The Long Beach Community Investment Company

CITY OF LONG BEACH WEDNESDAY, OCTOBER 18, 2017 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 DRAFT MINUTES CALL TO ORDER At 4:01 PM, Chair Thomas called the meeting to order. ROLL CALL Commissioners Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold and Present: Sabrina Sanders Commissioners Stacy McDaniel and Russell Doyle Absent: Staff Present: Patrick Ure, Vice President; Meggan Sorensen, Development Project Manager; Rich Anthony, Deputy City Attorney; Kjell Stava, Administrative Analyst; Andrew Chang, Administrative Analyst; Kate Brewer, Secretary. Members of the Public: Will Sager, Project Manager - LINC Housing Corporation. FLAG SALUTE Director Wong led the flag salute. PRESIDENT'S REPORT Chair Thomas spoke. Vice President Ure provided updates regarding the upcoming Grand Opening of Anchor Place, announced a Special Board meeting that will take place on November 8, 2017, and Page 1 of 5 CITY OF LONG BEACH WEDNESDAY, OCTOBER 18, 2017 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES provided the Decade of Affordable Housing book. Director Sanders spoke. Meggan Sorensen, Development Project Manager, spoke. Discussion ensued. Director Wong spoke. Director Ward spoke. Discussion ensued. Vice Chair Arnold spoke. **Director Mc Daniel arrived at 4:06 PM** Discussion ensued. **Director Doyle arrived at 4:09 PM** Director Mc Daniel spoke. Discussion ensued. Chair Thomas spoke. Director Ward spoke. Chair Thomas spoke. SECOND ROLL CALL Commissioners Jan Ward, Patrice Wong, John Thomas, Stacy McDaniel, Diane Present: L. Arnold, Russell Doyle and Sabrina Sanders REGULAR AGENDA Page 2 of 5 CITY OF LONG BEACH WEDNESDAY, OCTOBER 18, 2017 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES 1. 17-034CI Recommendation to receive and file the minutes of the Regular Board Meeting held Wednesday, September 20, 2017. Chair Thomas spoke. Vice Chair Arnold spoke. Director Doyle spoke. Chair Thomas spoke. A motion was made by Director Ward, seconded by Vice Chair Arnold, to approve the recommendation. The motion carried by the following vote: Yes: 6 - Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold, Russell Doyle and Sabrina Sanders Abstain: 1 - Stacy McDaniel 2. 17-035CI Recommendation to 1. Authorize the President of designee to negotiate and enter into a Disposition and Development Agreement for the conveyance of the properties at 1900-1940 Long Beach Boulevard to LINC Housing Corporation; 2. Approve a loan in the amount of $3,000,000 to LINC Housing Corporation to provide gap financing for the development of the properties at 1900-1940 Long Beach Boulevard; and 3. Authorize the President of designee to execute any and all documents necessary to implement the Disposition and Development and Loan Agreements. Chair Thomas spoke. Vice President Ure spoke. Page 3 of 5 CITY OF LONG BEACH WEDNESDAY, OCTOBER 18, 2017 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Meggan Sorensen, Development Project Manager, provided a staff report. Chair Thomas spoke. Director Doyle spoke. Discussion ensued. Director Mc Daniel spoke. Discussion ensued. Director Sanders spoke. Discussion ensued. Will Sager, Project Manager - LINC Housing Corporation, spoke. Director Sanders spoke. Vice President Ure spoke. Discussion ensued. Director Ward spoke. Discussion ensued. Chair Thomas spoke. A motion was made by Director Sanders, seconded by Director McDaniel, to approve the recommendation. The motion carried by the following vote: Yes: 7 - Jan Ward, Patrice Wong, John Thomas, Stacy McDaniel, Diane L. Arnold, Russell Doyle and Sabrina Sanders PUBLIC PARTICIPATION: There were no additional comments from the Public. Page 4 of 5 CITY OF LONG BEACH WEDNESDAY, OCTOBER 18, 2017 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES NEW BUSINESS Chair Thomas spoke. Vice President Ure spoke. Chair Thomas spoke. Director Doyle spoke. Discussion ensued. Director Ward spoke. Director Mc Daniel spoke. Discussion ensued. Director Wong spoke. Discussion ensued. Chair Thomas spoke. ADJOURNMENT At 4:39 PM, Chair Thomas adjourned the meeting. Respectfully submitted, ____________________ ____________________ Patrick Ure, Vice President John Thomas, Chair KB Page 5 of 5