Legislation Details

File #: 23-014CI    Version: 2 Name: Approval of a CDBG Loan to AMCAL Multi-Housing, Inc.
Type: CI-Agenda Item Status: Approved
File created: 4/13/2023 In control: The Long Beach Community Investment Company
On agenda: 4/19/2023 Final action: 4/19/2023
Title: Recommendation to: 1. Approve a Community Development Block Grant (CDBG) loan in the amount of $3,600,000 to AMCAL Multi-Housing, Inc. (AMCAL) for acquisition of the property located at 946 Linden Avenue; 2. Authorize the President to negotiate an Acquisition Loan Agreement with AMCAL; and, Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project.
Attachments: 1. 2023_04_19 - Award and Authorize - Amcal - FINAL.pdf, 2. Attachment A - Site Map of Linden Ave.pdf, 3. Attachment B - 2022_01_04 AMCAL Award of Funds and ENA Staff Report - FINAL.pdf, 4. Attachment C - Art Linden 23.2.28 legal.pdf

TITLE

Recommendation to:

 

1.                     Approve a Community Development Block Grant (CDBG) loan in the amount of $3,600,000 to AMCAL Multi-Housing, Inc. (AMCAL) for acquisition of the property located at 946 Linden Avenue;

 

2.                     Authorize the President to negotiate an Acquisition Loan Agreement with AMCAL; and, Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project.

 

SUGGESTED ACTION

Approve recommendation.