REPORT TO THE CITY COUNCIL
FROM: MARELENE MURPHY, Redevelopment Administrator
SUBJECT
Title
Approve a First Amended and Restated Disposition and Development Agreement between the City of Fresno, in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno and Self-Help Enterprises regarding the disposition of approximately 3.05 acres located at the Southwest corner of Florence and Walnut and the Northwest corner of Florence and Plumas Avenue for the development of a single-family affordable housing project.
Body
RECOMMENDATION
It is recommended that the City of Fresno, in its capacity as Housing Successor to the Redevelopment Agency (FHS) approve the First Amended and Restated Disposition and Development Agreement with Self-Help Enterprises.
EXECUTIVE SUMMARY
Self-Help Enterprises (SHE) seeks several changes in the First Amended and Restated Disposition and Development Agreement (Amended Agreement). The two-phase 13-unit development consists of six homes in Phase 1, the "Walnut Project' and seven homes in Phase 2, the "Plumas Project".
The Amended Agreement is prompted by the need to: (1.) change and expand the location for a temporary ponding basin from 3 to 4 lots in the "Plumas Project" site; and (2.) reduce the time to convey lots and construct the thirteen-home project to meet deadline requirements for New Market Tax Credit (NMTC) funding allocated to the Project.
The Amended Agreement provides for development and construction of 13 single-family homes and includes a larger, relocated temporary basin site. To meet NMTC funding requirements and optimize efficiencies the performance schedule is revised wherein both Phase 1 and 2 complete construction of 13 units by the end of the year reducing the overall schedule by several months. The reduced seven lot "Plumas Project" site will be conveyed upon issuance of building permits for the homes. The four basin lots, to be conveyed concurrently, shall be developed as a...
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