New Manhattan Beach city manager Dave Carmany and his wife, Lori, will be moving from Huntington Beach to Manhattan Beach as soon as escrow closes on their modest $1.1 million tree section home on Pacific Avenue.
The four City Council members present at Tuesday night’s meeting – Mayor Richard Montgomery was absent — unanimously approved a home loan and equity housing sharing agreement with Carmany, in which the city and Carmany will share equal ownership of the house. Carmany’s contract with the city provides for housing assistance in purchasing a house in Manhattan Beach valued at no more than $1.2 million.
“The city manager has found a lovely home in Manhattan Beach that fits the needs of him and his wife and we’re looking forward to the fact that he’ll be here embedded in our community,” said Mayor Pro Tem Nick Tell.
The city will pay $974,685 from its general fund for the purchase of the house, which includes a $108,000 down payment, $2,685 in closing costs and a payment of $432,000 all on behalf of the city, as well as a $432,000 30-year loan to Carmany, which he will pay back to the city with interest.
Carmany also put down $108,000 on the home.
Councilmember Mitch Ward said that while the city provided home loans to its former city manager and police chief, this is the first time it has engaged in an equity sharing agreement.
“It’s a solid investment with city funds,” Councilmember Portia Cohen said. “It’s very conservative.”
Click here to view city documents regarding the city manager’s home loan and equity sharing agreement. ER
