LA County Board

2-D. Century Restorative Care Village Project Lease Agreement for Multifamily\nHousing Development\nRecommendation: Authorize the Executive Director of the Los Angeles County\nDevelopment Authority to serve as the agent of the County in the execution of\nthe Option to Lease Agreement between the County and Century Affordable\nDevelopment, Inc. (Century), in the form of the Ground Leases, upon\nsatisfaction of the conditions set forth in the Option to Lease Agreement, and\nany other transaction documents consistent with, and/or necessary for the\nimplementation of the foregoing approvals, including execution of any\namendments to the foregoing documents for the development of the Century\nRestorative Care Village, at County-owned property located at 1321 North\nMission Road in Los Angeles (1), a two-phase affordable and supportive\nhousing project consisting of approximately 294 units for low-income seniors\nand people experiencing homelessness and two manager’s units (Project);\napprove a loan to Century, or their Los Angeles County Development Authority\n(LACDA), of up to a total of $20,000,000 in No Place Like Home (NPLH)\nProgram funds, contingent upon the transfer of NPLH funds from the State\nDepartment of Housing and Community Development to LACDA; authorize the\nExecutive Director, in consultation with the Director of Mental Health, to\nnegotiate, execute, and if necessary, amend or reduce the Loan Agreement\nwith Century, or their LACDA-approved assignees, and all related documents,\nincluding, but not limited to, documents to subordinate the loans to construction\nand permanent financing, and any intergovernmental, interagency, or\ninter-creditor agreements necessary for the implementation of each\ndevelopment, and to incorporate up to $20,000,000 in NPLH Funds into the\nLACDA’s approved Fiscal Year 2023-24 budget, as needed, for the purposes\ndescribed herein; approve a Community Benefits Agreement for the Project;\nand find that the proposed Project is exempt from the California Environmental\nQuality Act. APPROVE (Relates to Agenda No. 52) (24-0677)