The Long Beach Community Investment Company

CITY OF LONG BEACH WEDNESDAY, AUGUST 17, 2016 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES John Thomas, Chair Jan Ward, Director Diane Arnold, Vice Chair Patrice Wong, Director Stacy McDaniel, Director Sabrina Sanders, Director Russell Doyle, Director FINISHED AGENDA AND MINUTES CALL TO ORDER At 4:04 PM, Chair Thomas called the meeting to order. ROLL CALL Commissioners John Thomas and Diane L. Arnold Present: Commissioners Jan Ward, Patrice Wong and Stacy McDaniel Absent: Staff Present: Patrick Ure, Vice President; Meggan Sorensen, Development Project Manager; Alem Hagos, Grant Administration Officer; Andrew Chang, Administrative Analyst; Kate Brewer, Secretary. Members of the Public Present: Maurice Ramirez, AMCAL; Alex Pratt, AMCAL; Brian D'Andrea, Century Housing; Shawn Bolour, Century Housing; Andrew Gross, Thomas Safran & Associates; Tyler Monroe, Thomas Safran & Associates; Gary Shelton, resident. FLAG SALUTE Director Doyle led the flag salute. REGULAR AGENDA Page 1 of 7 CITY OF LONG BEACH WEDNESDAY, AUGUST 17, 2016 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES 1. 16-017CI Recommendation to receive and file the minutes of the Regular Board Meeting held Wednesday, June 15, 2016. A motion was made by Vice Chair Arnold, seconded by Director Doyle, to approve recommendation. The motion carried by the following vote: Yes: 4 - Sabrina Sanders, Russell Doyle, John Thomas and Diane L. Arnold Absent: 3 - Jan Ward, Patrice Wong and Stacy McDaniel ROLL CALL Commissioners Patrice Wong, John Thomas and Diane L. Arnold Present: Commissioners Jan Ward and Stacy McDaniel Absent: 2. 16-018CI Recommendation to 1) Authorize the President to reserve funding of up to $3.5 million for the acquisition and development of the property at 1795 Long Beach Boulevard; and, 2) Authorize the President to enter into an Agreement to Negotiate Exclusively with AMCAL for the purchase and development of the property located at 1795 Long Beach Boulevard. Chair Thomas spoke. Vice President Ure provided a staff report. Maurice Ramirez, Executive Vice President of AMCAL, spoke. Chair Thomas spoke. Page 2 of 7 CITY OF LONG BEACH WEDNESDAY, AUGUST 17, 2016 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Vice Chair Arnold spoke. Director Doyle spoke. Discussion ensued. Director Sanders spoke. Discussion ensued. A motion was made by Vice Chair Arnold, seconded by Director Wong, to approve recommendation. The motion carried by the following vote: Yes: 5 - Patrice Wong, Sabrina Sanders, Russell Doyle, John Thomas and Diane L. Arnold Absent: 2 - Jan Ward and Stacy McDaniel 3. 16-019CI Recommendation to 1) Approve a HOME loan in the amount of $2,100,000 to Century Affordable Development, Inc. for the acquisition of the Beachwood Apartments located at 505 West 6th Street and 475 West 5th Street; 2) Authorize the President to negotiate an Affordable Housing Loan Agreement with Century Affordable Development; and, 3) Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project. Chair Thomas spoke. Vice President Ure spoke. Meggan Sorensen, Development Project Manager, provided a staff report. Chair Thomas spoke. Brian D'Andrea, Senior Vice President of Housing for Century Housing, spoke. Page 3 of 7 CITY OF LONG BEACH WEDNESDAY, AUGUST 17, 2016 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Chair Thomas spoke. Director Sanders spoke. Discussion ensued. Director Doyle spoke. Vice President Ure spoke. Director Wong spoke. Discussion ensued. Gary Shelton, member of the public, spoke. Chair Thomas spoke. Director Wong spoke. A motion was made by Director Sanders, seconded by Director Doyle, to approve recommendation. The motion carried by the following vote: Yes: 5 - Patrice Wong, Sabrina Sanders, Russell Doyle, John Thomas and Diane L. Arnold Absent: 2 - Jan Ward and Stacy McDaniel 4. 16-020CI Recommendation to approve a Multi-Family Rehabilitation Loan in the amount of $315,000 to Affordable Housing Clearinghouse for the rehabilitation of the property at 1034-1040 Daisy Avenue. Chair Thomas spoke. Vice President Ure provided a staff report. Chair Thomas spoke. Director Doyle spoke. Page 4 of 7 CITY OF LONG BEACH WEDNESDAY, AUGUST 17, 2016 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Discussion ensued. Vice Chair Arnold spoke. Discussion ensued. A motion was made by Vice Chair Arnold, seconded by Director Wong, to approve recommendation. The motion carried by the following vote: Yes: 5 - Patrice Wong, Sabrina Sanders, Russell Doyle, John Thomas and Diane L. Arnold Absent: 2 - Jan Ward and Stacy McDaniel 5. 16-021CI Recommendation to 1) Approve additional funding in the amount of $904,000 to provide a total loan of $2,554,000 to Immanuel Community Housing, L.P., for the development of Immanuel Senior Housing located at 3215 E. Third Street; and, 2) Authorize the President to execute any and all documents necessary to implement an amendment to the existing Loan Agreement with Immanuel Community Housing, L.P. Chair Thomas recused himself. Vice Chair Arnold spoke. Meggan Sorensen, Development Project Manager, provided a staff report. Vice President Ure spoke. Vice Chair Arnold spoke. Andrew Gross, President of Development for Thomas Safran & Associates, spoke. Director Sanders spoke. Discussion ensued. Page 5 of 7 CITY OF LONG BEACH WEDNESDAY, AUGUST 17, 2016 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Director Doyle spoke. Vice Chair Arnold spoke. A motion was made by Director Sanders, seconded by Director Doyle, to approve recommendation. The motion carried by the following vote: Yes: 4 - Patrice Wong, Sabrina Sanders, Russell Doyle and Diane L. Arnold Abstain: 1 - John Thomas Absent: 2 - Jan Ward and Stacy McDaniel 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. No additional comments from the public. PRESIDENT'S REPORT Chair Thomas returned to the meeting. Vice President Ure introduced Andrew Chang, Administrative Analyst, to the Board. Andrew Chang, Administrative Analyst, spoke. Chair Thomas spoke. NEW BUSINESS Chair Thomas spoke. Director Sanders spoke. Alem Hagos, Grant Administration Officer, spoke. Page 6 of 7 CITY OF LONG BEACH WEDNESDAY, AUGUST 17, 2016 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Director Doyle spoke. Discussion ensued. ADJOURNMENT Chair Thomas adjourned the meeting at 5:13 PM. Note: 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) 570-7162 or (562) 570-6793 (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 ____________________ John Thomas, Chair KB Page 7 of 7