Long Beach, CA
File #: 10-067HC    Version: 1 Name: City Hall East
Type: HC-Agenda Item Status: Approved
File created: 9/7/2010 In control: The Long Beach Housing Development Company
On agenda: 9/15/2010 Final action: 9/23/2010
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.
Sponsors: Community Development, The Long Beach Housing Development Company
Attachments: 1. Item 2-Staff Report.pdf, 2. Item 2 Attachment A-Site Map.ppt, 3. Item 2 Attachment B-KMA Analysis.pdf
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.