LAHD definition
Examples of LAHD in a sentence
LAHD will monitor implementation of mitigation measures during construction.
All three properties are currently managed by LAHD, who is also a party to the DDLA.
December 17, 2010 – Council authorization for CRA/LA and LAHD to enter into an ENA with ▇▇▇▇▇▇ ▇▇▇▇▇▇ & Associates (CF#10-1886).
CRA/LA’s participation is in the form of an Acquisition Loan equal to the as-is value of the Properties (jointly held with LAHD, with the CRA/LA portion being $852,840), and a $1.5 million Predevelopment, Construction and Permanent Loan.
LAHD will enter into a separate loan agreement (“LAHD Loan”) with the Developer to provide $7.87 million in construction and permanent financing in the form of Neighborhood Stabilization (“NSP”) funds.
In addition, CRA/LA and LAHD will take back a $5,410,000 note for the as-is value of the Site (“Acquisition Loan”).
The Option provides the Developer with the right to purchase the Site from LAHD and CRA/LA for $5,438,000 (equal to the appraised fair market value of the ▇▇▇▇▇▇ Hotel, and as-is value of Somerville I & II), contingent upon the negotiation of a Purchase Agreement between the parties.
While it is CRA/LA’s policy to charge 3% simple interest on residual receipts loans, given the rent structure required by NSP funding, and the extraordinary circumstances leading to the foreclosure on the ▇▇▇▇▇▇ Hotel by the two City public entities, a lower interest rate of 1.75% has been agreed upon by both LAHD and CRA/LA as necessary to facilitate the development of the Project in a timely manner.
The $1,500,000 CRA/LA Loan will be in fourth position, behind the construction or permanent financing, LAHD Loan, and Acquisition Loan.
The Developer anticipates construction financing from a conventional lender and the LAHD NSP Loan will be senior to the CRA/LA Loan and the Acquisition Loan.