The Long Beach Community Investment Company

CITY OF LONG BEACH WEDNESDAY, FEBRUARY 21, 2018 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 Chair Thomas called the meeting to order at 4:13 PM. ROLL CALL Commissioners Jan Ward, John Thomas, Diane L. Arnold and Russell Doyle Present: Commissioners Patrice Wong, Stacy McDaniel and Sabrina Sanders Absent: STAFF PRESENT: Patrick Ure, President; Rich Anthony, Deputy City Attorney; Alem Hagos, Grants Administration Officer; Margaret Madden, Neighborhood Improvement Officer; Meggan Sorensen, Real Estate Project Coordinator; Kjell Stava, Administrative Analyst; Andrew Chang, Administrative Analyst; Francisco Rodriguez, Community Development Analyst; Kate Brewer, Secretary. FLAG SALUTE Director Doyle led the flag salute. PRESIDENT'S REPORT Chair Thomas spoke. President Ure spoke. Page 1 of 9 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 21, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Discussion ensued. SECOND ROLL CALL Commissioners Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold and Present: Russell Doyle Commissioners Stacy McDaniel and Sabrina Sanders Absent: REGULAR AGENDA 1. 18-002CI Recommendation to receive and file the minutes of the Special Board meeting held Wednesday, November 8, 2017. A motion was made by Vice Chair Arnold, seconded by Director Doyle, to approve recommendation. The motion carried by the following vote: Yes: 5 - Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold and Russell Doyle Absent: 2 - Stacy McDaniel and Sabrina Sanders 2. 18-003CI Recommendation to elect The Long Beach Community Investment Company Chair and Vice Chair. Chair Thomas spoke. Vice Chair Arnold spoke. Chair Thomas spoke. Rich Anthony, Deputy City Attorney, spoke. Chair Thomas spoke. Director Ward spoke. Page 2 of 9 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 21, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Vice Chair Arnold spoke. Chair Thomas spoke. Director Wong spoke. Discussion ensued. A motion was made by Vice Chair Arnold, seconded by Director Ward, to elect John Thomas as Chair. The motion carried by the following vote: Yes: 5 - Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold and Russell Doyle Absent: 2 - Stacy McDaniel and Sabrina Sanders A motion was made by Director Ward, seconded by Director Wong, to elect Diane Arnold as Vice Chair. The motion carried by the following vote: Yes: 5 - Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold and Russell Doyle Absent: 2 - Stacy McDaniel and Sabrina Sanders 3. 18-004CI Recommendation to receive and file the Housing Successor Annual Report Regarding the Low and Moderate Income Housing Asset Fund for Fiscal Year 2016-2017 and direct the President to post and distribute the report as required by Section 34176.1 of the California Health and Safety Code. Chair Thomas spoke. President Ure spoke. Kjell Stava, Administrative Analyst, provided a staff report. President Ure spoke. Discussion ensued. Page 3 of 9 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 21, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Director Ward spoke. Discussion ensued. Vice Chair Arnold spoke. Discussion ensued. A motion was made by Director Wong, seconded by Director Ward, to approve recommendation. The motion carried by the following vote: Yes: 5 - Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold and Russell Doyle Absent: 2 - Stacy McDaniel and Sabrina Sanders 4. 18-005CI Recommendation to 1. Approve additional funding in the amount of $200,000 to provide a total loan of $3,025,000 to Clifford Beers Housing, Inc. to provide gap financing for the development of the properties at 1836-1852 Locust Avenue; and 2. Authorize the President or designee to execute any and all documents necessary to implement the amended Disposition and Development and Loan Agreements. Chair Thomas spoke. President Ure spoke. Meggan Sorensen, Real Estate Project Coordinator, provided a staff report. Chair Thomas spoke. President Ure spoke. Director Doyle spoke. Discussion ensued. Page 4 of 9 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 21, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES A motion was made by Director Wong, seconded by Vice Chair Arnold, to approve recommendation. The motion carried by the following vote: Yes: 5 - Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold and Russell Doyle Absent: 2 - Stacy McDaniel and Sabrina Sanders 5. 18-006CI Recommendation to 1. Approve the transfer of ownership of Sara's Apartments from Mental Health America of Los Angeles to Thockmorton Partners, LLC; 2. Authorize the President to terminate the existing Regulatory Agreement with Mental Health America of Los Angeles and negotiate a new Affordable Housing Regulatory Agreement with Thockmorton Partners, LLC; and, 3. Authorize the President to execute any and all documents necessary to implement the transfer and modify the regulatory covenants. Chair Thomas spoke. President Ure spoke. Meggan Sorensen, Real Estate Project Coordinator, provided a staff report. Chair Thomas spoke. Director Doyle spoke. Discussion ensued. Director Ward spoke. Discussion ensued. Vice Chair Arnold spoke. Discussion ensued. Page 5 of 9 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 21, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Rich Anthony, Deputy City Attorney, spoke. Discussion ensued. A motion was made by Director Ward, seconded by Vice Chair Arnold, to approve recommendation. The motion carried by the following vote: Yes: 5 - Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold and Russell Doyle Absent: 2 - Stacy McDaniel and Sabrina Sanders 6. 18-007CI Recommendation to 1. Approve a request to have The Long Beach Community Investment Company serve as fiscal agent for grant opportunities to fund the Neighborhood Leadership Program; 2. Authorize the President to submit a sponsorship grant proposal to the Port of Long Beach to provide funding for the Neighborhood Leadership Program; and, 3. Authorize the President to execute and and all documents necessary to submit the grant application and accept funding. Chair Thomas spoke. President Ure spoke. Margaret Madden, Neighborhood Improvement Officer, provided a staff report. Chair Thomas spoke. Director Ward spoke. Discussion ensued. Director Wong spoke. Page 6 of 9 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 21, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Discussion ensued. Rich Anthony, Deputy City Attorney, spoke. Discussion ensued. Alem Hagos, Grants Administration Officer, spoke. Discussion ensued. A motion was made by Director Wong, seconded by Director Doyle, to approve recommendation. The motion carried by the following vote: Yes: 5 - Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold and Russell Doyle Absent: 2 - Stacy McDaniel and Sabrina Sanders THIRD ROLL CALL Commissioners Jan Ward, John Thomas, Diane L. Arnold and Russell Doyle Present: Commissioners Patrice Wong, Stacy McDaniel and Sabrina Sanders Absent: 7. 18-008CI Recommendation to 1. Approve a predevelopment loan in the amount of $250,000 to AMCAL Multi-Housing, Inc. for the property located at 1795 Long Beach Boulevard; 2. Authorize the President to negotiate a Predevelopment Loan Agreement with AMCAL Multi-Housing, Inc.; and, 3. Authorize the President to execute any and all documents necessary to implement the Loan Agreement. Chair Thomas spoke. President Ure spoke. Page 7 of 9 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 21, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Meggan Sorensen, Real Estate Project Coordinator, provided a staff report. Chair Thomas spoke. A motion was made by Director Ward, seconded by Director Doyle, to approve recommendation. The motion carried by the following vote: Yes: 4 - Jan Ward, John Thomas, Diane L. Arnold and Russell Doyle Absent: 3 - Patrice Wong, Stacy McDaniel and Sabrina Sanders PUBLIC PARTICIPATION: There were no comments from the public. NEW BUSINESS Chair Thomas spoke. Director Doyle spoke. President Ure spoke. Discussion ensued. Alem Hagos, Grants Administration Officer, spoke. Discussion ensued. Vice Chair Arnold spoke. Discussion ensued. ADJOURNMENT Chair Thomas adjourned the meeting at 5:08 PM. Respectfully submitted, Respectfully submitted, Page 8 of 9 CITY OF LONG BEACH WEDNESDAY, FEBRUARY 21, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES ____________________ ____________________ Patrick Ure, President John Thomas, Chair Page 9 of 9