Long Beach, CA
File #: 19-025CI    Version: 1 Name: LINC PCH/Mag Loan
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. Authorize the President or designee to negotiate and enter into a Disposition and Development Agreement for the conveyance of the properties at 469 W. 17th Street, 1720-1770 Magnolia Avenue and 469 W. Pacific Coast Highway to LINC Housing Corporation; 2. Approve a loan in the amount of up to $2,250,000 to LINC Housing Corporation to provide gap financing for the development of the properties at 469 W. 17th Street, 1720-1770 Magnolia Avenue and 469 W. Pacific Coast Highway; 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. Staff Report.pdf, 2. Attachment A - Site Map.pdf, 3. Attachment B - April 18, 2018 Staff Report.pdf, 4. Attachment C - Project Rendering.pdf, 5. Attachment D - KMA Analysis.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 469 W. 17th Street, 1720-1770 Magnolia Avenue and 469 W. Pacific Coast Highway to LINC Housing Corporation;

 

2.                     Approve a loan in the amount of up to $2,250,000 to LINC Housing Corporation to provide gap financing for the development of the properties at 469 W. 17th Street, 1720-1770 Magnolia Avenue and 469 W. Pacific Coast Highway; 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.