City of Long Beach - File #: 10-002HC

• File #: 10-002HC
• Version: 1
• Name: HC - Loan Agreement Palm Desert/Ramona Park
• Type: HC-Agenda Item
• Status: Approved
• File created: 1/8/2010
• In control: The Long Beach Housing Development Company
• On agenda: 1/20/2010
• Final action: 1/20/2010
• Title: Recommendation to: 1. Approve a loan of up to $9,516,000 to Palm Desert Development Company to provide gap financing for the development of a 61-unit affordable senior rental project located at 3290 East Artesia Boulevard, with conditions; 2. Authorize the President or designee to negotiate and enter into an Agreement with Palm Desert Development Company; and 3. Authorize the President or designee to execute any and all documents necessary to implement the Agreement.
• Sponsors: Community Development, The Long Beach Housing Development Company
• Indexes: Loan Agreement

Date	Ver.	Action By	Action	Result
1/20/2010	1	The Long Beach Housing Development Company	approve recommendation	Pass

TITLE

Recommendation to:

1.      Approve a loan of up to $9,516,000 to Palm Desert Development Company to provide gap financing for the development of a 61-unit affordable senior rental project located at 3290 East Artesia Boulevard, with conditions;

2.      Authorize the President or designee to negotiate and enter into an Agreement with Palm Desert Development Company; and

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

SUGGESTED ACTION

Approve recommendation.