Long Beach, CA
File #: 10-015HC    Version: 1 Name: Meta Housing
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 a loan of up to $13,145,000 to Meta Housing Corporation to provide gap financing for the development of a 147-unit Senior Artist Colony and a 39-unit affordable senior rental project at the southwest corner of Long Beach Boulevard and Anaheim Street, with conditions; 2. Approve the proposed Phasing Plan for the total development site; 3. Approve the release of LBHDC’s first trust deed on a parcel in Phase II in exchange for a second trust deed on the entire Phase II site, with conditions; 4. Authorize the President or designee to negotiate and enter into a Loan Agreement with Meta Housing Corporation; and 5. Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement.
Sponsors: Community Development, The Long Beach Housing Development Company
Attachments: 1. Item 3 Meta Housing.pdf, 2. Item 3 Meta Housing Attachment A-1.pdf, 3. Item 3 Meta Housing Attachment A-2.pdf, 4. Item 3 Meta Housing Attachment A-3.pdf, 5. Item 3 Meta Housing Attachment B.pdf, 6. Item 3 Meta Housing Attachment C.pdf
TITLE
Recommendation to:
 
1.      Approve a loan of up to $13,145,000 to Meta Housing Corporation to provide gap financing for the development of a 147-unit Senior Artist Colony and a 39-unit affordable senior rental project at the southwest corner of Long Beach Boulevard and Anaheim Street, with conditions;
 
2.      Approve the proposed Phasing Plan for the total development site;
 
3.      Approve the release of LBHDC's first trust deed on a parcel in Phase II in exchange for a second trust deed on the entire Phase II site, with conditions;
 
4.      Authorize the President or designee to negotiate and enter into a Loan Agreement with Meta Housing Corporation; and
 
5.      Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement.
SUGGESTED ACTION
Approve recommendation.