The Long Beach Housing Development Company

Agenda

1. FINISHED AGENDA AND MINUTES
2. CALL TO ORDER
3. ROLL CALL
4. REPORT OF THE CHAIR
5. 1. Recommendation to receive and file the minutes of the regular meeting of May 18, 2011.
   HC-Agenda Item
   Action: received and filed Passed

   A motion was made by Boardmember Ulaszewski, seconded by Vice Chair McDaniel, to receive and file the minutes for May 18. 2011. The motion carried by the following vote:

6. ACTION ITEMS
7. 2. Recommendation to: 1. Approve a loan of up to $5,900,000 to a to-be-formed partnership, in which Hunt Capital Partners, LLC or its affiliate acts as the general partner, for the acquisition and rehabilitation of an apartment building located at 6301 Atlantic Ave. ; 2. Authorize the President or designee to negotiate and enter into a Loan Agreement with a to-be-formed partnership, in which Hunt Capital Partners, LLC or its affiliate acts as the general partner; and 3. Authorize the President or designee to execute any and all documents necessary to implement the recommended actions above.
   HC-Agenda Item
   Action: approve recommendation Passed

   A motion was made by Vice Chair McDaniel, seconded by Boardmember McCarthy, to approve the recommendation. The motion carried by the following vote:

8. 3. Recommendation to: 1. Approve a loan of up to $2,702,000 to a to-be-formed partnership, in which Abode Communities or its affiliate acts as the general partner, for the rehabilitation of the apartment buildings located at 1801 and 1823 E. 68th Street, and 1528 Freeman Avenue, with conditions; 2. Authorize the President or designee to negotiate and enter into a Loan Agreement with a to-be-formed partnership, in which Abode Communities or its affiliate acts as the general partner; 3. Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement; and 4. Authorize the reconveyance of the existing LBHDC affordability covenants to allow for a new 55-year covenant.
   HC-Agenda Item
   Action: approve recommendation Passed

   A motion was made by Vice Chair McDaniel, seconded by Boardmember Gotz, to approve the recommendation. The motion carried by the following vote:

9. 4. Recommendation to: 1. Approve a loan of up to $12,000,000 to Palm Desert Development Company to provide gap financing for the development of a 61-unit 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.
   HC-Agenda Item
   Action: approve recommendation Passed

   Board member Gotz made a secondary motion, seconded by Boardmember Ulaszewski, to approve the recommendation, with the following changes: the loan amount is not to exceed $12.4 million and the affordability structure will return to what was originally proposed in January 2010. The motion carried by the following vote:

10. 5. Recommendation to: 1. Approve a budget of up to $462,180 for the rehabilitation of 3361 Andy Street and relocation of existing tenants; and 2. Authorize the President or designee to execute any and all documents necessary to implement the recommended actions above.
    HC-Agenda Item
    Action: approve recommendation Passed

    A motion was made by Boardmember Ulaszewski, seconded by Boardmember Gotz, to approve the recommendation. The motion carried by the following vote:

11. 6. Recommendation to...Adopt FY12 Budget
    HC-Agenda Item
    Action: approve recommendation Passed

    A motion was made by Boardmember McCarthy, seconded by Boardmember Gotz, to approve the recommendation. The motion carried by the following vote:

12. COMMITTEE MINUTES
13. 7. Recommendation to receive and file committee minutes.
    HC-Agenda Item

    The Committee minutes were received and filed.

14. A) Programs Committee Boardmember McCarthy stated that there was nothing noteworthy to report from the Programs Committee. B) Projects Committee Boardmember Gotz stated that the items discussed at the Projects Committee were discussed at this Board meeting.
15. REPORT OF THE PRESIDENT
16. 8. Recommendation to receive and file the reports of the President.
    HC-Agenda Item

    The reports of the President were received and filed.

17. A) Nominations Committee/Statement of Interest Vice President Tolentino discussed whether or not the Board wished to meet in July. Further discussion ensued. The Board decided to not meet in July. Vice President Tolentino asked if the Board felt there was a need for a Nominations Committee and distributed a Statement of Interest form to be returned via email by the end of July. Further discussion ensued. There was no desire to form a Nominations Committee.
18. NEW BUSINESS
19. PUBLIC PARTICIPATION
20. ADJOURNMENT
21. Note: A digital recording of this meeting will be available in the Housing Services Bureau.
22. Untitled item
23. Untitled item
24. B) Summary of Projects Reports Vice President Tolentino reviewed various projects. Vice Chair McDaniel asked about the first Habitat house at 16th Street and Magnolia. Staff Ure responded that the buyer has not moved in as yet due to various issues. Further discussion ensued. Vice President Tolentino spoke about setting up Requests for Proposals for various properties. C) Upcoming Meetings and Special Events Vice President Tolentino reviewed the list of upcoming meetings and date and time for the reception for Bill Baker.