The Long Beach Community Investment Company
Regular MeetingLong Beach, NY · June 27, 2018
Minutes
CITY OF LONG BEACH WEDNESDAY, JUNE 27, 2018
THE LONG BEACH 333 W. OCEAN BOULEVARD
COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 6:00 PM
COMPANY MINUTES
John Thomas, Chair Lindsay Mais, Director
Diane Arnold, Vice Chair Sabrina Sanders, Director
Russell Doyle, Director Jan Ward, Director
Patrice Wong, Director
FINISHED SPECIAL AGENDA AND DRAFT MINUTES
CALL TO ORDER
Chair Thomas called the meeting to order at 6:01 P.M.
ROLL CALL
Commissioners Jan Ward, John Thomas, Diane L. Arnold, Russell Doyle and
Present: Sabrina Sanders
Commissioners Patrice Wong
Absent:
Staff Present: Patrick Ure, Vice President; Oscar Orci, Deputy Director of Development
Services; Rich Anthony, Deputy City Attorney; Meggan Sorensen, Housing Development
Officer; Kate Brewer, Secretary.
Members of the Public: Kyle Suryan, Lyon West Gateway, LLC; Breanna Suryan, Lyon
West Gateway, LLC.
FLAG SALUTE
Director Ward led the flag salute.
SECOND ROLL CALL
Commissioners Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold,
Present: Russell Doyle and Sabrina Sanders
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CITY OF LONG BEACH WEDNESDAY, JUNE 27, 2018
THE LONG BEACH 333 W. OCEAN BOULEVARD
COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 6:00 PM
COMPANY MINUTES
PRESIDENT'S REPORT
Chair Thomas spoke.
Vice President Ure spoke.
Discussion ensued.
Director Ward spoke.
Discussion ensued.
SPECIAL AGENDA
1. 18-024CI Recommendation to
1. Approve a loan prepayment from Lyon West Gateway, LLC in the
amount of $850,000 as part of the sale of Gallery 421 Apartments;
2. Approve a Termination of the Affordable Housing Loan Agreement;
3. Authorize the President to negotiate a Modification to the Deed of
Trust, Fixture Filing, Assignment of Rents and Security Agreement;
4. Authorize the President to negotiate a First Amendment to the
Affordable Housing Regulatory Agreement;
5. Authorize the President to negotiate an Assignment, Assumption,
Consent and Release Agreement including an assignment of all loan
documents remaining in effect after conveyance of the property; and
6. Authorize the President to execute any and all documents necessary
to receive the prepayment and complete the sale and transfer of the
Property.
Chair Thomas spoke.
Vice President Ure spoke.
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CITY OF LONG BEACH WEDNESDAY, JUNE 27, 2018
THE LONG BEACH 333 W. OCEAN BOULEVARD
COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 6:00 PM
COMPANY MINUTES
Meggan Sorensen, Housing Development Officer, provided a staff report.
Chair Thomas spoke.
Vice President Ure spoke.
Rich Anthony, Deputy City Attorney, spoke.
Director Wong spoke.
Director Doyle spoke.
Chair Thomas spoke.
Discussion ensued.
Director Sanders spoke.
Discussion ensued.
Chair Thomas spoke.
Kyle Suryan, Lyon West Gateway, LLC, spoke.
Chair Thomas spoke.
Discussion ensued.
A motion was made by Director Doyle, seconded by Vice
Chair Arnold, to approve recommendation. The motion
carried by the following vote:
Yes: 6 - Jan Ward, Patrice Wong, John Thomas, Diane L. Arnold,
Russell Doyle and Sabrina Sanders
Excused: 1 - Stacy McDaniel
PUBLIC PARTICIPATION: There were no additional comments from the Public.
NEW BUSINESS
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CITY OF LONG BEACH WEDNESDAY, JUNE 27, 2018
THE LONG BEACH 333 W. OCEAN BOULEVARD
COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 6:00 PM
COMPANY MINUTES
Chair Thomas spoke.
Director Wong spoke.
Chair Thomas spoke.
Director Sanders spoke.
Discussion ensued.
ADJOURNMENT
At 6:24 P.M., Chair Thomas adjourned the meeting.
Respectfully submitted,
____________________ ____________________
Patrick Ure, Vice President John Thomas, Chair
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Agenda
CITY OF LONG BEACH WEDNESDAY, JUNE 27, 2018
THE LONG BEACH COMMUNITY 333 W. OCEAN BOULEVARD
INVESTMENT COMPANY AGENDA 3RD FLOOR CONFERENCE ROOM, 6:00 PM
John Thomas, Chair Jan Ward, Director
Diane Arnold, Vice Chair Patrice Wong, Director
Stacy McDaniel, Director Sabrina Sanders, Director
Russell Doyle, Director
SPECIAL MEETING AGENDA
CALL TO ORDER
ROLL CALL
FLAG SALUTE
PRESIDENT'S REPORT
SPECIAL AGENDA
1. 18-024CI Recommendation to
1. Approve a loan prepayment from Lyon West Gateway, LLC in the
amount of $850,000 as part of the sale of Gallery 421 Apartments;
2. Approve a Termination of the Affordable Housing Loan Agreement;
3. Authorize the President to negotiate a Modification to the Deed of Trust,
Fixture Filing, Assignment of Rents and Security Agreement;
4. Authorize the President to negotiate a First Amendment to the
Affordable Housing Regulatory Agreement;
5. Authorize the President to negotiate an Assignment, Assumption,
Consent and Release Agreement including an assignment of all loan
documents remaining in effect after conveyance of the property; and
6. Authorize the President to execute any and all documents necessary to
receive the prepayment and complete the sale and transfer of the
Property.
Suggested Action: Approve recommendation.
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CITY OF LONG BEACH WEDNESDAY, JUNE 27, 2018
THE LONG BEACH COMMUNITY INVESTMENT 333 W. OCEAN BOULEVARD
COMPANY AGENDA 3RD FLOOR CONFERENCE ROOM, 6:00 PM
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.
NEW BUSINESS
ADJOURNMENT
I, Kate Brewer, Secretary, certify that the agenda was posted not less than 24 hours prior to
the meeting.
Signed: _____________________________ Date: ________________
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 (telecommunication device
for the Deaf). The Development Services Department email at lbds@longbeach.gov is
available for correspondence purposes.
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