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Council authorizes $8 million assignment and short‑term loan to community land trust for artist housing; approves $75,000 closing support
Summary
Council approved assigning purchase agreements and interim loan documents to a newly formed Laguna Beach Community Land Trust to acquire two properties for artist/work‑live housing and authorized up to $75,000 in closing support from escrow funds to cover timing gaps.
The City Council approved staff recommendations to assign purchase and sale agreements for two downtown properties to the newly formed Laguna Beach Community Land Trust and to advance financing to enable the land trust to close. Staff described a structure with an $8,000,000 loan secured by the properties, a five‑year interest‑only…
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