TITLE
Recommendation to:
1) Approve a loan of up to $1,841,000 to Lyon Capital Ventures, LLC to provide gap financing for the redevelopment of an office building located at 100 Long Beach Boulevard into a 99-unit residential rental project that includes ten units restricted for low-income households;
2) Authorize the President or designee to negotiate and enter into a Loan Agreement with Lyon Capital Ventures, LLC; and
3) Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement.
SUGGESTED ACTION
Approve recommendation.