Long Beach, CA
File #: 19-024CI    Version: 2 Name: Approval of a HOME Loan to MRK Partners
Type: CI-Agenda Item Status: Approved
File created: 6/12/2019 In control: The Long Beach Community Investment Company
On agenda: 6/19/2019 Final action: 6/19/2019
Title: Recommendation to: 1. Approve a HOME loan in the amount of $750,000 to MRK Partners Inc. for the acquisition, rehabilitation, and preservation of the property located at 3799 East Willow Street; 2. Authorize the President to negotiate an Affordable Housing Loan Agreement with MRK Partners Inc.; and, 3. Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement and the project.
Attachments: 1. Staff Report - MRK.pdf, 2. Attachment A - Site Map.pdf, 3. Attachment B -February 20, 2019 Staff Report.pdf, 4. Attachment C - Site Plan & Elevation.pdf, 5. Attachment D - KMA Analysis.pdf

TITLE

Recommendation to:

 

1.                     Approve a HOME loan in the amount of $750,000 to MRK Partners Inc. for the acquisition, rehabilitation, and preservation of the property located at 3799 East Willow Street;

 

2.                     Authorize the President to negotiate an Affordable Housing Loan Agreement with MRK Partners Inc.; and,

 

3.                     Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement and the project.

 

 

SUGGESTED ACTION

Approve recommendation.