Feb 18, 2026 The Long Beach Community Investment Company

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ALL RIGHT.

I WOULD LIKE TO CALL THE LONG BEACH COMMUNITY INVESTMENT COMPANY MEETING TO ORDER FOR FEBRUARY 18TH, 2026.

MADAM CLERK, PLEASE CALL THE ROLL.

I'M SORRY, CHAIR.

IT'S NOT QUITE FOR YET.

JUST 20 MORE SECONDS.

THANK YOU.

WE CAN GO AHEAD AND GET STARTED NOW.

THANK YOU.

PLEASE CALL

[ROLL CALL]

DIRECTOR ESPARZA PRESENT, DIRECTOR LEWIS PRESENT, DIRECTOR EZ PRESENT, DIRECTOR SIDES VICE CHAIR MEL CARREJO AND CHAIR RAMIREZ PRESENT.

AND FOR THE RECORD, DIRECTORY SIDES ARE EXCUSED FROM THE MEETING.

ARE THERE ANY OBJECTIONS FROM THE COMMISSION? NO.

OKAY.

WE HAVE QUORUM.

OKAY.

UH, MAY I PLEASE VOLUNTEER

[PLEDGE OF ALLEGIANCE]

MADAM CLERK, PLEASE READ THE FIRST ITEM.

ITEM NUMBER ONE IS A RECOMMENDATION

[1. 26-54336 Recommendation to receive and file President’s Report.       Suggested Action: Approve recommendation. ]

MAY I HAVE A MOTION TO HEAR THIS ITEM? IT HAS BEEN MOVED BY DIRECTOR ESPARZA AND SECONDED BY DIRECTOR LEWIS.

UM, PLEASE PROVIDE THE REPORT.

GOOD AFTERNOON.

CHRISTOPHER'S NOT HERE TODAY, SO I'M FILLING IN FOR HIM.

HE HAS, UM, HE'S ALWAYS DOUBLE BOOKED, UH, SO I'M GLAD TO HELP HIM OUT.

AND I JUST WANT TO LET YOU ALL KNOW THAT WE ARE GETTING READY FOR THE THIRD ANNUAL COMMUNITY DEVELOPMENT WEEK, AND THAT WILL BE THE WEEK OF THE FIRST FULL WEEK OF APRIL.

WHERE IS SHE? APRIL? YES.

UH, SORRY.

IT BEGINS ON APRIL 7TH WILL BE THE PROCLAMATION TO CITY HALL OR TO CITY COUNCIL.

AND, UM, STAFF WILL BE DOING VARIOUS IN-PERSON COMMUNITY OUTREACH FOR OUR ANNUAL ACTION PLAN, WHICH, UH, HELPS INFORM US ON HOW WE SPEND AND PROGRAM OUR COMMUNITY DEVELOPMENT BLOCK GRANT AND HOME DOLLARS FOR THE YEAR.

WE'LL BE DOING DOOR TO DOOR OUTREACH FOR THAT AS WELL AS SOME ONLINE MEETINGS AND COLLECTING SURVEYS AND IN-PERSON MEETINGS AS WELL.

AND WE WILL ALSO BE ANNOUNCING SOME NEW FUNDING WE GOT FOR AN A DU PROGRAM, UM, AT THAT DATE.

SO WE WILL KEEP THAT ON THE DOWN LOW UNTIL THEN.

UM, AND SO THAT'LL BE REALLY EXCITING.

WE HOPE THAT YOU ALL CAN COME TO COUNCIL.

WE'LL BE SENDING OUT AN EMAIL AND RECEIVE THE PROCLAMATION FROM THE MAYOR FOR COMMUNITY DEVELOPMENT WEEK.

WE HOPE TO ALSO BE RELEASING A VIDEO THAT DAY, UH, OF KIND OF PROMOTING AND, UM, REALLY ILLUSTRATING HOW BEAUTIFUL OUR AFFORDABLE HOUSING PROJECTS ARE AND WHAT A BENEFIT THEY ARE TO THE COMMUNITY WHEREVER THEY MAY LAND IN LONG BEACH.

AND THEN SECOND, SHE IS NOT HERE, BUT I WANTED TO TELL YOU ALL AND, UM, HOPE THAT YOU'LL GET, UH, JOIN US IN WISHING HER WELL.

UM, MARGARET MADDEN, OUR FEARLESS AND VERY BIG HEARTED, UH, NEIGHBORHOOD IMPROVEMENT LEADER IS RETIRING.

SHE, HER LAST DAY WILL BE MARCH 6TH.

SHE'S BEEN WITH THE CITY FOR 31 YEARS AND IS A REAL FIGURE OUT IN LONG BEACH AND WITH THE NEIGHBORHOOD GROUPS AND HAS DONE AMAZING WORK, UM, WHILE SHE'S BEEN HERE.

UM, SO SHE WILL BE HERE TODAY TO DO OUR ANNOUNCEMENTS AS USUAL ABOUT OUR, UM, OUTREACH, UH, ACTIVITIES AT THE END.

AND SO I HOPE YOU'LL GIVE HER A NICE FAREWELL.

IT'S REALLY SNUCK UP ON US HOW FAST MARCH 6TH HAS COME.

SO THAT'S IT.

DIRECTORS, ANY QUESTION ON THE PRESIDENT'S REPORT? UH, YEAH.

UH, MEGAN, SO WILL, UH, YOU HAVE A REPLACEMENT FOR HER OR IS THAT IN THE WORKS OR NO? MM-HMM .

UH, TO BE HONEST, AND THAT'S SOMETHING WE'LL TALK A LITTLE BIT ABOUT WITH ONE OF THE ITEMS TODAY.

UH, BUT WE HAVE INCREASING FUNDING SOURCES FOR SOME OF OUR ACTIVITIES LIKE THE BUILDING OF NEW AFFORDABLE UNITS, WHICH IS FANTASTIC, BUT WE HAVE FAILED TO GET AND KEEP THE LEVEL OF FEDERAL FUNDING THAT WE USED TO HAVE FOR THINGS LIKE THE NEIGHBORHOOD, UM, LEADERSHIP PROGRAM IN ITS CURRENT FORM AND SOME OF THE OTHER NEIGHBORHOOD IMPROVEMENT ACTIVITIES THAT WE DO.

SO WHILE

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THANK YOU.

OKAY.

UH, WE WILL NOW TAKE PUBLIC COMMENT.

ANYONE WHO WOULD LIKE TO SPEAK ON THE PRESIDENT'S REPORT, PLEASE LINE UP AT THE PODIUM AT THIS TIME AND SEEING NONE.

UH, MADAM CLERK, PLEASE CALL FOR THE VOTE.

DIRECTOR LEWIS, I CAN TAKE VERBAL.

THANK YOU.

MOTION IS CARRIED.

OKAY.

PLEASE READ THE NEXT ITEM.

ITEM NUMBER

[2. 26-54337 Recommendation to approve the minutes for The Long Beach Community Investment Company meeting of Wednesday, January 21, 2026.       Suggested Action: Approve recommendation. ]

MAY I HAVE A MOTION FOR THIS ITEM? IT HAS BEEN MOVED BY DIRECTOR CHAMBERS AND SECONDED BY DIRECTOR EZ UM, DIRECTORS.

ANY QUESTIONS OR CLARIFICATIONS ON THE MINUTES? OKAY, WE'LL NOW TAKE PUBLIC COMMENT.

ANYONE WHO WOULD LIKE TO SPEAK ON THE MINUTES, PLEASE LINE UP AT THE PODIUM AT THIS TIME AND SEEING NONE.

MADAM CLERK, PLEASE CALL FOR THE VOTE.

MOTION IS CARRIED.

PLEASE READ THE NEXT ITEM.

ITEM NUMBER THREE IS

[3. 26-54338 Recommendation to receive and file the Housing Successor Annual Report regarding the Low and Moderate Income Housing Asset Fund for Fiscal Year 2024-2025, and direct President to post and distribute the report as required by Section 34176.1 of the California Health and Safety Code. (Citywide)       Suggested Action: Approve recommendation. ]

MAY I HAVE A MOTION TO HEAR THIS ITEM? IT HAS BEEN MOVED BY DIRECTOR CHAMBERS AND SECONDED BY DIRECTOR, UH, ESPARZA.

UH, I WILL NOW TURN THINGS OVER TO STAFF FOR THE PRESENTATION.

ELIZABETH WITHERS, OUR OPERATIONS OFFICER WILL BE GIVING THE STAFF REPORT.

GOOD AFTERNOON.

TODAY WE'RE ASKING FOR YOU TO RECEIVE A FILE.

UM, YOU SHOULD HAVE RECEIVED AN ATTACHMENT, ATTACHMENT A, WHICH IS THE HOUSING SUCCESSOR ANNUAL REPORT.

WE PLAN ON POSTING ON OUR WEBSITE AFTER THE DISILLUSION OF THE REDEVELOPMENT AGENCIES OR RDA SB 3 41 PROVIDED PARAMETERS ON THE USE OF LOW MOD HOUSING ASSETS.

THE LEGISLATION REQUIRES ANNUAL REPORTING ON THE USE OF THESE FUNDS BY NO LATER THAN SIX MONTHS AFTER THE END OF THE FISCAL YEAR, WHICH MEANS IT HAS TO BE POSTED BY APRIL 1ST.

THE REPORT HAS 13 SECTIONS.

SECTION ONE LISTS LOAN REPAYMENTS.

THE SUCCESSOR AGENCY REPAID THE CITY FOR THE LOANS PROVIDED TO THE FORMER REDEVELOPMENT AGENCY, SO NO FURTHER LOAN PAYMENTS ARE REQUIRED.

SECTION TWO HAS A TABLE LISTING THE DEPOSITS MADE, WHICH TOTAL 493,000, UM, ABOUT 493,000 MOSTLY FROM INTEREST AND MONITORING PHASE.

SECTION THREE LISTS THE ENDING BALANCE OF THE FUND, WHICH IS $49,000.

THE BALANCE AT THE END OF LAST YEAR WAS $4.6 MILLION, AND TWO YEARS AGO IT WAS $7.7 MILLION.

SO THIS MEANS WE'VE DRAWN DOWN MILLIONS OF DOLLARS, UM, ON MANY PROJECTS FUNDED IN RECENT YEARS.

SECTION FOUR LIST EXPENDITURES OF $5 MILLION AND INCLUDES MONITORING, HOUSING ACTIVITIES, PROPERTY MANAGEMENT AND ADMINISTRATION.

WE SPENT, UM, MONEY ON MONITORING THIS YEAR, ADMINISTRATION HOUSING ACTIVITIES INCLUDING THE $2.5 MILLION A DU BACKYARD BUILDERS PROGRAM.

SECTION FIVE LIST VALUES OF ASSETS OWNED, WHICH ALMOST TOTALS $87 MILLION.

AND SECTION SIX MAKES A NOTE ABOUT TRANSFERS OF WHICH NONE WERE MADE.

ALL OF THESE ARE REQUIRED EVEN THOUGH WE DON'T HAVE A LOT OF ACTIVITY FOR MANY OF THESE SECTIONS.

SECTION SEVEN DESCRIBES PROJECT DESCRIPTION FOR TAXES, WHICH HOUSING SUCCESSOR DOES NOT HOLD OR RECEIVE ANY PROPERTY TAX REVENUE.

SECTION EIGHT INCLUDES A TABLE TO GO OVER THE COMPLIANCE AND STA AND STATUS OF REDEVELOPMENT PROPERTIES.

THE ONLY STATUS REMAINING, THE ONLY STATUS UPDATE REMAINING IS ON 4 1 5 1 EAST FOUNTAIN.

UM, A DISPOSITION AND DEVELOPMENT AGREEMENT WAS EXECUTED IN 2024 AND CONSTRUCTION IS SET TO BEGIN MARCH, 2026.

RIGHT, MEGAN? OKAY, SECTION NINE DESCRIBES OUTSTANDING OBLIGATIONS.

THERE ARE NONE.

SECTION 10 IS A TABLE THAT CALCULATES FOR THE EXTREMELY LOW INCOME TEST, WHICH MUST BE

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SECTION 11 IS A TABLE TO CALCULATE FOR THE SENIOR HOUSING TESTS, WHICH COULD NOT EXCEED 50% IN THE LAST 10 YEARS.

IT'S CURRENTLY AT 32%.

LAST YEAR IT WAS AT 36%.

SECTION 12 IS A TABLE TO CALCULATE FOR THE EXCESS SURPLUS TEST.

THERE'S CURRENTLY NO EXCESS SURPLUS.

LAST YEAR THERE WAS ALSO NO EXCESS SURPLUS.

AND AS I MENTIONED, WE'VE BEEN SPENDING DOWN OUR FUNDS.

SECTION 13 IS A TABLE STATING HOW MANY HOME OWNERSHIP UNITS ARE RESTRICTED, WHICH ARE 275.

AS NOTED IN THE STAFF REPORT, BECAUSE WE EARNED FOUR HOME, WE NOT ONLY, BUT WE EARNED 493,000 THIS PAST YEAR, $1.3 MILLION THE YEAR BEFORE, BUT SPENT 5 MILLION THIS YEAR, 4.6 MILLION THE YEAR BEFORE.

OUR FUND BALANCE HAS HAD A NEGATIVE IMPACT EACH YEAR FOR A FEW YEARS NOW SINCE THE PRESENTATION LAST YEAR, THE FUND HAS DECLINED L-V-C-I-C ACTIVITIES AND STAFF COSTS HAVE TRANSITIONED TO OTHER SOURCES WE'VE LOOKED FOR AND RECEIVED THANKFULLY MORE SOURCES OF REVENUE SUCH AS, UM, THE STATE'S COW HOME HOUSING TRUST FUND, THE PRO HOUSING INCENTIVE PROGRAM, AND RECENTLY THE LA CASA FUNDS.

THE CITY'S CURRENTLY WORKING ON UPCOMING PROJECTS TOTALING AN ESTIMATED OF 27 MILLION IN L-B-C-I-C SUBSIDY FOR THESE OTHER FUNDS FOR, UM, FI ABOUT 500 UNITS.

SO DEVELOPMENT WILL STILL CONTINUE WITH OTHER FUNDING SOURCES.

THAT CONCLUDES THE PRESENTATION.

STAFF IS AVAILABLE TO ANSWER QUESTIONS.

THANK YOU DIRECTORS.

ANY QUESTIONS ON THE PRESENTATION? HEARING NONE, UH, WE WILL NOW TAKE PUBLIC COMMENT.

ANYONE WHO WOULD LIKE TO SPEAK ON THIS ITEM, PLEASE LINE UP AT THE PODIUM AT THIS TIME AND SEEING NONE.

UM, MADAM CLERK, PLEASE CALL FOR THE VOTE CHAIR RAMIREZ.

I CAN TAKE A VERBAL OH, THANK YOU.

MOTION IS CARRIED.

PLEASE READ THE NEXT ITEM.

ITEM NUMBER FOUR IS A RECOMMENDATION

[4. 26-54339 Recommendation to approve the selection of Long Beach Community Land Trust (LBCLT) for the award of Maine Avenue Senior Apartments; Authorize President or designee to negotiate and enter into a Disposition Agreement with LBCLT; and Authorize President or designee to execute any and all documents necessary to implement the Disposition Agreement.       Suggested Action: Approve recommendation. ]

MAY I HAVE A MOTION TO HEAR THIS ITEM? IT HAS BEEN MOVED BY DIRECTOR LEWIS AND SECONDED BY, UH, DIRECTOR RAMIREZ.

UM, STAFF, MAY WE HAVE THE PRESENTATION, PLEASE.

MARY DOWELL WILL BE GIVING THE PRESENTATION.

THANK YOU.

I'LL WALK US THROUGH IT.

UM, SO ON FEBRUARY 26TH, 2014, THE LONG BEACH COMMUNITY INVESTMENT COMPANY ACCEPTED THE CONVEYANCE OF 10 44 MAIN AVENUE FROM THE CITY AT NO COST.

THE PROPERTY HAD PREVIOUSLY BEEN ACQUIRED AND REHABILITATED BY THE CITY USING FEDERAL NEIGHBORHOOD STABILIZATION PROGRAM ROUND ONE FUNDS.

THESE WERE FEDERAL FUNDS INTENDED TO STABILIZE NEIGHBORHOODS AND RETURN DISTRESSED PROPERTIES TO PRODUCTIVE USE.

FOLLOWING THE FORECLOSURE CRISIS, THE PROPERTY CONSISTS OF 11 RENTAL UNITS ALL RESTRICTED FOR VERY LOW INCOME SENIORS EARNING NO MORE THAN 50% A MI.

SO THAT HAS BEEN ITS USE SINCE.

ON OCTOBER 10TH, 20, UH, ON OCTOBER 10TH, THE STAFF RELEASED A NOTICE OF PROPERTY AVAILABILITY FOR THE MAIN AVENUE SENIOR APARTMENTS.

THE NOPA SOLICITED PROPOSALS FROM ESTABLISHED COMMUNITY LAND TRUST WITH A DEMONSTRATED COMMITMENT TO LONG-TERM AFFORDABILITY AND COMMUNITY STEWARDSHIP TO ACQUIRE THE PROPERTY AND MAINTAIN OPERATIONS.

THE PURPOSE OF THE NOPA WAS TO PROVIDE A LOCAL CLT WITH LEVERAGING OPPORTUNITIES FOR ADDITIONAL FUNDING AND LAND ACQUISITION AND TO FOCUS STAFF'S LIMITED RESOURCES ON THE DEVELOPMENT OF NEW AFFORDABLE HOUSING.

PROPOSALS WERE EVALUATED BASED ON EXPERIENCE MANAGING OR DEMONSTRATED CAPACITY TO MANAGE MULTI-FAMILY RENTAL HOUSING, FAMILIARITY WITH COMPLIANCE REQUIREMENTS FOR INCOME RESTRICTED HOUSING, DEMONSTRATED FINANCIAL CAPACITY OR FINANCIAL PLAN TO ASSUME OWNERSHIP AND MAINTAIN OPERATIONS, A CLEAR PLAN FOR LONG-TERM AFFORDABILITY AND PROPERTY STEWARDSHIP AND ABILITY AND AGREEMENT TO PROVIDE A PROPOSED OR EXPECTED BUDGET AND ACTUALS ON AN ANNUAL BASIS AS WELL.

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THE CLT RETAINS OWNERSHIP OF THE LAND AND PROVIDES A LONG-TERM GROUND LEASE TO THE PROPERTY OWNER, TYPICALLY 99 YEARS, WHICH SEPARATES OWNERSHIP OF THE LAND FROM THE BUILDING.

THIS STRUCTURE ENSURES THE PROPERTY REMAINS PERMANENTLY AFFORDABLE, EVEN AS RESIDENTS OR OPERATORS CHANGE OVER TIME.

BECAUSE THE LAND IS REMOVED FROM THE SPECULATIVE MARKET, CLTS CREATE LASTING AFFORDABILITY AND COMMUNITY STABILITY.

THE LONG BEACH COMMUNITY LAND TRUST SUBMITTED A PROPOSAL IN RESPONSE TO OUR NOPA AND WAS SELECTED.

THEIR VISION FOR THE MAIN AVENUE SENIOR APARTMENTS IS TO OWN AND OPERATE THE PROPERTY AS A HIGH QUALITY LONG-TERM COMMUNITY ASSET SERVING VERY LOW INCOME SENIORS.

A CORE COMPONENT OF THAT VISION IS FOSTERING DEMOCRATIC RESIDENT PARTICIPATION WITHIN PERMANENTLY AFFORDABLE HOUSING AS OWNER L-B-C-L-T WILL BE RESPONSIBLE FOR MAINTAINING THE PROPERTY IN FULL COMPLIANCE WITH THE AFFORDABILITY RESTRICTIONS OUTLINED IN THE EXISTING CCRS, AS WELL AS ALL APPLICABLE NSP AND HOME PROGRAM REQUIREMENTS IF APPROVED, THE PROPOSED CONVEYANCE WILL BE COMPLETED FOR NOMINAL CONSIDERATION OF $1 AND WILL BE SUBJECT TO THE EXISTING AFFORDABILITY COVENANTS, COMPLIANCE WITH NSP ONE REQUIREMENTS AND ANY ADDITIONAL CONDITIONS NECESSARY TO ENSURE LONG-TERM AFFORDABILITY AND PROPER MAINTENANCE OF THE PROJECT.

NO FUNDING IS ASSOCIATED WITH THIS ACTION AND APPROVAL OF THIS ITEM SUPPORTS THE CITY'S HOUSING ELEMENT GOALS RELATED TO AFFORDABLE HOUSING PRESERVATION, PREVENTION OF DISPLACEMENT AND PROMOTION OF COMMUNITY-BASED OWNERSHIP MODELS THAT PRIORITIZE LONG-TERM AFFORDABILITY AND RESIDENT STABILITY.

AND WITH THAT, OUR RECOMMENDATION IS TO APPROVE THE, UM, SELECTION OF THE LONG BEACH COMMUNITY LAND TRUST FOR THE AWARD OF MAIN AVENUE SENIOR APARTMENTS AUTHORIZE THE PRESIDENT OR DESIGNEE TO NEGOTIATE AND ENTER INTO A DISPOSITION AGREEMENT WITH L-B-C-L-T AND AUTHORIZE THE PRESIDENT OR DESIGNEE TO EXECUTE ANY AND ALL DOCUMENTS NECESSARY TO IMPLEMENT THE DISPOSITION AGREEMENT.

AND BEFORE I BRING THIS PRESENTATION FULLY TO A CLOSE, I WANTED TO INTRODUCE SOMEONE IN, UM, OUR AUDIENCE TODAY, NZI, WHO IS A REPRESENTATIVE OF THE LONG BEACH COMMUNITY LAND TRUST, WHO WE HAVE BEEN WORKING WITH, UM, OVER THE PAST TWO YEARS OR MORE TO ESTABLISH THIS PROGRAM AND BUILD A RELATIONSHIP WITH NAZI HAS BEEN DOING AMAZING WORK IN THE COMMUNITY.

AND MAYBE WE'LL GET TO HEAR A PUBLIC COMMENT IN A MOMENT.

UM, AND WITH THAT I'LL CONCLUDE THANK YOU DIRECTORS.

ANY QUESTIONS ON THE PRESENTATION? THANK YOU.

THANK YOU FOR THAT VERY CLEAR PRESENTATION.

UM, TWO QUESTIONS TO SIMPLIFY IT FROM HERE.

WE'RE BASICALLY, WE'RE SELLING THIS ASSET TO THIS LAND TRUST FOR A DOLLAR.

IS THERE, UM, PROVISIONS IN THAT AGREEMENT THAT, THAT RUN WITH THE LAND IF SOMETHING WERE TO HAPPEN TO THAT TRUST OR TO THEIR ABILITY TO MAINTAIN THAT ASSET THAT IT REVERTS BACK TO THE CITY OR ONCE WE HAVE FINALIZED THAT DISPOSITION, IT'S OUTSIDE OF OUR CONTROL? ABSOLUTELY.

YOU'RE ACTUALLY AUTHOR AUTHORIZING US TO NEGOTIATE THE DISPOSITION DEVELOPMENT AGREEMENT TODAY.

AND IN THAT WE WILL CERTAINLY BE REQUIRING, UM, MONITORING ACTIONS, ESSENTIALLY GIVING US AUDIT CONTROL SO THAT WE CAN SEE THE BOOKS WHEN WE ASK FOR THEM, THAT WE CAN DO OUR TYPICAL MONITORING TO MAKE SURE THAT THERE IS THE PROPERLY INCOME QUALIFIED PEOPLE LIVING THERE PAYING THE APPROPRIATE AFFORDABLE RENTS.

AND SURELY WE WOULD MAKE SURE THAT WE HAVE FIRST RIGHT OF REFUSAL SHOULD ANYTHING GO WRONG.

WE'VE, UM, SUCCESSFULLY OPERATED THE BUILDING FOR QUITE A LONG TIME.

IT WILL BE NICE FOR US TO NOT BE, UM, ACTING AS PROPERTY MANAGERS ANYMORE AND TO GIVE THIS, UM, COMMUNITY LAND TRUST AN OPPORTUNITY TO BUILD THEIR THEIR ASSETS.

AND WE DO EXPECT THEM TO BE REALLY SUCCESSFUL, BUT WE WOULD SURELY BE QUICK TO TAKE IT BACK SHOULD ANYTHING GO WRONG.

YEAH, IT'S A GREAT ASSET.

I REMEMBER WHEN IT CAME ONLINE ORIGINALLY, UM, AND YOU GUYS HAVE DONE A GOOD JOB, BUT BEING A PROPERTY MANAGER IS A, IS A FULL-TIME JOB AS WELL AND NOT NECESSARILY THE BEST USE OF YOUR TIME.

AND THEN I PERHAPS WHEN THE, UH, LAND TRUST REPRESENTATIVE COMES UP AND TALKS, WE COULD HEAR A LITTLE BIT MORE ABOUT OTHER PROPERTIES THAT THEY OWN AND MANAGE IN LONG BEACH.

MM-HMM .

DO YOU WANNA COME UP NOW AS THANK YOU CHAIR? HI, MEMBERS OF THE L-B-C-I-C UM, COMMISSION.

UM, AND I APPRECIATE MARY AND MEGAN FOR THEIR CONTINUED SUPPORT AND COLLABORATION THROUGH

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UM, YOU KNOW, THEY'VE BEEN, AS THEY'VE MENTIONED, REALLY EXEMPLARY PROPERTY MANAGERS AND STEWARDS OF THE BUILDING.

AND SO WE HOPE TO CONTINUE THAT PROCESS AND LOOK FORWARD TO CONTINUE THAT PROCESS BUILDING, BUILDING A DEEP RELATIONSHIP WITH THE RESIDENTS.

UM, WE DON'T CURRENTLY STEWARD OTHER PROPERTIES IN LONG BEACH, BUT WE DO HAVE, UH, STRONG CAPACITY FOR STEWARDSHIP.

WE'VE PARTNERED WITH, UM, LONGSTANDING PROPERTY MANAGEMENT, UM, UH, SUPPORT AS WELL AS ASSET MANAGEMENT SUPPORT.

AND, UM, WE HAVE A, A STRONG TEAM OF, UH, UH, REAL ESTATE PROFESSIONALS THAT COLLABORATE WITH THE COMMUNITY LAND TRUST.

UM, YOU KNOW, I THINK WHAT, UH, WE HAD THE OPPORTUNITY TO VISIT THE PROPERTY ALONGSIDE MARY AND I APPRECIATE THAT OPPORTUNITY AND WHAT REALLY STRUCK US WAS THE DEEP CONNECTION THAT THE RESIDENTS HAVE TO EACH OTHER AND THE CARE THAT THEY HAVE FOR THE BUILDING AND THAT IS FACILITATED BY THE CITY'S CARE FOR THE BUILDING AND WE LOOK FORWARD TO CONTINUING TO BUILD THAT ALONGSIDE THE RESIDENTS AND, UM, YOU KNOW, REALLY MOVE THEIR STEWARDSHIP FORWARD.

UM, SO WE JUST APPRECIATE THAT OPPORTUNITY TO STEP INTO THAT ROLE.

I'M HAPPY TO ANSWER ANY OTHER QUESTIONS FOLKS MIGHT HAVE, BUT I DO APPRECIATE THE OPPORTUNITY TO BE HERE TODAY.

I HAVE A QUESTION.

DO YOU RENOVATE AND UPDATE THE PROPERTIES OR DO THEY STAY AS IS OR WHAT'S THE PROCESS WITH THAT? I WAS CURIOUS.

UM, SO TYPICALLY WE, YOU KNOW, WHEN WE ARE ACCESSING SUBSIDY, FOR EXAMPLE, LA CASA AND OTHER SUBSIDIES THAT WILL BE COMING OUT SOON, WE MIGHT GO THROUGH ACQUISITION AND REHAB OF THE BUILDING.

UM, AND WITH THIS BUILDING, IT WAS RECENTLY REHABBED BY THE CITY IN, IN 2016.

SO THE FUNCTION OF THE BUILDING IS IN GOOD SHAPE.

WE'LL LOOK TO, UH, HAVE A RESERVE POLICY FOR THE BUILDING WHERE WE WILL SET ASIDE FUNDS FROM THE, UM, THE BUILDING'S OPERATING WELL.

SO WE'LL SET ASIDE FUNDS FROM THAT TO MAKE SURE THE LONG-TERM HEALTH OF THE BUILDING IS SECURE.

BUT THEN RESOURCES LIKE LA CASA AND OTHER FUNDING SOURCES ARE COMING OUT THAT CAN SUPPORT WITH ANY OPERATING EXPENSES AND REPAIRS THAT MIGHT COME UP.

SO WE'LL LOOK AT A LONG-TERM PLAN, UM, TO SECURE THE HEALTH OF THE BUILDING AND THE, UM, THE STRUCTURES.

THANK YOU.

I JUST WANNA ADD TO THAT FOR FULL TRANSPARENCY, WE ARE ESSENTIALLY, UM, PARTICIPATING IN CAPACITY BUILDING WITH THIS MOVE.

UM, THE CITY, UH, A FEW YEARS AGO DID A REQUEST FOR PROPOSALS OFFERING, UM, ENTITIES TO COME FORWARD AND PROPOSED TO PUT TOGETHER AND FORM A COMMUNITY LAND TRUST IN LONG BEACH.

IT IS ANOTHER NEWER VERY IMPORTANT TOOL FOR THE LONG-TERM PROVISION OF AFFORDABLE HOUSING AND MORE SPECIFICALLY, UM, HELPS, UM, PROVIDE AFFORDABLE HOU OWNERSHIP, AFFORDABLE OWNERSHIP OPPORTUNITIES, WHICH AS YOU KNOW, IS HARD FOR US TO DO RIGHT NOW.

AND SO THIS IS THE FIRST STEP IN BUILDING THE CAPACITY OF THIS LONG BEACH CLT AND WE'RE SUPER EXCITED ABOUT IT.

IT'S A, IT'S A VERY BIG STEP FORWARD IN, UM, ADDING TO OUR TOOLBOX.

UM, WE ARE PROCEEDING WITH CAUTION.

UM, WE WILL BE HERE TO ASSIST AND HELP AND WE WILL BE, LIKE I SAID, BUILDING IN, UM, PROVISIONS SHOULD ANYTHING GO AWRY INTO OUR DISPOSITION AGREEMENT.

UM, I WAS MORE WONDERING ABOUT THE EXISTING RESIDENTS.

ARE THEY ALLOWED TO STAY IN PLACE AND LIKE, DO THEY HAVE TO, UH, PAY MORE OR ANYTHING LIKE THAT? I APPRECIATE THAT AND THE RESIDENTS WILL, OF COURSE, YOU KNOW, BE UM, WILL, WILL HOPE THAT THE RESIDENTS WILL STAY IN PLACE AND CONTINUE TO LIVE IN THE BUILDING, UM, WILL MAINTAIN THE AFFORDABILITY OF THE BUILDING IN LINE WITH THE CITY'S PROVISIONS AND THE AFFORDABILITY COVENANTS.

BUT IT REALLY IS THE PURPOSE AND THE MISSION OF THE COMMUNITY LAND TRUST TO MAINTAIN PERMANENTLY AFFORDABLE HOUSING AND, UM, FOR THIS SPECIFIC BUILDING TO, UM, MAINTAIN IT FOR OUR SENIOR, OUR SENIOR COMMUNITY MEMBERS.

SO THAT IS OUR, OUR GOAL, UM, AS AN ORGANIZATION, UM, AS A COMMUNITY AND, UH, OF, YOU KNOW, OVER 130 MEMBERS THAT ARE, UM, REALLY INVESTED IN ANTI DISPLACEMENT WORK AND MAKING SURE THAT OUR RESIDENTS HAVE STABLE, UM, HOMES TO LIVE IN.

ARE THE LEASE AGREEMENTS DIFFERENT TOO OR IS IT JUST A ONE YEAR AGREEMENT? NO, EVERY REALLY, IT'S JUST A TRANSFER OF OWNERSHIP AND MANAGEMENT, BUT WE, WE ARE, UM, ACTIVELY INVOLVED WITH THE LONG BEACH CLT AND WE DON'T ANTICIPATE ANY, UM, ANY EFFECT ON THE CURRENT TENANTS.

THE RENTS WILL STAY EXACTLY THE SAME AND THEY ARE ONLY AS, AS ANY OF OUR, UM, PARTNER OWNERS, DEVELOPERS, PROPERTY MANAGEMENT COMPANIES, THEY'RE ONLY ALLOWED TO RAISE THE RENTS, UM, WITH, WITH OUR AUTHORIZATION, WHICH ESSENTIALLY COMES FROM, UM, INCREASES TO THE AFFORDABLE RENTS FROM HUD OR HCD, UM, AND WE PUBLISH THOSE EVERY YEAR AND PUT THEM OUT TO THE PROPERTY MANAGERS AND OWNERS.

SO, UM, THEY SHOULD HAVE NO EFFECT EXCEPT FOR HOPEFULLY A FRIENDLIER,

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THAT IS THE POINT OF THE CLT IS TO HAVE COMMUNITY INVOLVEMENT AND THAT IS SOMETHING THAT I KNOW THE LONG BEACH CLT IS VERY, UM, ACTIVE IN PROMOTING THAT.

IT SOUNDS LIKE AN EXCITING TOOL FOR YOU GUYS TO ADD TO, UM, YOUR ABILITY TO PARTNER WITH THE COMMUNITY.

DID I MISSPEAK EARLIER WHEN I SAID IS, IS THIS IN FACT A 99 YEAR LEASE THAT YOU'RE TRANSFERRING? IS THAT WHAT THE DISPOSITION IS? THAT'S A FUNNY THING MAYBE MY ATTORNEY HERE COULD SPEAK TO, BUT, UM, IT'S ESSENTIALLY TO US IT'S IN PERPETUITY FOREVER, BUT I'VE HEARD FROM MY, UH, LAWYER COLLEAGUES THAT THAT'S 99 YEARS IN, IN PERPETUITY ARE KIND OF THE SAME THING.

THERE TENDS TO BE A, A DEFINITIVE POINT ON IT, BUT WE CALL IT IN PERPETUITY AND WE EXPECT FOR IT TO BE FOREVER, AS DOES I THINK THE CLT THAT IS, THAT IS THEIR MISSION.

PERFECT, THANK YOU.

MM-HMM .

A QUESTION ON THE, THE NOPA, HOW LONG WAS THAT OUT? I SEE HERE WAS RELEASED IN OCTOBER.

WAS THERE ANY INTEREST FROM ANYONE ELSE? UM, I CAN'T REMEMBER EXACTLY HOW LONG IT WAS POSTED FOR.

WE TYPICALLY POST IT FOR LET'S SAY ABOUT A MONTH OR SO.

I WOULD SAY IT PROBABLY TRACKED WITH THAT.

UM, WE DID NOT RECEIVE ANY OTHER SUBMISSIONS, BUT WE EXPECTED AS MUCH BECAUSE COMMUNITY LAND TRUST, THE NATURE OF THEM IS THAT THEY ARE SERVING THEIR LOCAL COMMUNITIES.

UM, SO IT WOULD'VE COULD'VE BEEN A LITTLE UNUSUAL TO RECEIVE AN APPLICATION, UM, FROM A CLT IN A DIFFERENT CITY OR A DIFFERENT COMMUNITY.

BUT IT DOES HAPPEN AND IT COULD HAVE HAPPENED AND WE DID MAIL THEM OUT TO OTHER, UM, THERE ARE COMMUNITY LAND TRUSTS IN THE SURROUNDING COUNTY, SO THEY, THEY DID RECEIVE IT.

UM, WE HAVE LEARNED THAT IT STAYS PRETTY JURISDICTIONAL, BUT THERE WAS OPPORTUNITY.

ARE THERE OTHER PROPERTIES OR OTHER OPPORTUNITIES FOR ADDITIONAL TO REPLICATE THIS AGAIN OR IS THAT THE HOPE? YES, WE ACTUALLY OWN ANOTHER APARTMENT BUILDING.

IT'S LARGER AND A LITTLE BIT MORE COMPLEX AND WE'RE PRETTY PROTECTIVE OF OUR PROJECTS.

UM, BUT WE DO EXPECT TO ALSO, UH, UH, DO A NOPA FOR THAT IN ABOUT 12 MONTHS.

AND WE HOPE AND EXPECT THAT THE LONG BEACH CLT WILL BE SUCCESSFUL, VERY SUCCESSFUL IN, UM, OPERATING 10 44 MAIN AND ALSO CONTINUING TO WHICH THEY ALREADY HAVE STARTED LEVERAGING MORE FUNDS, UM, TO ACQUIRE MORE PROPERTIES.

UH, AND SO THAT IS PART OF OUR PLAN.

WE'LL NOW TAKE PUBLIC COMMENT.

ANYONE WHO WOULD LIKE TO SPEAK ON THIS ITEM, PLEASE LINE UP AT THE PODIUM AT THIS TIME.

AND I JUST WANNA SAY THANK YOU FOR THIS PROCESS AND THANK YOU TO MEGAN AND MARY FOR, UM, YOU KNOW, THEIR COLLABORATION AND CONTINUED PARTNERSHIP.

WE LOOK FORWARD TO THIS BEING AS MEGAN IS, UH, MENTIONING THE FIRST OF MANY PARTNERSHIPS LIKE THIS, UM, AND TO SUPPORTING THAT ECOSYSTEM OF PERMANENTLY AFFORDABLE HOUSING IN LONG BEACH AND REALLY, UM, BUILDING OUT THAT ECOSYSTEM IN THE WAYS THAT WE CAN IN COLLABORATION.

THANK YOU MADAM CLERK, PLEASE COPY THE VOTE.

MOTION IS CARRIED.

PLEASE READ THE NEXT ITEM.

ITEM

[5. 26-54340 Recommendation to receive and file Community Outreach Report.       Suggested Action: Approve recommendation. ]

MAY I HAVE A MOTION TO HEAR THIS ITEM? IT HAS BEEN MOVED BY DIRECTOR CHAMBERS SINCE SECONDED BY DIRECTOR ESPARZA.

UM, I'LL NOW TURN THINGS OVER TO THE STAFF OR COMMUNITY OUTREACH REPORT, QUEEN OF THE NEIGHBORHOODS.

THAT'S YOU, .

GOOD AFTERNOON EVERYONE.

UM, UH, IT'S MY PLEASURE TO SHARE WITH YOU SOME OF THE UPCOMING, UM, COMMUNITY OUTREACH AND ACTIVITIES THAT ARE, UM, HAPPENING ACROSS THE CITY WITH HOUSING AND NEIGHBORHOOD SERVICES.

UM, WE HAVE COMPLETED OUR APPLICATION PROCESS FOR THE NEIGHBORHOOD LEADERSHIP PROGRAM CLASS OF 2026 AND OUR, UM, FIRST CLASS SESSION WILL BE, UM, HELD NEXT THURSDAY, UM, AT THE, UM, FORMERLY KNOWN AS THE DEPARTMENT, FORMERLY KNOWN AS THE GAS DEPARTMENT, UM, ON THE SPRING AND THE 4 0 5.

UM, WE HAVE, UH, BEEN WORKING WITH THE WEST SIDE PROMISE AND UM, WITH THE CITY MANAGER'S OFFICE AND A NEIGHBORHOOD ASSOCIATION ON THE WEST SIDE CALLED THE WHAT WEST LONG BEACH ADVOCACY

[00:30:01]

UM, IT'S FOR VOLUNTEER INCOME TAX ASSISTANCE AND THERE'LL BE FREE INCOME TAX ASSISTANCE A DAY ON FEBRUARY 28TH.

THAT'S A SATURDAY AT SILVERADO PARK, UH, BY APPOINTMENT.

AND WE WILL HAVE, UM, STUDENTS FROM CAL STATE LONG BEACH DOING FREE TAX ASSISTANCE TO HELP PEOPLE FILE THEIR TAXES, UM, AS PART OF OUR, UH, WEST SIDE PROMISE INITIATIVE RESOURCES FOR THE COMMUNITY.

UM, WE'RE ALSO WORKING WITH, UH, WEST LONG BEACH AND I THINK 15 DIFFERENT PARTNERS WHO'VE ALREADY COMMITTED TO, UH, BROOMS ACROSS WEST LONG BEACH CLEANUP THAT WILL, UM, TAKE PLACE OUTSIDE THE ENTRANCE TO THE VILLAGES AT CABRILLO.

UM, AT PACIFIC COAST HIGHWAY AND, UH, SAN GABRIEL AVENUE, WE HAVE, UM, SEVERAL DIFFERENT ORGANIZATIONS THAT ARE COMING OUT, INCLUDING A GROUP CALLED THE GUARDIANS WHO ARE THE MEDICS FOR THE NATIONAL GUARD ARMY OUT OF LOS ALAMITOS.

THEY'VE BEEN WORKING WITH US ON SOME, UH, DIFFERENT NEIGHBORHOOD IMPROVEMENT PROJECTS AS THEY WIND DOWN THEIR SERVICE.

UM, IN THE NATIONAL GUARD.

THE ORGANIZATION HAS PUT IN OVER 300 HOURS INTO WEST LONG BEACH AND THE WASHINGTON MIDDLE SCHOOL NEIGHBORHOODS, UM, SINCE LAST FALL WITH NEIGHBORHOOD CLEANUP PROJECTS.

UM, FIXING A, A COMMUNITY GARDEN OUTSIDE THE POST OFFICE ON SANTA FE, UM, WEEDING, UH, SIX FOOT TALL WEEDS AND DEBRIS DUMPED IN THE VACANT LOT NEXT TO THE POST OFFICE ON SANTA FE.

AND, UM, SO THEY, UH, HELPED ENCOURAGE A FLURRY OF NEIGHBORHOOD CLEANUP ACTIVITIES ON THE WEST SIDE AND, UM, HELPED MOTIVATE SOME OF THE WEST LONG BEACH RESIDENTS TO HELP LEAD CLEANUPS IN THAT AREA.

AND THAT'S IT.

THANK YOU DIRECTORS.

ANY QUESTIONS ON THE COMMUNITY OUTREACH REPORT? YEAH, IT'S NOT A QUESTION, BUT MARGARET, WE'RE GONNA MISS YOU.

WE JUST HEARD THAT YOU'RE, THANK YOU.

LEAVING AND 31 YEARS IS REALLY WELL EARNED.

YES.

RETIRE BEFORE THE CITY HAD, UM, CHILD LABOR LAWS, THE INTERNET OR CITY EMAIL ACCOUNTS.

, MARGARET, I JUST WANT TO SAY THANK YOU, YOU FOR ALL YOUR WORK TOO.

I REMEMBER MORE YEARS AGO THAN I CARE TO MENTION, UM, WHEN I WAS INVOLVED WITH THE EAST VILLAGE NEIGHBORHOOD ASSOCIATION AND, UH, YOU OFFERED A LOT OF SUPPORT AND HELP AND IT WAS A GREAT RESOURCE TO HAVE AND YOU WERE JUST ALWAYS A FRIENDLY FACE.

AND SO THANKS FOR ALL.

THANK YOU VERY MUCH.

THANKS FOR ALL YOUR WORK WITH THE CITY.

UM, MISS MARGARET, UH, I'VE ONLY TALKED TO YOU AND KNOWN YOU ABOUT A YEAR AND, UM, UNFORTUNATELY I COULDN'T GET THE CARPENTERS TO VOLUNTEER MORE, BUT, UH, YOU HAVE MY NUMBER.

UM, IF THINGS COME UP WHEN IT'S NOT SO CLEANUP BASED, YOU KNOW, AND WE CAN BUILD SOMETHING.

ALRIGHT, SO PLEASE, UH, I MEAN, YOU, YOU'VE BEEN REALLY, REALLY NICE TO ME AND, UH, YOUR REPORTS, YOU'RE ALWAYS HERE.

AND SO NOT, NOT HAVING ROUNDS GONNA BE INTERESTING, BUT THANK YOU.

THANK YOU.

I JUST WANTED TO SAY THANK YOU AND, UH, I DON'T KNOW WHO'S GONNA DO IT NEXT, BUT THEY GOT SOME, UH, SOME SHOES TO FILL.

SIZE 11 .

THANK YOU.

THANK YOU.

OKAY, UM, MADAM CLERK, PLEASE CALL FOR THE VOTE.

JUST FOR THE RECORD.

THERE'S NO PUBLIC COMMENT FOR THIS ITEM.

MOTION IS CARRIED.

AT THIS TIME, WE'LL

[PUBLIC COMMENT Opportunity to address The Long Beach Community Investment Company on non-agenda items. Each speaker is limited to three minutes to make their comments unless extended by the Chair.]

IF ANYONE WOULD LIKE TO SPEAK ON THIS ITEM NOT LISTED IN THE AGENDA, PLEASE LINE UP AT THE PODIUM AND SEEING THAT THERE'S NO PUBLIC SPEAKERS, UM, DIRECTORS, ARE THERE

[ANNOUNCEMENTS]

IF THERE'S NO OBJECTION, I

[ADJOURNMENT]

THANK YOU.