provides reasonable accommodations in accordance with the Americans with Disabilities Act of 1990. If a special accommodation is desired, or if an agenda is needed in an alternative format, please call the Development Services Department, 48 hours prior to the meeting at (562) 570-3807 or (562) 570-6626 (telecommunications device for the deaf). The Development Services Department email at LBDS@longbeach.gov is available for correspondence purposes. Respectfully Submitted, _______________________ AMY J. BODEK, PRESIDENT Approved by: _______________________ JOHN THOMAS, CHAIR Page 3 of 3