The Long Beach Community Investment Company

CITY OF LONG BEACH WEDNESDAY, SEPTEMBER 19, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 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 AGENDA AND DRAFT MINUTES CALL TO ORDER At 4:05 PM, Chair Thomas called the meeting to order. ROLL CALL Commissioners Lindsay Mais, Sabrina Sanders, Diane L. Arnold and John Present: Thomas Commissioners Russell Doyle, Jan Ward and Patrice Wong Absent: Staff Present: Linda F. Tatum, President; Patrick Ure, Vice President; Rich Anthony, Deputy City Attorney; Meggan Sorensen, Housing Development Officer; Andrew Chang, Administrative Analyst; Courtney Richards, Housing Services Analyst; Johnathan Garcia, Public Affairs Assistant; Kate Brewer, Secretary. Members of the Public Present: Erin Rank, President & CEO of Habitat for Humanity of Greater Los Angeles; Darrell Simien, Senior Vice President of Habitat for Humanity of Greater Los Angeles; Patrick Sunpanich, Project Manager with Habitat for Humanity of Greater Los Angeles; Jocelyn De la Rosa, Resident and Journalism student. FLAG SALUTE Vice Chair Arnold led the flag salute. PRESIDENT'S REPORT Page 1 of 5 CITY OF LONG BEACH WEDNESDAY, SEPTEMBER 19, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Chair Thomas spoke. Director Mais spoke. Discussion ensued. Rich Anthony, Deputy City Attorney, spoke. Discussion ensued. President Tatum spoke. Discussion ensued. Vice President Ure spoke. Discussion ensued. REGULAR AGENDA SECOND ROLL CALL Commissioners Lindsay Mais, Sabrina Sanders, Patrice Wong, Diane L. Arnold Present: and John Thomas Commissioners Russell Doyle and Jan Ward Absent: 1. 18-027CI Recommendation to receive and file the minutes of the Special Board Meeting held Wednesday, June 27, 2018. A motion was made by Vice Chair Arnold, seconded by Director Sanders, to approve recommendation. The motion carried by the following vote: Yes: 4 - Sabrina Sanders, Patrice Wong, Diane L. Arnold and John Thomas Page 2 of 5 CITY OF LONG BEACH WEDNESDAY, SEPTEMBER 19, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Abstain: 1 - Lindsay Mais Absent: 2 - Russell Doyle and Jan Ward THIRD ROLL CALL Commissioners Russell Doyle, Lindsay Mais, Sabrina Sanders, Patrice Wong, Present: Diane L. Arnold and John Thomas Commissioners Jan Ward Absent: 2. 18-028CI Recommendation to 1. Authorize the President or designee to negotiate and enter into a Disposition and Development Agreement for the conveyance of the properties at 116 West 14th Street, 124 West 14th Street, 1348 Pacific Avenue, 1339 Pine Avenue and 1347 Pine Avenue to Habitat for Humanity Greater Los Angeles; 2. Approve a loan in the amount of $990,000 to Habitat for Humanity Greater Los Angeles to provide gap financing for the development of the properties at 116 West 14th Street, 124 West 14th Street, 1348 Pacific Avenue, 1339 Pine Avenue and 1347 Pine Avenue; and 3. Authorize the President or designee to execute any and all documents necessary to implement the Disposition and Development and Loan Agreements. Chair Thomas spoke. Vice President Ure spoke. Discussion ensued. Meggan Sorensen, Housing Development Officer, provided a staff report. Chair Thomas spoke. Director Doyle spoke. Discussion ensued. Page 3 of 5 CITY OF LONG BEACH WEDNESDAY, SEPTEMBER 19, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES Director Sanders spoke. Discussion ensued. Darrell Simien, Habitat for Humanity of Greater Los Angeles, spoke. Discussion ensued. Erin Rank, Habitat for Humanity of Greater Los Angeles, spoke. Discussion ensued. A motion was made by Director Sanders, seconded by Director Doyle, to approve recommendation as amended with the following revised condition: If homebuyer first mortgages yield a higher cash revenue than currently anticipated in the attached budget ($1,905,200), the additional proceeds shall be divided equally between Habitat for Humanity (HFH) and the LBCIC. The LBCIC portion shall reduce the LBCIC second mortgages by an equal amount. The HFH portion shall be used to cover any unexpected construction costs, and to provide additional proceeds to HFH. The motion carried by the following vote: Yes: 6 - Russell Doyle, Lindsay Mais, Sabrina Sanders, Patrice Wong, Diane L. Arnold and John Thomas Absent: 1 - Jan Ward PUBLIC PARTICIPATION: Chair Thomas spoke. Director Sanders spoke. Rich Anthony, Deputy City Attorney, spoke. Chair Thomas spoke. There were no additional comments from members of the Public. Page 4 of 5 CITY OF LONG BEACH WEDNESDAY, SEPTEMBER 19, 2018 THE LONG BEACH 333 W. OCEAN BOULEVARD COMMUNITY INVESTMENT 3RD FLOOR CONFERENCE ROOM, 4:00 PM COMPANY MINUTES NEW BUSINESS Chair Thomas spoke. Director Sanders spoke. Vice President Ure spoke. Discussion ensued. President Tatum spoke. Discussion ensued. Director Wong spoke. Discussion ensued. ADJOURNMENT Chair Thomas adjourned the meeting at 4:38 PM. Respectfully submitted, Respectfully submitted, ____________________ ____________________ Linda F. Tatum, President John Thomas, Chair Page 5 of 5