Long Beach, CA
File #: 17-032CI    Version: 1 Name: Clifford Beers Housing_1836-1852 Locust Avenue
Type: CI-Agenda Item Status: Approved
File created: 9/11/2017 In control: The Long Beach Community Investment Company
On agenda: 9/20/2017 Final action: 9/20/2017
Title: Recommendation to 1. Authorize the President or designee to negotiate and enter into a Disposition and Development Agreement for the conveyance of the properties at 1836-1852 Locust Avenue to Clifford Beers Housing, Inc.; 2. Approve a loan in the amount of $2,825,000 to Clifford Beers Housing, Inc. to provide gap financing for the development of the properties at 1836-1852 Locust Avenue; and 3. Authorize the President or designee to execute any and all documents necessary to implement the Disposition and Development and Loan Agreements.
Attachments: 1. DDA&Loan Agreement_Memo.pdf, 2. Attachment A.pdf, 3. Attachment B.pdf, 4. Attachment C.pdf, 5. Attachment D.pdf

TITLE

Recommendation to

1. Authorize the President or designee to negotiate and enter into a Disposition and Development Agreement for the conveyance of the properties at 1836-1852 Locust Avenue to Clifford Beers Housing, Inc.;

 

2. Approve a loan in the amount of $2,825,000 to Clifford Beers Housing, Inc. to provide gap financing for the development of the properties at 1836-1852 Locust Avenue; and

 

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

 

SUGGESTED ACTION

Approve recommendation.