The Long Beach Community Investment Company

CITY OF LONG BEACH WEDNESDAY, AUGUST 21, 2019 THE LONG BEACH 411 W. OCEAN BLVD. COMMUNITY INVESTMENT 2ND FLOOR CONFERENCE ROOM "THE COMPANY MINUTES BEACH", 4:00 PM John Thomas, Chair Lindsay Mais, Director Diane Arnold, Vice Chair Sabrina Sanders, Director Russell Doyle, Director Jan Ward, Director Patrice Wong, Director FINISHED AGENDA & DRAFT MINUTES CALL TO ORDER Chair Thomas called the meeting to order at 4:05 PM. ROLL CALL Commissioners Jan Ward, Patrice Wong, John Thomas, Lindsay Mais, Diane L. Present: Arnold, Russell Doyle and Sabrina Sanders STAFF PRESENT: Patrick Ure, Vice President; Oscar Orci, Deputy Director of Development Services; Meggan Sorensen, Housing Development Officer; Alem Hagos, Operations Officer; Rich Anthony, Deputy City Attorney; Silvia Medina, Real Estate Project Coordinator; Kjell Stava, Real Estate Project Coordinator; Andrew Chang, Administrative Analyst; Elizabeth Weithers, Administrative Analyst; Monica Jaime, Secretary. MEMBERS OF THE PUBLIC: Oscar Alvarado, Director of Development, Century Housing; Daryl James, Director of Housing Development and Asset Management, HOPE. FLAG SALUTE Director Mais led the flag salute. REGULAR AGENDA 1. 19-032CI Recommendation to receive and file the minutes of the Regular Board meeting held on Wednesday, June 19, 2019. Page 1 of 4 CITY OF LONG BEACH WEDNESDAY, AUGUST 21, 2019 THE LONG BEACH 411 W. OCEAN BLVD. COMMUNITY INVESTMENT 2ND FLOOR CONFERENCE ROOM "THE COMPANY MINUTES BEACH", 4:00 PM A motion was made by Director Sanders, seconded by Director Doyle, to approve recommendation. The motion carried by the following vote: Yes: 7 - Jan Ward, Patrice Wong, John Thomas, Lindsay Mais, Diane L. Arnold, Russell Doyle and Sabrina Sanders 2. 19-030CI Recommendation to: 1. Approve a HOME loan in the amount of $1.1 million to Century Affordable Development Inc. for the acquisition, rehabilitation, and preservation of 1117 Elm Avenue and 421 West 33rd Street; 2. Authorize the President to negotiate an Affordable Housing Loan Agreement with Century Affordable Development Inc.; and, 3. Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement and the project. Chair Thomas spoke. Monica Jaime, Secretary, read agenda recommendation. Silvia Medina, Real Estate Project Coordinator, presented the staff report. Chair Thomas spoke. Silvia Medina, Real Estate Project Coordinator, spoke. Chair Thomas spoke. Oscar Alvarado, Director of Development, Century Housing, spoke. Chair Thomas spoke. Director Wong spoke. Chair Thomas spoke. Page 2 of 4 CITY OF LONG BEACH WEDNESDAY, AUGUST 21, 2019 THE LONG BEACH 411 W. OCEAN BLVD. COMMUNITY INVESTMENT 2ND FLOOR CONFERENCE ROOM "THE COMPANY MINUTES BEACH", 4:00 PM Discussion ensued. A motion was made by Director Sanders, seconded by Director Doyle to approve recommendation. The motion carried by the following vote: Yes: 7 - Jan Ward, Patrice Wong, John Thomas, Lindsay Mais, Diane L. Arnold, Russell Doyle and Sabrina Sanders 3. 19-031CI Recommendation to: 1. Approve a HOME loan in the amount of $1.18 million to Home Ownership for Personal Development (HOPE) for the acquisition and rehabilitation of 4713 Clark Avenue; 2. Authorize the President to negotiate an Affordable Housing Loan Agreement with Home Ownership for Personal Empowerment; and, 3. Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement and the project. Chair Thomas spoke. Monica Jaime, Secretary, read agenda recommendation. Silvia Medina, Real Estate Project Coordinator, presented the staff report. Chair Thomas spoke. Daryl James, Director of Housing Development and Asset Management, HOPE, spoke. Director Doyle spoke. Vice President Ure spoke. Director Doyle spoke. Vice President Ure spoke. Page 3 of 4 CITY OF LONG BEACH WEDNESDAY, AUGUST 21, 2019 THE LONG BEACH 411 W. OCEAN BLVD. COMMUNITY INVESTMENT 2ND FLOOR CONFERENCE ROOM "THE COMPANY MINUTES BEACH", 4:00 PM Discussion ensued. Chair Thomas spoke. A motion was made by Director Wong, seconded by Vice Chair Arnold, to approve recommendation. The motion carried by the following vote: Yes: 7 - Jan Ward, Patrice Wong, John Thomas, Lindsay Mais, Diane L. Arnold, Russell Doyle and Sabrina Sanders PUBLIC PARTICIPATION: There were no additional comments from the public. NEW BUSINESS ADJOURNMENT Chair Thomas adjourned the meeting at 4:45 PM Respectfully submitted, Respectfully submitted _____________________ _______________________ Patrick Ure, Vice President John Thomas, Chair Page 4 of 4