TITLE
Recommendation to receive supporting documentation into the record, conclude the hearing and adopt resolution making certain findings; approving and authorizing the execution of the Disposition and Development Agreement between the Long Beach Housing Development Company and LINC Housing Corporation; finding that the consideration for the lease of certain real property in the Central Long Beach Project Area is not less than Fair Market Value in accordance with covenants and conditions governing such lease; and approving the lease of the property and the Disposition and Development Agreement and lease. (District 4)
DISCUSSION
The Long Beach Housing Development Company (LBHDC) purchased the Palace Hotel located at 2640 E. Anaheim Street (Site) from the City of Long Beach in August 2005 using tax increment housing set aside funds. (Site Map attached as Exhibit A) In May 2008, the LBHDC approved the selection of L1NC Housing Corporation and United Friends of the Children as the development team for the rehabilitation of the Palace Hotel. The LBHDC intends to enter into a Disposition and Development Agreement (DDA) to lease the land and convey the improvements to L1NC Housing Corporation for the development of affordable transitional housing for Transition Age Youth. Upon termination of the lease, the improvements will revert back to the LBHDC.
The proposed project includes the rehabilitation of the Palace Hotel from a 24-room hotel into a 14-unit affordable housing development, including one unit for an on-site manager, a community room, counseling offices, a management office, laundry facilities, a rooftop patio, and a 980 square foot commercial space that may be used to operate a business that can provide work experience and training for the residents. The project will provide service-enriched transitional housing for very low-income Transition Age Youth, or youth that are leaving the foster care program, and are at risk of becoming homeless. Services will...
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