Long Beach, CA
File #: 18-005CI    Version: 1 Name: Clifford Beers_Additional Loan Funds
Type: CI-Agenda Item Status: Approved
File created: 2/13/2018 In control: The Long Beach Community Investment Company
On agenda: 2/21/2018 Final action: 2/21/2018
Title: Recommendation to 1. Approve additional funding in the amount of $200,000 to provide a total loan of $3,025,000 to Clifford Beers Housing, Inc. to provide gap financing for the development of the properties at 1836-1852 Locust Avenue; and 2. Authorize the President or designee to execute any and all documents necessary to implement the amended Disposition and Development and Loan Agreements.
Attachments: 1. Clifford Beers_Locust_Staff Report.pdf, 2. Clifford Beers_Locust_Attachment A.pdf, 3. Clifford Beers_Locust_Attachment B.pdf, 4. Clifford Beers_Locust_Attachment C.pdf

TITLE

Recommendation to

1. Approve additional funding in the amount of $200,000 to provide a total loan of $3,025,000 to Clifford Beers Housing, Inc. to provide gap financing for the development of the properties at 1836-1852 Locust Avenue; and

 

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

 

SUGGESTED ACTION

Approve recommendation.