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I WOULD LIKE TO CALL THE, TO ORDER THE LONG THREE INVESTMENT COMPANY MEETING ON WEDNESDAY, MAY 15TH, 2024.
MADAM SECRETARY, YOU PLEASE CALL THE THANK YOU VICE CHAIR.
GUDO, UM, DIRECTOR CHAMBERS PRESENT.
WE DO HAVE A FORUM THIS AFTERNOON.
UM, MAY I GET, UH, DIRECTOR SPAR TO LEAD US ON THE LAST, YOUR RIGHT HAND OVER YOUR HEART AND REPEAT AFTER ME.
I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE BROWN, MY SECRETARY, IF YOU CAN PLEASE READ THE FIRST ITEM.
THE FIRST ITEM IS THE RECOMMENDATION TO RECEIVE AND FILE THE PRESIDENT'S REPORT.
MAY I GET A MOTION FURTHER TO SIGN MOTION? SECOND.
THERE'S A LOT GOING ON, SO WE'RE GONNA JUST WORK THROUGH IT.
A I DO HAVE TO START, UH, WITH SOME SADNESS OR, UM, CHAIR MARY CASTRO, UM, HAS RESIGNED.
JUST, UM, SOME FAMILY AND PERSONAL THINGS GOING ON.
I TOTALLY UNDERSTANDABLE TO YOUR FAMILY FIRST AND SHE NEEDS TO ADDRESS THAT, BUT, UM, I THINK SHE'S BEEN, UH, REALLY IMPORTANT TO MACON AND I AND TO THE, TO THE WHOLE BOARD AND HAS, UH, REALLY DONE A LOT.
AND MAYBE IT'S JUST LIKE IN MY MIND BECAUSE IT'S THE MOST RECENT, BUT AT THE WELLSPRING OPENING, UM, YOU KNOW, WE HAD ME BEING DISORGANIZED.
WE HAD THE MAYOR 20 MINUTES LATE, BUT MARY SORT OF LIKE STOLE THE SHOW AND WAS A REALLY FANTASTIC, UM, SPEAKER AND JUST KIND OF BROUGHT, UM, EVERYTHING TOGETHER.
I THINK SHE'S BROUGHT, UM, STABILITY AND, UM, AS HAS, UH, HANDLED HERSELF WITH GRACE AS THE, THE CHAIR OF THIS COMMISSION.
SO WE HAVE SOME CARDS, UH, FOR FOLKS TO SIGN.
UM, JUST, UH, CONNECTING HER FOR HER TIME WITH US AND I'M SURE, UM, IN THE FUTURE WHEN SHE'S COMFORTABLE.
SO SHE'LL SHARE WITH YOU KIND INDIVIDUALLY, UM, WHAT'S GOING ON.
BUT THAT'S KIND OF, UM, THE FIRST PIECE OF THIS.
SO WE'LL, WE'LL, UM, SPREAD THOSE AROUND, UM, OVER TIME AND SORT OF HAPPIER NEWS.
UM, JUST WANTED TO KIND OF LET YOU KNOW ABOUT OTHER THINGS, HOUSING, UM, HAPPENING AROUND THE CITY.
SO LAST NIGHT WE WERE AT CITY COUNCIL, UM, BRIDGE AND OVER THERE ALL NIGHT.
BUT, UH, FOR YOU THERE WAS, UM, THERE'S SOME GOOD THINGS HAPPENING, RIGHT.
SO, UM, WE STARTED THE PROCESS TO EXPAND WHAT'S CALLED INCLUSIONARY HOUSING, WHICH IS REQUIRING AFFORDABLE UNITS IN MARKET RATE DEVELOPMENTS, UM, CITYWIDE.
AND THERE WAS A GOOD DISCUSSION, UM, WITH THE COUNCIL ABOUT THAT.
I'LL JUST OBSERVE THAT IT IS A GREAT PLACE TO WORK BECAUSE, UH, WHEN I STARTED HERE NINE YEARS AGO, THAT WAS KIND OF LIKE A NON-STARTER WITH THE COUNCIL AND THE MAYOR AND THE PUBLIC.
SO, UM, WE'VE COME A LOT, WAY, A LONG WAYS TO APPRECIATING, UM, THE IMPORTANCE OF HOUSING OUR SOCIETY AND OUR CITY.
UM, WE ALSO, UM, THEY TOOK AN UPDATE TO
UM, AND WE ALSO DID A, JUST A GENERAL, UH, REPORT TO COUNCIL ABOUT WHERE WE ARE IN HOUSING PROTECTION.
UH, LAST YEAR WE DID SET RECORDS FOR NUMBER OF HOUSING UNITS, UM, APPROVED NUMBER OF AFFORDABLE UNITS, APPROVED NUMBER OF ADUS APPROVED AND BUILT, UM, AND HAD A PRETTY GOOD, UM, YEAR FOR, UM, HOUSING STORES AS WELL AS HOUSING
UM, BUT FOR A BUILT OUT CITY WITH NO VACANT LAND AND ALL THE CHALLENGES THAT WE HAVE IN A HIGH INTEREST RATE ENVIRONMENT, UM, JUST, YOU KNOW, WANT TO THANK, UH, YOU AS WELL AS THE STAFF HERE IN THE DEPARTMENT, THE MEMBERS OF APPLYING COMMISSION.
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OF THIS HAPPENS BY ACCIDENT, RIGHT.AND THE CITY'S IN REALLY GOOD PLACE.
SO JUST WANTED TO SHARE THAT WITH YOU.
AND THEN, UM, ONE OTHER THING.
WE'VE HAD A KICKOFF OF KIND OF THE HOUSING PROMISE GROUP, SO I DON'T KNOW, UM, UH, DIRECTOR CHAMBER IF YOU WANNA TELL SINCE YOU WERE THERE AS WELL.
UH, TELL US A LITTLE BIT ABOUT WHAT HAPPENED ON THAT DAY AND, AND THE DIFFERENT GROUPS THAT ARE WORKING TOGETHER.
UM, THE HOUSING PROMISE GROUP WAS MADE UP OF EMERSON, CAL STATE UNIVERSITY OF LONG BEACH, LONG BEACH CITY COLLEGE WITH TRY THE PROGRAM DIRECTOR FOR CAPITAL CONSTRUCTION THERE, LONG BEACH UNIFIED SCHOOL DISTRICT, AS WELL AS THE CITY OF LONG BEACH.
SO THE FOUR ENTITIES THAT KIND OF HAVE A, A, A STAKE IN HOUSING, UM, WERE PULLED TOGETHER TO THE TABLE ASSEMBLED BY THE MAYOR.
ANOTHER, UM, A FEW OTHER MEMBERS OF SOME COUNCIL MEMBERS.
IT WAS A PRETTY ROBUST MEETING, BUT I THINK IT WAS THE FIRST MEETING.
THE MAYOR KIND OF SET HIS EXPECTATION AS TO WHAT, UM, HE WANTED TO DO BASICALLY IS HELP HOW DO WE MAKE HOUSING, UH, MORE AFFORDABLE AND ATTAINABLE FOR, UM, THE RESIDENTS OF THE FOLKS AT THE CITY OF LONG BEACH THAN INCLUDE STUDENTS, FACULTY, STAFF, WORKFORCE, HOUSING, AND EVERYTHING UNDER THE, EVERYTHING UNDER THE RAINBOW.
HE KIND OF, THE OLD SCHOOL KIND OF SET EXPECTATION IN LIFT, SO THE PEOPLE AROUND THE TABLE TO HELP EXECUTE THE MISSION, WHICH IS, UM, I'M EXCITED TO BE A PART OF THAT AND LOOKING FORWARD TO, UM, DEVELOPING THIS ROAD.
AND THEN, UM, LAST WEEK, UH, WITH OUR PARTNERS AT THE HEALTH DEPARTMENT, UM, WE WERE ABLE TO MAKE A PUBLIC ANNOUNCEMENT.
WE HAVE THE RESULTS OF THE ANNUAL HOMELESS COUNT AND UM, SO OUR HOMELESS COUNT IS DOWN ABOUT 2%, WHICH MAY NOT SOUND, UM, THAT IMPRESSIVE, BUT THAT IS, UM, AN OUTLIER AROUND OTHER COMMUNITIES.
SO ORANGE COUNTY'S NUMBERS WERE UP, UH, BY DOUBLE DIGITS AND WE EXPECT OTHER JURISDICTIONS WILL BE UP THERE PRETTY HIGH.
I THINK THE WORK THAT, UH, WE DID LAST YEAR AND CONTINUE TO DO THIS YEAR, UM, IS, IS PRETTY IMPRESSIVE.
AND WE'RE STARTING TO SEE THE EARLY SIGNS OF THOSE RESULTS.
SO REDUCTIONS IN HOMELESS COUNT, MORE PEOPLE HOUSED, INCLUDING IN PROJECTS, UM, THAT WE'VE, UH, FINANCED, UM, AS WELL AS, YOU KNOW, HOUSING ON THE MARKET RATES BY.
UM, SO I THINK WE'RE IN A GOOD PLACE.
I DON'T WANNA, UM, CHANGE IT, BUT, UM, I THINK WE'RE IN A GOOD PLACE.
SO THOSE WERE MY ANNOUNCEMENTS.
DID YOU HAVE OTHER THINGS TO DO? UH, SOMETHING NASTY.
I HAVE TO, UM, INFORM VICE CHAIR DEL BOTTOM.
WE WE'RE CALLING YOU OUT BY NAME.
OH, AND THE OTHER ONE'S NOT HERE.
UM, YOU'RE OUTTA COMPLIANCE WITH 80 12 34 TRAINING.
AND THEN, UM, LIKE GOOD NEWS, SOMETHING EXCITING COMING UP AS WE HAVE OUR SECOND OF FOUR GRAND OPENINGS COMING UP ON JUNE 12TH AT 11 O'CLOCK.
THAT'S FOR THE 26.2 PROJECT OVER IN BASICALLY EAST LONG BEACH.
OUR FIRST ONE ON THAT SIDE OF TOWN.
IT'S A HUNDRED PERCENT FOR FORMERLY HOMELESS, UM, INDIVIDUALS, UM, HAPPENED VERY QUICKLY, WHICH IS NOT A USUAL STORY FOR OUR PROJECTS.
WE OFTEN SOMETIMES DON'T HAVE A GRAND OPENING IN A YEAR.
WE HAD A FEW DURING COVID, REALLY GREAT ONES FOR PROJECTS THAT WE WORKED ON FOR LIKE 10 YEARS, UM, AND KIND OF MISS.
SO I DO HOPE THAT YOU'LL COME OUT TO AT LEAST ONE OR TWO OF THESE.
UM, IT'S A REALLY BIG TIME FOR US TO CELEBRATE YEARS OF WORK AND BLOOD, SWEAT AND TEARS THAT GOES INTO THIS PROJECT.
AND ALSO FOR YOU TO MEET SOME OF THE COMMUNITY SO THAT YOU CAN SHARE THE STORIES OUT THERE TO BE
DO YOU KNOW WHEN THAT 1, 2, 3, 4 DEADLINE IS? UH, IT DEPENDS ON THE LAST TIME THEY COMPLETED THE OKAY.
AND SO, YEAH, JUST IN CASE I HOPEFULLY LIKE TOMORROW.
ACTUALLY, I'VE BEEN HAVING TROUBLE 'CAUSE WE ARE, MY WORK COMPUTER HAS VERY STRICT RESTRICTIONS.
SO ANYWAY, I'M WORKING WITH A
ONE OF THE COUNCIL MEMBERS IS ALSO YEAH, AND WE HAD AN ISSUE WITH PLANNING SAME PROBLEM.
SO IF YOU CAN'T GET IT AND RESOLVE, JUST LET US KNOW.
THE COMPUTER, AS WE, I CAN'T REMEMBER, IT WAS THE MONTH BEFORE LAST, WE ALL APPROVED THE DEMOLITION CONTRACT WITH LINK HOUSING TO DEMOLISH THE STRUCTURE.
I CAN'T BEGIN TO TELL YOU ABOUT.
UM, I TOOK A SWAT TEAM AND LOTS OF CITY COORDINATION TO, UH, EVACUATE THE PEOPLE EXPERIENCING HOMELESSNESS THERE.
UM, BUT IT WAS SUCCESSFUL AND NO ONE GOT ARRESTED AND MOST PEOPLE WERE PUT INTO AT LEAST TEMPORARY HOUSING.
AND THE BUILDING HAS NOW BEEN DEMOLISHED.
UM, BUT ON THAT NOTE, YOU'LL BE SEEING SOMETHING COME UP NEXT WEEK BECAUSE OF
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ALL OF THE DELAYS AND JUST SO MANY DIFFERENT CIRCUMSTANCES COMING UP.SO YOU'LL SEE THAT I AM COMING NEXT MONTH.
UM, HOPING TO AVOID THAT ON OUR NEXT DEMOTION BECAUSE WE'RE, WE ARE ON TARGET STILL TO DEMOLISH THE, UM, WORKLOAD BUILDING ON IN JUNE.
SO THAT WAS THE ONLY WHEN THEY LEFT THIS LAB.
SO I DO WANNA ACKNOWLEDGE IF THERE'S ANY PUBLIC COMMENT, UM, UM, THE PRESIDENT REPORT, ANYONE WHO WOULD LIKE TO SPEAK, PLEASE THEN NO COMMENT.
UM, MEMBERS OF THE BOARD, IF THERE'S ANY DISCUSSION ON THIS ITEM? I'M SECRETARY.
UM, I'M CALLING FOR VOTE, PLEASE.
RECOMMENDATION TO APPROVE THE MINUTES FOR THE LONG BEACH COMMUNITY INVESTMENT COMPANY MEETING OF WEDNESDAY, APRIL 17TH, 2024.
MAY I GET A MOTION TO HEAR THIS ITEM? SO I, SECOND, SECOND, SECOND.
MOVE BY DIRECTORS, LAST DIRECTOR CHAMBERS WILL NOT TAKE PUBLIC COMMENT ON THIS SETTING.
IF ANYONE WOULD LIKE TO SPEAK, PLEASE STAND OR IF THERE'S ANYONE ON THE PHONE, THERE IS NO PUBLIC COMMENT AT THIS TIME.
BOARD MEMBERS, IF THERE'S ANY DISCUSSION ON THE ITEM AND THEN MATTER.
SECRETARY, CAN YOU PLEASE CALL FOR A VOTE? OKAY.
CAN WE PLEASE READ THE NEXT RECOMMENDATION TO ADOPT THE LONG BEACH COMMUNITY INVESTMENT COMPANY? PROPOSED FISCAL YEAR 2024 THROUGH 2025.
CAN I GET A MOTION TO HEAR THIS ITEM? MOTION? IT HAS BEEN MOVED BY DIRECTOR RAMIREZ A SECOND.
CAN WE GET A SECOND BY? SECONDED BY DIRECTOR SPAR STAFF? IS THERE A REPORT PRESENTATION FOR THIS TIME? YES, ELIZABETH, UNTIL BEGINNING THE REPORT.
BOARD MEMBERS THIS PRESENTATION AGAIN IS TO APPROVE THE CCFY 24 THROUGH 25 BUDGET.
DOES EVERYONE, DOES EVERYONE HAVE ATTACHMENT A AND B TABLES? MM-HMM.
THE PROPOSED L-B-C-I-C HOUSING FUND BUDGET, WHICH IS FUND 25 50 FOR THE CITY, IS FOR NEXT YEAR IN THE AMOUNT OF 5,725,000 $142.
THAT CAN BE SEEN IN LINE 17 OF ATTACHMENT A AND LINE 27 OF ATTACHMENT B.
THE L-B-C-I-C BUDGET IS TO BE APPROVED.
UM, TO BE APPROVED, TO BE PROPOSED.
TO BE APPROVED TO DATE IS FOR EXPENDITURES ONLY AND IS FOR THE PERIOD BEGINNING OCTOBER 1ST, 2024 THROUGH SEPTEMBER 30TH, 2025.
THE L-B-C-I-C HOUSING FUND BUDGETS TO BE CONSIDERED FOR APPROVAL TODAY AND IT'S DETAILED IN THE ATTACHMENT A HANDOUT.
UM, THE L-B-C-I-C FUND 25 50 BUDGET YOU WILL CONSIDER TODAY IS A PORTION OF, AND IT'S ALSO INCLUDED IN THE FY 25 COMPREHENSIVE HOUSING FUND BUDGET, WHICH IS ATTACHMENT B.
SO YOU'LL SEE LINES, UH, ONE THROUGH 17 IN ATTACHMENT A SHOWN AND ALSO ATTACHMENT B PORTION OF IT.
UM, THE COMPREHENSIVE HOUSING FUNDS BUDGET ATTACHMENT FEE ALSO CONSISTS OF REVENUES AND OTHER CITY EXPENDITURES NOT RELATED TO FUND 25 50 AND DOES NOT INCLUDE PRIOR YEAR'S RESOURCES THAT HAVE ALREADY BEEN BUDGETED AND APPROPRIATED.
JUST A QUICK SUMMARY, UM, OF THE FY 25 COMPREHENSIVE HOUSING FUNDS BUDGET ATTACHMENT FEE.
SO WE'LL BE LOOKING AT ATTACHMENT FEE HERE.
REVENUE SOURCES LISTED INCLUDE FEES AND MISCELLANEOUS REVENUE AND INTEREST.
THAT'S LINE TWO IN ATTACHMENT B LOAN REPAYMENTS, WHICH INCLUDES PRINCIPAL AND INTEREST.
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INCOME FROM TWO L-B-C-I-C OWNED RENTAL PROPERTIES.LINE SEVEN PROCEEDS FROM LAND SALES, NO.
YEAH, LINE SEVEN AND FUNDING FROM THE PERMANENT LOCAL HOUSING ALLOCATION LINE EIGHT.
SORRY, I'M GETTING MYSELF CONFUSED.
EXPENDITURE SOURCES INCLUDE THE FULL L-B-C-A-C EXPENDITURE BUCKET BUDGET, AGAIN, WHICH IS ATTACHMENT A, LINES ONE THROUGH 17, BUT IS ALSO AN ATTACHMENT B LINES 11 THROUGH 27 FOR YOUR APPROVAL.
THIS INCLUDES OPERATING COSTS AND MAINTENANCE OF L-B-C-I-C OWNED RENTAL PROPERTIES, WHICH IS LINES ONE AND TWO IN ATTACHMENT A AND LINES 11 AND 12 IN ATTACHMENT B.
IF YOU'RE LOOKING AT B DEVELOPMENT PROJECTS OR NOFA LINE NINE AND A LINE 19 AND B AND L-B-C-I-C ADMINISTRATION COSTS INCLUDING ADMINISTRATION LINE 13 AND A LINE 23 AND B, PROPERTY MANAGEMENT LINE 14 AND A 24 AND B AND PROJECT STAFF COST FIVE, WHICH IS LINE 15 AND A AND 25.
THE EXPENDITURE SOURCES ALSO INCLUDE OTHER CITY EXPENDITURES AND ATTACHMENT B SUCH AS SALARIES, WHICH IS LINE 29, MATERIALS AND SUPPLIES LINE 30 INDIRECT COST AND OVERHEAD LINE 31 AS WELL AS CIVIC CENTER RENT LINE 32 AND THE GREENHOUSE GAS REDUCTION PROGRAM LINE 28.
AGAIN, ATTACHMENT B PROVIDES THE ITEMIZED BREAKDOWN OF ALL THE REVENUES AND EXPENDITURES, BUT THESE ARE THE BIG TAKEAWAYS AND CHANGES.
REVENUES ARE ESTIMATED TO BE DOWN 34.4% FOR FY 25.
THE PRIMARY REASON FOR THIS IS THAT THE PLHA FUNDING, THE PERMANENT LOCAL HOUSING ALLOCATION IS DECREASING BY A LITTLE UNDER $2.5 MILLION FOR ZERO THREE ALLOCATION.
AND THAT CAN BE SEEN IN LINE EIGHT ATTACHMENT FEE.
WE'RE ALSO BUDGETING AN INCREASE IN MISCELLANEOUS REVENUE AND LOAN REPAYMENT INTEREST IN THE AMOUNT OF $145,000.
AND THAT'S BASED ON PRIOR, UH, FIVE YEAR AVERAGES.
AN ATTACHMENT FEE EXPENDITURES FOR THE NEXT YEAR ARE ALSO ESTIMATED TO GO DOWN 39.8%, MOST DUE TO A DECREASE IN THE L-B-C-I-C BUDGET NOFA AMOUNT, THAT'S LINE NINE IN ATTACHMENT A AND LINE 19 IN ATTACHMENT B, BOTH SHOW THAT NOFA BUDGETS ARE PROPOSED TO DECREASE FROM 10 MILLION IN THE LAST BUDGET TO 5 MILLION.
WE'RE ALSO PROPOSING AN INCREASE IN THE L-B-C-I-C BUDGET FOR OPERATING COSTS FOR LOWEST APARTMENTS IN THE AMOUNT OF 50,000.
THAT'S LINE ONE IN ATTACHMENT A AND LINE 11 IN ATTACHMENT B.
SINCE EXPENSES HAVE INCREASED FOR THE PROJECT IN THE LAST COUPLE OF YEARS AS PART OF THE CITY'S BUDGET, NOT IN ATTACHMENT AIM, WE'RE ALSO PROPOSING A DECREASE IN BUDGETED INDIRECT AND DEPARTMENT OVERHEAD BASED ON OVERALL EXPENSES, CHANGES IN EXPENSES AND OVERHEAD ALLOCATION CALCULATIONS THAT'S SEEN IN LINE 31 AND ATTACHMENT FEE.
THIS IS A SUMMARY OF THE DIFFERENT FUNDING CATEGORIES IN FY 25 FOR THE COMPREHENSIVE HOUSING FUNDS BUDGET.
IT MORE CLEARLY IS AGAIN, MORE CLEARLY DETAILED IN ATTACHMENT FEE.
THE RECOMMENDATIONS TO ADOPT THE L-B-C-I-C PROPOSED FISCAL YEAR FYA, I MEAN 2024 THROUGH 2025 BUDGET.
AND THIS CONCLUDES THE PRESENTATION.
AT THIS TIME, WE'RE HAPPY TO ANSWER QUESTIONS ABOUT THE CHANGES, UM, OR GO THROUGH THE ATTACHMENTS MORE CLOSELY WITH THE GROUP.
OUR FINANCIAL SERVICES OFFICER, WE BROUGHT THE ALSO HERE TO HELP ANSWER OUR TEAM, UH, ANSWER QUESTIONS ABOUT THE BUDGETING PROCESS AND THE BUDGET PROCESS.
OUR REPORT, UM, WE LIKE TO TAKE PUBLIC COMMENT ON THIS ITEM IF ANYONE WOULD LIKE TO SPEAK.
MR IS NO PUBLIC BOARD MEMBERS.
IS THERE ANY DISCUSSION MS. SIGN? YES.
IS THAT THE, IS THAT THE FEES THAT YOU GUYS ARE PAID FOR YES.
NO, THOSE ARE THINGS LIKE OUR ATTORNEY'S FEES CONSULT OUR CONSULT, YES.
THE
WHY? SO, UM, WE HAD A BIT OF, UH, YEARS PILING UP OF SPECIFICALLY PERMANENT LOCAL HOUSING ASSET FUNDS LAST YEAR.
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WE REALLY JUST HAVE THE, LIKE ONE AND A QUARTER YEAR TO DISPERSE BECAUSE WE HAVE COMMITTED A LOT OF THOSE FUNDS.WE GET ANYWHERE FROM 2.5 TO 5 MILLION A YEAR.
WE HAD GOTTEN ONE YEAR WITH 5 MILLION WAS ON THE LARGER SIDE.
AND, AND BECAUSE WE ALSO USE PLHA FUNDS TO ACQUIRE, UH, THE WEST HOLLYWOOD SITE, WHICH WAS REALLY A GREAT THING BECAUSE WE DID HAVE EXPENDITURE DEADLINES.
UM, AND I KNOW WE'RE TALKING ABOUT JUST THIS BUDGET, BUT TO PUT IT IN CONTEXT, WE DID ALREADY DO A $5 MILLION NOPA.
UM, OR WE WILL BE DOING ANOTHER ONE TOO.
BUT THOSE ARE WITH FUNDS NOT INCLUDED IN THIS BUDGET.
ANY QUESTION ASKED? ALL THE QUESTIONS.
RENTAL INCOME BY PROPERTY OWNED BY THE CITY, CORRECT? YES.
CAN YOU TELL ME WHAT LINE? MINE.
WHAT WOULD YOU LIKE TO KNOW ABOUT THEM? UH, WHAT, SO THIS IS A RENTAL INCOME FOR THE YEAR OR PROPOSED FOR THE YEAR.
THIS IS PROPOSED FOR THE YEAR.
UM, ONE OF 'EM LOWEST APARTMENTS HAS, UM, AN UNUSUAL, UM, FUNDING SOURCE ON IT.
UM, THERE'S NOT A LOT OF INCOME COMING IN FROM IT, BUT WE DID JUST DO AN ANALYSIS.
LIZ AND PLACE BACK THERE WHO WE PROBABLY HAVEN'T MET YET THOUGH, DID A VERY THOROUGH, UM, ANALYSIS FOR ME TODAY.
AND IT HAS OVER YEAR, OVER YEAR.
THEY'RE NOT IN THE RED, BUT THERE'S BEEN A LOT OF CAPITAL IMPROVEMENTS THAT NEEDED TO GO INTO THE BUILDING.
IN MY EDUCATED OPINION, IT'S THE ONLY PROJECT.
WE HAVE AFFORDABLE HOUSING PROJECT IN LONG BEACH THAT LOOKS LIKE AFFORDABLE HOUSING.
AND SO THERE HAS BEEN A LARGE INVESTMENT.
UM, BUT UNLIKE A MARKET RATE, JUST BECAUSE WE MAKE IT NOT LOOK LIKE AFFORDABLE HOUSING ANYMORE, MAYBE IT MUCH MORE LIVABLE AND BEAUTIFUL FOR THE NEIGHBORHOOD, DOESN'T MEAN WE GET TO RAISE THE RISK.
UM, WE ARE ALSO LOOKING TO RFP, THOSE TWO, UH, PROJECTS THIS YEAR.
WE, WE DON'T WANNA CONTINUE OWNING 'EM.
IT TAKES A LOT OF STAFF TIME, EVEN THOUGH WE HAVE A PROPERTY MANAGEMENT COMPANY.
PROPERTY MANAGEMENT COMPANIES ARE ROUGH.
IT TAKES A LOT OF OUR OWN MANAGEMENT TO MANAGE THEM AND IT'S VERY EXPENSIVE.
SO WE ARE LOOKING TO TO UM, SELL THEM, CONVEY THEM, CONVEY THEM IS PROBABLY A BETTER WORD.
THAT'S HOW OUR, UM, ALL OF OUR AFFORDABLE HOUSING PROJECTS ARE.
UNLESS THERE'S PROJECT BASED VOUCHERS IN THEM, WHICH THIS ONE DOES NOT, WE CAN ENCOURAGE AND WE HAVE TO HELP THE, UM, REVENUE, BUT THEY HAVE A LONG, IT'S A OLDER PROJECT AND THEY HAVE A LONG, LONG WAITING LIST AND WE CAN'T SKIP TO PROJECT BASED OR TO, UM, BUDGET VERSUS AS MUCH AS IT MIGHT BE CONVENIENT.
UM, THERE'S ALSO, LOIS IS ABOUT 20 UNITS IN MAINE IS JUST A 10 UNIT PROJECT.
SO THAT'S WHY THE, YOU DON'T SEE A HUGE AMOUNT TOO IMAGINE, TO BE HONEST.
THEY LEAVE IF SOMEONE PASSES AWAY.
I, I DO HAVE A FOLLOW UP QUESTION TO THIS QUESTION.
SO IF YOU SELL THE PROPERTY, WOULD THE THE TENANTS STAY THERE OR YES.
THERE'S A LONG TERM COVENANT ON THE LAND.
WHOEVER TAKES IT, IT'LL BE SOMEONE IN THE AFFORDABLE HOUSING WORLD AND THEY'LL HAVE TO MAINTAIN EXISTING COVENANT.
AND WHEN WE SAY SELL, JUST SO THE BOARD KNOWS, I THINK WE, THESE ARE NOT MONEY MAKING PROPERTIES.
SO WE SERVICE, WE MIGHT BE SELLING IT FOR A DOLLAR OR WE MIGHT BE PAYING SOMEONE TO TAKE IT IN THE FORM OF GIVING 'EM A LOAN.
UM, THIS IS NOT GONNA RESULT IN ANY KIND OF LIKE WINDFALL, UM, TO THE AGENCY OR THE CITY.
I, IT JUST, UM, WE'RE GOOD AT MANY THINGS, BUT PROPERTY MANAGEMENT IS, IS PROBABLY NOT ONE OF THEM HERE AT THE CITY.
SO, UM, A NON-PROFIT, UM, A DEVELOPER, THERE'S A BUNCH OF DIFFERENT ENTITIES THAT CAN PROBABLY DO A BETTER JOB THAN THAN WE AT AT MANAGING PROPERTIES.
FOLLOW UP, FOLLOW UP IN THE EVENT IT SOLD TO JOHN DOE PERSON AND THEY SAY, I WANNA TURN THIS DOWN AND MAKE SOMETHING ELSE.
JUST COMMENT CAN, CAN BE DONE.
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THEY COULD FIND NEW AFFORDABLE HOUSING FOR EVERY SINGLE PERSON THAT LIVES THERE, THEN TEAR IT DOWN AND REPLACE EVERY SINGLE AFFORDABLE UNIT FOR OUR NET LOSS POLICY.BUT THAT DOESN'T MAKE ANY DOLLARS AND CENTS.
SO, AND WE WON'T BE, I LIKE THE WORD CONVEY BECAUSE IT, YEAH, IT DOESN'T MEAN MONEY, BUT WHEN WE PUT OUT THE RP TO CONVEY THE PROPERTIES, WE WON'T BE SEEKING JOHN DOE.
AFFORDABLE HOUSING OWNERS, WHICH MEANS DEVELOPERS IN A LOT OF TERMS. SO, UM, WE'RE NOT GONNA JUST LET ANYBODY COME PURCHASE THEM THAT DOESN'T HAVE THE EXPERIENCE AND THE MISSION BREAK UP QUESTIONNAIRES OR I HAVE SPECIAL QUESTION.
BACK TO ITEM 14 ON ATTACHMENT A, UH, WHERE WE'RE TALKING ABOUT PROJECT DEVELOPMENT AND I'M JUST THINKING ABOUT THE, THE ACQUISITIONS.
DOES THAT FALL INTO THAT CATEGORY? UH, LINE 14.
LINE 14 THAT, UH, BELIEVE IT OR NOT, IS THE DEMOLITION AND ASSOCIATED COSTS OF DEMOLITION TO JUST PAIR DOWN THE STRUCTURE AND PREPARE IT FOR HABITAT.
WHEN THEY SUBMITTED THEIR PROPOSAL, UM, SUBMITTED IT WITH THEY DEMOLISHED.
DID YOU MEAN AN ATTACHMENT? A YES, A
THAT'S THE LEGAL FEE CONSULTANTS.
SO THAT PROJECT, PROJECT MANAGEMENT AND DEVELOPMENT.
I WAS LOOKING AT ATTACHMENT B.
SO PROJECT ADMINISTRATION IS, UM, PAYING OUR LEGAL FEES.
WE HAVE OUTSIDE LEGAL COUNSEL, WE TALK TO 'EM DAILY, HER DAILY, UM, SHE'S ON MANY CONFERENCE CALLS.
SHE WRITES ALL OF OUR BIG BINDERS, LEGAL AGREEMENTS.
UM, SO IT IS VERY EXPENSIVE AND IT'S ALSO OUR FINANCIAL CONSULTANT THAT LOOKS OVER THE PERFORMANCE IN ADDITION TO STAFF BEFORE THEY COME TO YOU.
IT'S ALSO THINGS LIKE, UM, MONITORING, MONITORING MONITOR, SOME MONITORING.
SOME OF OUR OWN INTERNAL MONITORING STAFF GETS CHARGED TO THAT.
ALSO, THE PROPERTY MANAGEMENT COMPANIES FOR THE, FOR THE VACANT LANDS THAT WE STILL NEED TO KEEP CLEAN ALL THE TIME.
SO BASICALLY ANY, SOME STAFF, BUT ANY CONSULTANT THAT WE USE THAT'S RELATED TO A FUTURE PROJECT THAT WOULD INCLUDE ANY BUILDINGS.
ANY OTHER QUESTIONS? I KNOW YOU, YOU LOOK LIKE YOU HAVE ANOTHER QUESTION.
UM, NO, YOU ANSWERED THE FOLLOW UP QUESTION.
LOOKING PEOPLE ARE NOT THE CITY, CITY NOT, IT'S ALSO BEEN REALLY ROUGH BECAUSE IT'S, IT'S SETTLED NOW, BUT IT TOOK A NUMBER OF YEARS OF US OWNING 'EM FOR PEOPLE TO JUST, THE RESIDENTS TO THINK THAT THEY CAN NOT FOLLOW RULES AND PAY RENT BECAUSE THE CITY OWNS IT.
IT IS, IT, IT WAS A REALLY BAD SITUATION.
WE'VE MANAGED TO GET IT TO A GOOD PLACE NOW BECAUSE THEY'VE ALL BEEN THERE A LONG TIME, BUT IT'S BEEN A ROUGH RIDE.
WE, WE, I WOULDN'T WANNA REPEAT IT.
UH, ANY FURTHER DISCUSSION? OKAY, MADAM SECRETARY, PLEASE VOTE FOR VOTE VICE CHAIR DELGADO.
IF YOU PLEASE READ THE NEXT ITEM.
THE NEXT ITEM IS RECOMMENDATION TO AUTHORIZE THE PRESIDENT FOR DESIGNEE TO AMEND AND RESTATE THE DISPOSITION AND DEVELOPMENT AGREEMENT, REGULATORY AGREEMENTS,
AND AUTHORIZE THE PRESIDENT OR DESIGNATE TO EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO IMPLEMENT THE AMENDMENT.
MICHELLE WILL BE GETTING A REPORT.
UH, MAY I GET A MOTION TO HEAR THIS ITEM? SO MOVE.
[00:30:01]
UM, THIS IS A REQUEST FOR APPROVAL TO AMENDED NEW STATE THE DISPOSITION AND DEVELOPMENT AGREEMENT, REGULATORY AGREEMENT, PROMISSORY NOTE AND VIDO TRUST WITH CHRISTIAN COMMUNITY HOUSING THE PROJECT AT 11 WEST 49TH STREET.
SOME BACKGROUND INFORMATION ON THE PROJECT ON DECEMBER 1ST, 2002, THE LONG BEACH COMMUNITY INVESTMENT COMPANY IS THEN KNOWN AS THE LONG BEACH HOUSING DEVELOPMENT COMPANY.
EXECUTED THE NECESSARY DOCUMENTS TO ISSUE A LOAN IN THE AMOUNT OF $7,680,000 TO CHRISTIAN COMMUNITY HOUSING FOR THE SUBSTANTIAL REHABILITATION OF A 96 UNIT, AFFORDABLE HOUSING DEVELOPMENT AT 11 WEST 49TH STREET.
THE REHABILITATION WAS COMPLETED IN 2004 AND INCLUDED THE FOLLOWING IMPROVEMENTS.
24 2 STORY APARTMENT TOWN HOME BUILDINGS CONSISTING OF 96 2 1 3 BEDROOM UNITS, THE LEASING OFFICE, COMMUNITY AND CHILDCARE CENTER, AND FOUR PARKING GARAGE BUILDINGS.
AND THERE'S A SITE MAP PROVIDED THE CURRENT STATUS OF THE CHRISTIAN COMMUNITY HOUSING.
THE DEVELOPMENT HAS FALLEN INTO DISPAIR AND IS IN NEED OF SUBSTANTIAL REHABILITATION IMPROVEMENTS CURRENTLY NEEDED.
INCLUDE THE FOLLOWING KITCHEN UPGRADES, INCLUDING NEW CABINETS AND COUNTERTOPS AND MANIPULATION OF DISHWASHERS, BATHROOM UPGRADES INCLUDING VANITIES, TUB BLAZING, VENTILATION AND RE GRING TILE, AMERICANS WITH DISABILITIES AND ACTIVE IMPROVEMENTS, ROOF REPLACEMENT, DRAINAGE REPAIR, TERMITE TREATMENT, SECURITY ENHANCEMENTS, EXTERIOR SIDING, MAINTENANCE INTERIOR AND EXTERIOR PAINTING AND PAVING AND SIDEWALK HILL.
WE PROVIDED A FEW PICTURES JUST FOR REFERENCE.
SO YOU CAN SEE THIS IS ABOVE AND BEYOND ROUTINE MAINTENANCE.
IT'S MORE SUBSTANTIAL REHABILITATION NECESSARY.
PROPOSED SYNDICATION ABO COMMUNITIES INTENDS TO SPONSOR A NEW TAX CREDIT PROJECT TO FUND THE REHABILITATION OF THE DEVELOPMENT.
A NEW TAX CREDIT LIMITED PARTNERSHIP WILL BE FORMED RESULTING IN A CHANGE IN OWNERSHIP AND ACQUISITION OF THE PROPERTY.
BY THE NEW LIMITED PARTNERSHIP, ALL EXISTING LOANS ON THE PROPERTY WILL NEED TO BE EXTENDED TO ALIGN WITH THE NEW CALIFORNIA TAX CREDIT ELEMENT ALLOCATION COMMITTEE AGREEMENT.
TO SUPPORT THE RECENT INDICATION, THE L-B-C-I-C MUST AMEND AND RESTATE ITS LOAN DOCUMENTS TO CAPTURE A PERIOD INTEREST ON THE CURRENT LOAN, THE NEW LOAN WILL INCLUDE THE ORIGINAL PRINCIPAL AMOUNT OF 7,680,000 PLUS INTEREST IN THE AMOUNT OF $4,813,511.
SUMMARY OF THE CHANGES TO THE CURRENT, THE EXISTING LOAN FOR 7 9 600 $80,000 WITH ACCRUED INTEREST AT 4,000,013 $511.
THE TOTAL AS OF JUNE 1ST OF THIS YEAR BEING $12,493,511.
REPAYMENT TERMS ARE RESIDUAL RECEIPTS AND IT'S A 30 YEAR TERM DUE APRIL 1ST, 2034, THE NEW LOAN HAVE A PRINCIPAL AMOUNT OF $12,493,511.
THE INTEREST RATE WILL CONTINUE TO BE 3%.
ALSO RESIDUAL RECEIPTS PAYMENTS WITH A 55 YEAR TERM DUE JUNE 1ST, 2079.
RECOMMENDATION IS TO AMEND AND RESTATE THE FOLLOWING LOAN DOCUMENTS WITH CHRISTIAN COMMUNITY HOUSING DISPOSITION AND DEVELOPMENT AGREEMENT, REGULATORY AGREEMENT, PROMISSORY NOTE AND DEED OF TRUST, AND ALSO TO AUTHORIZE THE PRESIDENT OR DOES THE NEED TO EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO IMPLEMENT THE AMENDMENT.
THAT CONCLUDES THE PRESENTATION.
ANSWER YOUR QUESTION JUST FOR CLARIFICATION.
SO THE NEW LOAN IS, IS THE SAME AMOUNT AS ONLY THE TERMS OF THE LOAN, RIGHT? IT'S THE ORIGINAL PRINCIPAL AMOUNT PLUS THE ACCRUED INTEREST.
THAT BE LIKE $50 MILLION OVERALL WITH THE 3% INTEREST, NOT SURE IT'S 12.5 MILLION TOTAL REVENUE.
ANY FURTHER QUESTIONS? YEAH, I I I KIND OF JUST DON'T UNDERSTAND THE BASIC BUSINESS OF THIS.
SO THE BOAT'S GONNA COME IN AND THEY'RE GONNA TAKE OVER THE ORIGINAL PRINCIPAL AMOUNT AND THE ACCRUED INTEREST, AND THEN THEY'RE GONNA INVEST THE MONEY IN THE IDENTIFIED REPAIRS? YES.
SO WE AREN'T PUTTING NEW MONEY INTO THE PROPERTY, RIGHT? BUT THE STATE OF CALIFORNIA IS SO, UM, THEY'RE GOING TO THROUGH WHAT'S CALLED A RE SYNDICATION, UM, THEY'LL BE ABLE TO ACHIEVE THE OF, OF TAX CREDITS, BUT IN ORDER TO DO THAT, THEY HAVE TO EXTEND
AND THEN RO NEEDS TO MATCH THAT ACTION BY THIS STATE AND IT NEEDS TO BE SUPPORTED.
SO WE'RE IN POSITION AS WE CURRENTLY ARE.
SO WE'RE, WE'RE MAKING THIS CHANGE TO ACCOMMODATE NEW MONEY.
THE NEW MONEY WAS WHAT I WAS MISSING.
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IMPROVEMENTS AND THEIR PROFIT.AND THEY DO HAVE BUILDING PERMITS INTO THE CITY THAT IF THE PROJECT IS, OKAY, WELL, SO OUR SKIN IS THE SAME.
WE'RE JUST EXTENDING THE TERM.
IT IS POSITIVE TO US BECAUSE WE'RE EXTENDING THE PERIOD OF AFFORDABILITY AND, UM, THIS IS A PROJECT THAT IS, IT'S BEEN A CHALLENGE AND THEY NEED TO MAKE UPGRADES AND, UM, THEY MADE SOME UPGRADES, BUT THEY, I MEAN, THEY'RE CORRECT WHEN THEY SAY TO THE CITY THAT THEY DON'T, YOU KNOW, HAVE THE FUNDS, UM, TO MAKE FURTHER UPGRADES.
SO, UM, WE'RE GETTING THOSE IMPROVEMENTS WITHOUT PAYING AND IT'S NOT A NEW OWNER.
THEY, THEY, THE EXISTING OWNER IS JUST ESSENTIALLY RE SYNDICATION'S, KIND OF LIKE A, A REFINANCE, BUT THERE'S NEW, UM, MONEY COMING, ALMOST LIKE A REFINANCE WHERE YOU TAKE CASH OUT TO IMPROVE YOUR HOME.
UM, AND SO THE EXISTING OWNER IS STILL GOING TO BE, GRISHA IS A BOAT, GRISHA IS A BOAT, GRISHA IS THE PROJECT, AND A BOAT IS THE OWNER.
THEY JUST HAVE TO HAVE A NEW LLC.
THERE'S ALWAYS AN LLC FOR ALL OF OUR PROJECTS.
UM, SO EACH OF OUR DEVELOPERS HAS A TON OF, OF, UH, LLCS UNDER THE, EACH PROJECT THAT THEY OWN.
AND SO WITH THE NEW INVESTORS, THERE'LL BE A NEW LLC, BUT IT'S NOT REALLY A NEW OWNER.
UM, AND THIS IS ONE OF OUR OLDEST PROJECTS.
IT'S ONE OF THE VERY FEW THAT SYLVIA AND I HAVEN'T TOOK PART ON AND DON'T REALLY KNOW WHY IT WAS THE WAY IT WAS, BUT IT HAS ALWAYS STRUGGLED.
AND SO WE'RE HOPING WE'LL MAKE IT NOT STRUGGLE ANY LONGER.
AND IN RETURN, WE DID, YOU KNOW, THE COVENANT TILL 2079.
AND JUST SO YOU ALL KNOW, UM, BECAUSE WE ARE OLD, WE HAVE, AND OUR PROJECTS ARE GETTING OLD.
THIS IS GOING TO BE BECOME A NEW, UM, SOCIETY JOB FOR US.
AND YOU'LL SEE A LOT OF THESE COMING TO YOU BECAUSE IT'S COMING IN YOUR 15 TO 20 FOR PROJECTS TO DO A VACATION AND TO DO UPGRADES.
AND SO WE JUST REALIZED WE REALLY HAVE TO START PLANNING AS STAFF AND FOR YOU ALL TO KNOW THAT THIS IS GOING TO BE KEEPING US BUSY.
BECAUSE LIKE I SAID, THIS IS WHEN WE REALLY STARTED THE PRODUCTION OF AFFORDABLE HOUSING AND THIS IS THE FIRST OF MANY TO COME AND IT'LL BE VERY BUSY ONCE WE GET, YOU KNOW, A COUPLE YEARS DOWN THE LINE.
I THINK, AND, AND CORRECT ME IF I'M WRONG, BUT GIVEN WHAT YOU JUST DESCRIBED, MOST COUNTIES, CITIES, THEY'RE GOING FOR 50 YEAR, UH, RIGHT.
BECAUSE, YOU KNOW, OTHERWISE WE WILL NOT ATTRACT DEVELOPERS TO BID FOR THIS TYPE OF PROJECT.
SO 50 TO A HUNDRED YEAR SECTION.
I WAS CURIOUS ABOUT THE OWNERSHIP STRUCTURE AND THE THINGS FOR ANSWERING THAT.
UM, I GUESS SINCE WE DON'T HAVE VERY MUCH EXTRA SKIN IN THE GAME ABOUT LIKE THE, THE FUNDING, I MEAN, IT'S DISAPPOINTING TO HEAR THAT THE DEFERRED MAINTENANCE LIST WAS SO BIG AND IT WOULD BE NICE FOR LIKE ANY OTHER NEW PARTNERS THAT WERE ACTUALLY
LIKE YOU NEED TO KEEP THE PROPERTIES UPDATED.
YEAH, AND I JUST REALIZED I HAVE TO CORRECT MYSELF.
I JUST TOLD YOU GUYS, AND IT WAS A LIE THAT THIS IS, THAT THE LOWEST APARTMENTS IS THE ONLY PROJECT IN THE AFFORDABLE HOUSING PROJECT.
IT SEEMS LIKE AFFORDABLE HOUSING, THAT'S NOT TRUE.
THERE'S LOIS, THERE'S THIS CHRISTIAN ONE AND THERE'S CARILLO, WHICH WE DON'T HAVE A APART, BUT THIS ONE IS, IT IS FUNNY THAT THEY'RE KIND, THAT THERE'S QUESTIONS ABOUT BOTH ON SAME NIGHT, BUT THIS REALLY HASN'T BEEN A PROBLEM.
AND LIKE I SAID, WE, OUR EXISTING STAFF IS NOT, UM, FAMILIAR WITH ALL THAT WENT DOWN WHEN THIS DEAL CAME TO BE, BUT WE WERE BRAND NEW AT DOING THIS AS AN ORGANIZATION AT THAT TIME AND IT'S JUST BEEN NONSTOP PROBLEMS. SO I WOULDN'T, I DON'T EXPECT WE HAVE PROPER RESERVES BE OPERATING BUDGETS FOR OUR PROPERLY, YOU KNOW, FOR THE MOST PART THERE'S ALWAYS THINGS THAT HAPPEN, BUT MUCH BETTER PREDICTED IN THE WAY THAT WE DO BUSINESS THESE DAYS.
THIS IS THE FIRST REALLY FOR US, AND THIS WASN'T A CONSTRUCTION PROJECT, SO, UM, BEFORE ALL OF US, BUT, UM, THE AGENCY AT THE TIME, UM, FUNDED AN ACQUISITION REHAB OF THIS PROPERTY AND THEY BOUGHT A NUMBER OF, UM, NATURALLY AFFORDABLE BUT MARKET RATE PROJECTS.
THEY ACCUMULATED 'EM AND THEY WERE IN A CENTRALIZED MANAGEMENT AND THAT ONE WAS GONNA SAVE THEM MONEY.
UM, AND IT JUST DIDN'T REALLY WORK OUT, UM, EXACTLY ACCORDING TO PLAN.
BUT IT IS DIFFERENT THAN WHEN WE DO THE CONSTRUCTION AND WE BUILT THOSE BUILDINGS TO LAST, UM, THESE BUILDINGS WERE EXISTING WHEN THEY BECAME AFFORDABLE HOUSING AND THEY REQUIRE MAINTENANCE, UM, AND THOSE MAINTENANCE COSTS AND TO GROW, UM, AFTER YEAR 50.
SO THAT, THAT'S BEEN A CHALLENGE.
OH, SO THE OTHER SPECIFICATIONS PUT INTO ANY OF THE FUTURE FOLKS THAT WE'VE LEND THAT WE AUTHORIZED TO LEND FUNDS TO THAT THERE'S SPECIAL DESIGNS,
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DIVISIONS, AND DESIGN BUILDINGS TO YEAH, SO THERE'S BOTH, THERE'S BOTH DESIGN, THERE'S BOTH DESIGN STANDARDS AND THEN THERE'S, UM, BUILT INTO THE PRO FORMA, THERE'S RESERVES THAT THEY HAVE TO PAY INTO SO THAT THEY CAN THOSE, THOSE OBLIGATIONS.SO I THINK YOU'LL SEE, UM, A LOT OF TIMES THESE PROJECTS ARE LIKE TYPE THREE PROJECTS INSTEAD OF, UM, YOU KNOW, FIVE OVER FIVE OVER ONE OR FIVE OVER TWO AND A MODIFIED WAY.
SO, UM, THEY'RE BUILT TO A, TO A HIGHER STANDARD.
THEY'RE VERY, UH, INSURED AND THEN THEY PAY IN MAINTENANCE RESERVE.
SO IT'S NOT THAT THEY WON'T AGE OR NEED MAINTENANCE, IT'S THAT IT'S BUILT INTO THE FINANCIAL MODEL THAT THEY'LL BE ABLE TO PAY THOSE, THOSE MAINTENANCE UPGRADES WHEN THAT YEAR COMES.
OTHER QUESTION, THE 3%, SO THE CITY IS BACKING BASICALLY 3%? YEAH, WE MAY ON THIS, BUT THAT'S KIND OF FROM THE STATUS QUO.
LIKE WE HAVEN'T RECEIVED PAYMENTS ON THIS LOAN IN RECENT YEARS.
IT'S A RESIDUAL RECEIPTS LOAN, MEANING IF AFTER COST AND CUSTOMARY FEE THERE FUNDS LEFT OVER, THEN WE GET PAID.
AND IN RECENT YEARS THERE'S BEEN NO FUNDS LEFT OVER, SO WE DIDN'T GET PAID.
SO I DON'T HAVE ANY EXPECTATIONS OF BIG REPAYMENT ON THIS LOAN.
UM, BUT THAT IS A CHANGE FROM OUR CURRENT POSITION.
ANY FURTHER PRECEDENCE OR PUBLIC COMMENT ON THIS ISSUE? THE COMMENT PLEASE STAND.
BOARD MEMBER MEMBERS OF THE BOARD? UH, YES.
YOU THAT MADAM? UH, SECRETARY PLEASE.
UH, DIRECTOR CHAMBERS? YES, THANK YOU.
AT THIS TIME WE'LL TAKE NON AGENDA, PUBLIC COMMENT IF ANYONE WOULD LIKE TO SPEAK, BE STAND.
ARE THERE ANY ANNOUNCEMENTS FROM THE, UM, MARGARET, I KNOW WE'RE HALFWAY DONE WITH IT, BUT YOU WANT JUST TELL EVERYONE LET'S
UM, THE CITY OF LONG BEACH AND THE MAYOR HAVE, UM, DECLARED MAY, UM, A SPRING CLEANING INITIATIVE FOR THIS MONTH.
UM, THE CITY'S WORKING ON SEVERAL DIFFERENT, UM, EFFORTS TO HELP ADDRESS POTHOLES, UM, GRAFFITI TRASH AND JUNK ITEMS. UM, RE INSTITUTING THE CLEAN TEAM CORRIDOR CLEANUPS OF FOUR DIFFERENT CITY CORRIDORS AND, UM, NEIGHBORHOOD HOUSING AND NEIGHBORHOOD SERVICES HAS BEEN WORKING TO ENCOURAGE NEIGHBORHOOD ASSOCIATIONS AND COMMUNITY GROUPS TO HOST NEIGHBORHOOD CLEANUPS.
UM, THE CITY HAS A CITYWIDE CALENDAR THAT LISTS ALL THOSE CLEANUPS.
THERE'S ABOUT 35 OF 'EM THAT, UM, ARE LISTED THROUGHOUT THE MONTH.
UM, AND SO WE'RE ENCOURAGING EVERYONE TO, UM, HELP NOW THE RAINS ARE GONE TO HELP UP THE CITY AND, UM, IT'S BEEN REALLY WELL RECEIVED.
LOTS OF, UM, COMMUNITY GROUPS ARE HOST VISITS EVENTS.
I, I DO HAVE A COMMENT ACTUALLY OUR COMMUNITIES ARE, UH, LOOKING FORWARD TO IT.
UH, AS YOU KNOW, I HAVE A VERY ENGAGED, UH, GROUP OF PEOPLE IN MY NECK OF THE WOODS AND THEY'RE ASKING IF THERE'S LIKE OTHER COMMUNITIES THAT NEED IT MORE THAT WE CAN GO TO THAT NEED CLEAN UP BECAUSE, YOU KNOW, THEY FEEL THAT THERE'S NOT MUCH OF A PROBLEM IN OUR NECK OF THE WOODS.
YEAH, IF YOU CAN MAKE, UH, RECOMMENDATIONS, THAT WOULD BE FANTASTIC.
LIKE IN TERMS OF, YOU KNOW, UH, IF OTHER COMMUNITIES NEEDED IT MORE THAN, THAN OTHERS THAT YOU CAN
SO, UM, HOUSING NEIGHBORHOOD SERVICES HAS A NEIGHBORHOOD CLEANUP ASSISTANCE PROGRAM AND WE PARTNER WITH NEIGHBORHOOD ASSOCIATIONS WHO HOST EVENTS AND WE PROVIDE TOOLS, TRASH BAGS, GLOVES AND NIGHTTIME DUMPSTER FOR NEIGHBORHOOD GROUPS THAT WOULD LIKE TO HOST CLEANUPS IN THEIR NEIGHBORHOOD.
WE ALSO HELP THEM WITH MAKING THE FLYERS, UM, THE ONLINE WEBSITE IF THEY'RE LOOKING FOR THINGS TO DO.
THIS MONTH, THERE IS A, THE WEBSITE IS LONG BEACH.GOV/SPRING
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CLEANING AND YOU CAN SEE THE WHOLE CALENDAR WITH ALL THE DIFFERENT EVENTS, THE TIMES AND THE LOCATIONS.BUT IF THERE'S A GROUP THAT'S LOOKING TO PARTNER ON A LONG-TERM BASIS WITH THE SPECIFIC NEIGHBORHOOD GROUP, THERE ARE ABOUT FIVE OR SIX NEIGHBORHOODS, UM, IN LONG BEACH THAT HOST CLEANUPS ON A REG REGULAR BASIS THAT REALLY HAVE A LOT OF RENTALS, LOTS OF TURNOVER, LOTS OF PROBLEMS WITH DUMPED ITEMS THAT, UM, REMOVE ANYWHERE FROM NINE TO 15 TONS OF DUMPED ITEMS FROM THEIR NEIGHBORHOOD EVERY SINGLE MONTH WITH THESE VOLUNTEER CLEANUPS.
AND SO WE CAN CONNECT ANYONE WHO'S LOOKING FOR HOW TO VOLUNTEER AND WHERE WITH, UM, SOME EXISTING GROUPS THAT WOULD LOVE TO HELP.
ANY OTHER ANNOUNCEMENTS? THAT CONCLUDES TODAY'S MEETING.
THE NEXT MEETING OF THE LONG BEACH COMMITTEE,