HOUSING COMMITTEE REPORT and ORDINANCE FIRST CONSIDERATION relative to a loan agreement for the proposed transfer of the Angelus Funeral Home to the Hollywood Community Housing Corporation for the development of affordable housing.

Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR:

1. PRESENT and ADOPT the accompanying ORDINANCE authorizing the sale of the Angelus Funeral Home located at 1010 Jefferson Boulevard to Hollywood Community Housing Corporation.
   
   
2. AUTHORIZE the General Manager, Los Angeles Housing and Community Investment Department (HCIDLA), or designee to:
   
   
   1. Execute a loan agreement with Hollywood Community Housing Corporation for the purchase of the Angelus Funeral Home, substantially in the form of Attachment B accompanying the HCIDLA report to the Mayor dated November 17, 2015, subject to the approval of the City Attorney as to form and legality.
      
      
   2. Execute a subordination agreement for the project, wherein the City loan and regulatory agreement are subordinated to a predevelopment loan.
      
      
   3. Prepare Controller’s instructions and any necessary technical adjustments consistent with this action, subject to the approval of the City Administrative Officer; and, AUTHORIZE the Controller to implement the instructions.
      
      

Fiscal Impact Statement: The HCIDLA reports that this action will not impact the General Fund. Approval of the above recommendations will allow for immediate transfer of the Property to HCHC. By doing so, the City will effectively reduce the risk of recapture of $1 million in federal funds for not having met a required National Objective.

Community Impact Statement: None submitted.

HOUSING COMMITTEE REPORT and RESOLUTION relative to issuing tax-exempt multifamily conduit revenue bonds for the development of the Beverly Terrace Apartments.

Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR:

1. ADOPT the accompanying RESOLUTION authorizing the issuance of up to $10,500,000 in tax-exempt multifamily conduit revenue bonds for the development of the Beverly Terrace Apartments, 40 units of affordable housing located at 3314-30 West Beverly Boulevard.
   
   
2. AUTHORIZE the General Manager, Los Angeles Housing and Community Investment Department (HCIDLA), or designee, to negotiate and execute relevant bond documents for the Beverly Terrace Apartments, subject to the approval of the City Attorney as to form and legality.
   
   
3. INCREASE the obligation for the Beverly Terrace Apartments to $6,332,409 from $6,016,700 by adding an additional obligation of $315,709 from the following HOME funding source:
   
   

   Project	Fund	Account	Title	Amount
   Beverly Terrace	561/43	43M008	AHTF	$315,709

     
4. AUTHORIZE the General Manager, HCIDLA, or designee, to negotiate and execute amendments to the loan documents related to the existing HCIDLA loan, subject to the approval of the City Attorney as to form and legality; revisions will include but are not limited to interest rate, loan and affordability terms, increases in the loan amount.
      

Fiscal Impact Statement: The HCIDLA reports that this action will not impact the General Fund. The City is a conduit issuer and will not incur liability for repayment of the bonds.  The bonds are a limited obligation payable strictly from revenue from the project.  The City will not be obligated to make payments on the bonds.

Community Impact Statement: None submitted.

CONSIDERATION OF MOTION (RYU - KORETZ) relative to the feasibility of acquiring an eleven-acre parcel of vacant land near Griffith Park.

Recommendation for Council action:

DIRECT the Department of General Services to investigate the feasibility for the City to acquire an eleven-acre parcel of vacant land near Griffith Park, known as 0 Mt. Lee (APN 5581-010-003), and adjacent to the Mt. Lee Communications Center which contains City as well as other public telecommunications facilities and towers.

Community Impact Statement:  None submitted.

(Entertainment and Facilities Committee waived consideration of the above matter)

ADOPTED

SUBSTITUTE MOTION (MARTINEZ FOR RYU - KORETZ)

Recommendations for Council Action:

1. DIRECT the General Services Department to investigate the feasibility for the City to acquire an eleven acre parcel of vacant land near Griffith Park, known as "0 Mt. Lee" (APN 5581-010-003) and adjacent to the Mt. Lee Communications Center which contains City as well as other public telecommunications facilities and towers.
   
   
2. AUTHORIZE the General Services Department to enter into negotiations to acquire the above referenced property for the City of Los Angeles on behalf of the Department of Recreation and Parks, for a purchase price up to the appraised value or to the listing price; and, with assistance of the City Attorney, be authorized to prepare and execute any documents necessary, including but not limited to the purchase and sale agreement, to effectuate the acquisition of the above described property, and with the understanding that the Council District Four Real Property Trust Fund shall be used to fund this acquisition.

ATTEST:  Holly L. Wolcott, CITY CLERK

By

          Council Clerk                                      PRESIDENT OF THE CITY COUNCIL