Long Beach, CA
File #: 18-023CI    Version: 1 Name: AMCAL Approval of Additional Funds
Type: CI-Agenda Item Status: Received and Filed
File created: 6/14/2018 In control: The Long Beach Community Investment Company
On agenda: 6/20/2018 Final action: 6/20/2018
Title: Recommendation to 1. Approve additional funding in the amount of $1,000,000 to provide a total acquisition and development loan in the amount of $4,750,000 to AMCAL Multi-Housing, Inc. for the development of Las Ventanas Apartments located at 1795 Long Beach Boulevard; 2. Authorize the President to execute any and all documents necessary to implement an amendment to the existing Loan Agreement with AMCAL Multi-Housing, Inc.
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TITLE

Recommendation to

1. Approve additional funding in the amount of $1,000,000 to provide a total acquisition and development loan in the amount of $4,750,000 to AMCAL Multi-Housing, Inc. for the development of Las Ventanas Apartments located at 1795 Long Beach Boulevard;

 

2. Authorize the President to execute any and all documents necessary to implement an amendment to the existing Loan Agreement with AMCAL Multi-Housing, Inc.

 

SUGGESTED ACTION

Approve recommendation.