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Council backs bridge loan pathway and assignments to Community Land Trust to preserve artist live/work units
Summary
Council approved staff recommendations to reinitiate purchase agreements, enter a letter of intent and assign consultant services to a new Laguna Beach Community Land Trust and supported a proposed $8 million bridge loan structure to secure two artist live/work properties.
Laguna Beach — The City Council voted to advance a package of actions intended to preserve two historic artist live/work properties by transitioning them into the newly formed Laguna Beach Community Land Trust (CLT).
Staff described negotiated purchase terms, a proposed loan structure, and assignment of consultant services to the CLT. The two properties in question were…
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