TITLE
Recommendation to acknowledge and consent to an Assignment and Assumption of the Purchase and Sale Agreement and Escrow Instructions, dated March 10, 2022, for the disposition of City-owned exempt surplus property located at 854 East 7th Street, commonly known as the former Long Beach Armory for an affordable housing development, from Armory Arts Collective, LP (Assignor), to Linc Armory, LP (Assignee); and
Consent to a change in population type for the affordable housing development from general affordable housing to affordable housing restricted to senior adult households. (District 1)
DISCUSSION
On December 7, 2021, the City Council authorized a Purchase and Sale Agreement, dated March 10, 2022 (Purchase and Sale Agreement), with Armory Arts Collective, LP (Buyer/Developer/Assignor) for the development and adaptive reuse of City-owned exempt surplus property located at 854 East 7th Street, commonly known as the former Long Beach Armory (Subject Property) (Attachment) for the development of a 64-unit affordable housing project (Proposed Project).
In March 2023, the Buyer/Developer/Assignor notified the City that the Purchase and Sale Agreement would be assigned to Linc Armory, a California limited partnership (Assignee), to facilitate a change in developers for the Proposed Project. In addition to the assignment, a request was made to allow the Assignee to proceed with a change in the population type for the Proposed Project to increase competitiveness in a subsequent round of funding for tax credit financing. Therefore, the population for the Proposed Project would change from a general affordable project without any age restrictions to an affordable project restricted to senior adult households. To that end, an Assignment and Assumption of the Purchase and Sale Agreement and Escrow Instructions is required to be executed by the parties to memorialize the assignment and allow the Assignee to apply for tax credit financing funding targeting an affo...
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