City of Long Beach - File #: 11-011HC

• File #: 11-011HC
• Version: 1
• Name: Jamboree Housing Corp DDA & Fin Assist.
• Type: HC-Agenda Item
• Status: Approved
• File created: 3/3/2011
• In control: The Long Beach Housing Development Company
• On agenda: 3/16/2011
• Final action: 3/16/2011
• Title: Recommendation to: 1. Authorize the President or designee to negotiate and enter into a Disposition and Development Agreement with Jamboree Housing Corporation for the purchase and rehabilitation of three LBHDC-owned properties located at 1893-1911 Pine Avenue, subject to any approvals required by the Long Beach Redevelopment Agency and the City Council; 2. Approve financial assistance of up to $5,714,560 to Jamboree Housing Corporation and authorize the President or designee to negotiate the terms of the loans; and 3. Authorize the President or designee to execute any and all documents necessary to implement the Disposition and Development Agreement and Loan Agreements.
• Sponsors: The Long Beach Housing Development Company, Development Services
• Related files: 11-0536

Date	Ver.	Action By	Action	Result
3/16/2011	1	The Long Beach Housing Development Company	approve recommendation	Pass

TITLE

Recommendation to:

1.      Authorize the President or designee to negotiate and enter into a Disposition and Development Agreement with Jamboree Housing Corporation for the purchase and rehabilitation of three LBHDC-owned properties located at 1893-1911 Pine Avenue, subject to any approvals required by the Long Beach Redevelopment Agency and the City Council;

2.      Approve financial assistance of up to $5,714,560 to Jamboree Housing Corporation and authorize the President or designee to negotiate the terms of the loans; and

3.      Authorize the President or designee to execute any and all documents necessary to implement the Disposition and Development Agreement and Loan Agreements.  

SUGGESTED ACTION

Approve recommendation.