TITLE
Recommendation to authorize City Manager to execute all documents necessary to accept and expend the Transit Oriented Development funds and Infill Infrastructure Grant funds awarded by the State of California for the proposed development at 1235 Long Beach Boulevard. (District 1)
DISCUSSION
On March 17, 2009, the City Council adopted resolutions authorizing the submission of applications to the California State Department of Housing and Community Development (HCD) for the Transit Oriented Development (TOD) Housing Program and Infill Infrastructure Grant (IIG) Program, in amounts up to $17,000,000 and $20,000,000, respectively, in connection with a proposed mixed-use development at 1235 Long Beach Boulevard by Meta Housing Corporation (Meta). Attached for your reference are copies of the March 17, 2009 Council letters (Attachments A and B). At that time, the proposed development included 356 units in three buildings: the first with rental units and community programming space; the second with rental units in the rear and condominium units facing Long Beach Boulevard; and the third with ground floor retail and condominiums above. The TOD program has a loan and grant component. The IIG program provides grant funds only. The City and Meta were co-applicants for the TOD and IIG grant funds, to enhance the project’s chance of receiving funds.
In July 2009, the project was awarded both TOD and IIG funds as shown below. The loan funds were awarded to Meta and the grant funds were awarded jointly to Meta and the City.
Program Loan to Meta Grant to Meta & City Total
TOD $6,741,616 $4,039,737 $10,781,353
IIG ------ $15,069,116 $15,069,116
Total $6,741,616 $19,108,853 $25,850,649
Due to the economic downturn and lack of available financing for condominium development, Meta returned with a proposal to develop the project in two phases, with the rental units in Phase 1 and retail and condominium units in Phase 2. The Department of Development Services ap...
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