The Long Beach Community Investment Company

CITY OF LONG BEACH WEDNESDAY, NOVEMBER 18, 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 FINISHED AGENDA AND DRAFT MINUTES ROLL CALL Commissioners Diane L. Arnold, Jan Ward, John Thomas and Stacy McDaniel Present: Commissioners Sabrina Sanders Excused: Commissioners Patrice Wong and Russell Doyle Absent: Staff Present: Amy Bodek, President; Patrick Ure, Vice President; Rich Anthony, Deputy City Attorney; Meggan Sorensen, Development Project Manager, Silvia Medina, Community Program Specialist; Elbert DuBose, Clerk Typist. Members of the public present: Denise Fanelli, HOPE; Rosie Diaz, HOPE; Brian D'Andrea, Century Housing; Oscar Alvarado, Century Housing Chair Thomas presiding. FLAG SALUTE Director Ward led the flag salute PRESIDENT'S REPORT President Bodek introduced the substitute clerk and informed the Board that the Secretary had resigned. President Bodek gave a brief update on the Century project. Page 1 of 5 CITY OF LONG BEACH WEDNESDAY, NOVEMBER 18, 2015 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES REGULAR AGENDA 1. 15-046CI Recommendation to receive and file the minutes of the regular Board meeting held on Wednesday, October 21, 2015. A motion was made by Director Ward, seconded by Vice Chair McDaniel, to approve recommendation. The motion carried by the following vote: Yes: 4 - Diane L. Arnold, Jan Ward, John Thomas and Stacy McDaniel Excused: 1 - Sabrina Sanders Absent: 2 - Patrice Wong and Russell Doyle SECOND ROLL CALL Director Wong arrived at 4:12 PM Commissioners Diane L. Arnold, Jan Ward, Patrice Wong, John Thomas and Present: Stacy McDaniel Commissioners Sabrina Sanders Excused: Commissioners Russell Doyle Absent: 2. 15-047CI Recommendation to: 1. Approve a construction loan in the amount of $12,276,000, and a permanent loan in the amount of $10,276,000 to a Limited Liability Company to be formed by Century Housing Corporation for the development of The Beacon Apartment Project located at 1201-1235 Long Beach Boulevard; 2. Authorize the President to negotiate an Affordable Housing Loan Agreement with a Limited Liability Company to be formed by Century Housing Corporation; and, 3. Authorize the President to execute any and all documents Page 2 of 5 CITY OF LONG BEACH WEDNESDAY, NOVEMBER 18, 2015 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES necessary to implement the Loan Agreement and the project. President Bodek introduced the project. Staff Sorrenson presented the staff report. President Bodek, Staff Sorrenson, and Staff Ure answered questions from the board. Discussion ensued. Brian D'Andrea and Oscar Alvarado of Century Housing Spoke Discussion continued. A motion was made by Vice Chair McDaniel, seconded by Director Arnold, to approve recommendation. The motion carried by the following vote: Yes: 5 - Diane L. Arnold, Jan Ward, Patrice Wong, John Thomas and Stacy McDaniel Excused: 1 - Sabrina Sanders Absent: 1 - Russell Doyle 3. 15-048CI Recommendation to: 1. Approve a loan in the amount of $500,000, in HOME CHDO funds to Home Ownership for Personal Empowerment for the acquisition and rehabilitation of the property located at 817 Daisy Avenue; 2. Authorize the President to negotiate an Affordable Housing Loan Agreement with Home Ownership for Personal Empowerment; and, 3. Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project. President Bodek introduced the project. Page 3 of 5 CITY OF LONG BEACH WEDNESDAY, NOVEMBER 18, 2015 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Staff Medina presented the staff report. President Bodek, Staff Medina, and Staff Ure answered questions from the board. Discussion ensued. Denise Fanelli of HOPE spoke Discussion contiuned. A motion was made by Vice Chair McDaniel, seconded by Director Ward, to approve recommendation. The motion carried by the following vote: Yes: 5 - Diane L. Arnold, Jan Ward, Patrice Wong, John Thomas and Stacy McDaniel Excused: 1 - Sabrina Sanders Absent: 1 - Russell Doyle THIRD ROLL CALL Director Doyle arrived at 4:41 pm. Commissioners Diane L. Arnold, Jan Ward, Patrice Wong, Russell Doyle, John Present: Thomas and Stacy McDaniel Commissioners Sabrina Sanders Excused: STUDY SESSION President Bodek made a presentation on the 2013-2021 Housing Element. President Bodek, staff Anthony and staff Ure answered questions from the board. Discussion ensued. PUBLIC PARTICIPATION: Page 4 of 5 CITY OF LONG BEACH WEDNESDAY, NOVEMBER 18, 2015 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES There was no public participation. COMMENTS BY LBCIC Chair Thompson reminded directors to do their ethics training if needed. Discussion ensued Chair Thompson turned the meeting over to Vice Chair McDaniel at 5:21 PM and departed. Discussion continued. ADJOURNMENT At 5:24 PM, Vice Chair McDaniel adjourned the meeting. Respectfully submitted, _________________________ AMY J. BODEK, PRESIDENT Approved by: __________________________ JOHN THOMAS, CHAIR Page 5 of 5