JOINT MEETING OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY, THE CITY OF FRESNO IN ITS CAPACITY AS HOUSING SUCCESSOR,AND THE FRESNO REVITALIZATION CORPORATION
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Actions pertaining to the Hye Project for the rehabilitation as affordable housing of historic resources located at M and Santa Clara Streets:
1. RESOLUTION - Authorizing the distribution of funds from FRC Canyon Crest, LLC., to the Fresno Revitalization Corporation (FRC Action)
2. Approve Owner Participation Agreement with Essayons, LP., for the Hye Project to rehabilitate three single family homes at M and Santa Clara Streets (City as Housing Successor and FRC Action)
3. Approve Facade Covenant (Successor Agency Action)
Body
Staff recommends the City Council acting in its capacity as Housing Successor and the Fresno Revitalization Corporation (FRC) approve an Owner Participation Agreement (OPA) with Essayons LP., for the Hye Project to rehabilitate three single family historic resource homes at M and Santa Clara Streets; a Resolution Distributing Funds from FRC Canyon Crest LLC to the FRC; and a Fa?ade Covenant.
EXECUTIVE SUMMARY
Essayons LP is proposing to purchase and rehabilitate three vacant residential historic resources located at 450 M Street at the Southeast corner of Santa Clara and M Streets for affordable housing. The Owner Participation Agreement for the HYE Project would provide three single family rental residential affordable housing units with a 55 year affordability period. The rehabilitation project cost estimated at $1,221,100 is proposed to be funded with Fresno Revitalization Corporation (FRC) and Housing Successor Program funds. The property will transfer with a covenant that the facades be maintained to their period of significance.
BACKGROUND
The 450 M Street site is a single parcel (APN 468-223-20T) located on the southeast corner of Santa Clara and M Streets. It consists of three relocated single family ...
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