Long Beach, CA
File #: 10-016HC    Version: 1 Name: Coronado/Brookfield
Type: HC-Agenda Item Status: Approved
File created: 2/11/2010 In control: The Long Beach Housing Development Company
On agenda: 2/17/2010 Final action: 2/17/2010
Title: Recommendation to: 1. Approve an amendment to the Disposition and Development Agreement with Brookfield Atlantic Avenue LLC to provide additional gap financing in the amount of $798,000 bringing the total gap assistance to $7,808,000; 2. Approve a Construction Loan of up to $7,730,778 to Brookfield Atlantic Avenue LLC for the construction of Coronado townhomes; and 3. Authorize the President or designee to negotiate and execute any and all documents necessary to implement an amendment to the Disposition and Development Agreement and Construction Loan Agreement.
Sponsors: Community Development, The Long Beach Housing Development Company
Attachments: 1. Item 4 Brookfield Homes.pdf, 2. Item 4 Brookfield Homes Attachment 1.pdf, 3. Item 4 Brookfield Homes Attachment 2.pdf
Related files: 10-020HC
TITLE
Recommendation to:
 
1.      Approve an amendment to the Disposition and Development Agreement with Brookfield Atlantic Avenue LLC to provide additional gap financing in the amount of $798,000 bringing the total gap assistance to $7,808,000;
 
2.      Approve a Construction Loan of up to $7,730,778 to Brookfield Atlantic Avenue LLC for the construction of Coronado townhomes; and
 
3.      Authorize the President or designee to negotiate and execute any and all documents necessary to implement an amendment to the Disposition and Development Agreement and Construction Loan Agreement.
 
SUGGESTED ACTION
Approve recommendation.