REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning & Development Department
PHIL SKEI, Assistant Director
Planning & Development Department
BY: MAYRA MERINO, Senior Management Analyst
Planning & Development Department
SUBJECT
Title
Approve a Revolving Loan Fund Agreement in an amount not to exceed $8,000,000 with The Park Partners LLC for the development of The Park at South Stadium, a multifamily rental housing project located at 815, 829, and 835 Fulton Street (City Council District 3)
Body
RECOMMENDATION
Staff recommends that the City Council approve a Revolving Loan Fund (RLF) Agreement in an amount not to exceed $8,000,000 with The Park Partners LLC for the development of The Park at South Stadium, a multifamily rental housing project located at 815, 829, and 835 Fulton Street in Downtown Fresno (City Council District 3).
EXECUTIVE SUMMARY
The Park at South Stadium is a proposed eight-story, 174-unit multifamily rental housing development located in Downtown Fresno within the Chinatown area. The project includes a total of 70 affordable units that will be restricted to very low- and low-income households for a minimum term of 55 years, contributing to the City’s long-term housing affordability goals.
The proposed $8,000,000 RLF loan will provide critical gap financing to support eligible development costs, including both hard and soft construction expenses. The loan will carry a variable interest rate, currently estimated at 4.81 percent, with a 60-month term, and will be secured by a deed of trust and recorded affordability covenants.
Approval of this agreement will facilitate the timely development of new housing units, including a significant affordable component, and supports the City’s broader objectives related to housing production, downtown revitalization, and equitable community investment.
BACKGROUND
On February 13, 2026, the City of Fresno issued a Revolving Loan Fund (RLF) Notice of Funding Availability (NOFA) for Downtown and Chinatown Development Round 2 to incentivize high‑density multifamily new construction and substantial rehabilitation projects that support the revitalization of the downtown core. This ensures a transparent and competitive framework for evaluating and selecting eligible projects that advance the City’s housing objectives. The NOFA closed on April 14, 2026. While the NOFA does not require affordability restrictions, The Park Partners LLC has voluntarily committed to designating 70 of the 174 units as affordable to very low- and low-income households. This commitment exceeds baseline program requirements and reflects a meaningful contribution toward addressing local housing needs.
On February 26, 2026, the City Council adopted Resolution No. 2026-24 which provided a conditional commitment of City Funds from the RLF in an amount not to exceed $8,000,000 toward the project. The conditional funding is contingent upon the developer obtaining full financing for the project. The commitments and the Resolution expire on May 15, 2026.
On the same date, the City Council also approved an Amended and Restated Disposition and Development Agreement (DDA) between the City of Fresno - acting in its capacity as both the City and the Housing Successor Agency to the former Redevelopment Agency - and The Park Partners LLC. The DDA outlines the terms for property conveyance, development obligations, and long-term use restrictions for the project site. The developer has made significant progress toward meeting these obligations and is nearing completion of all steps to obtain Bond financing and the other remaining financing required for the project.
The project site consists of one City-owned parcel (APN 468-28-23T) and two parcels owned by the Housing Successor Agency (APNs 468-282-05T and 468-282-22T).
The proposed development will include a mix of studio, two-bedroom, and three-bedroom units designed to accommodate a range of household sizes. Project amenities will include study lounges, fitness facilities, and community gathering spaces. Additionally, the development will provide approximately 400 parking spaces through a combination of on-site parking and City-leased off-site parking arrangements.
The RLF loan will serve as gap financing necessary to ensure project feasibility and to leverage additional private and public investment. City funding will be available after all other non-City financing is utilized. The City Attorney’s Office has reviewed and approved the RLF Agreement as to form.
This agreement is not subject to the Better Business Act because these funds are being awarded as a result of a NOFA response.
ENVIRONMENTAL FINDINGS
The project is subject to a Zone Clearance review under Chapter 15, Article 51 of the Fresno Municipal Code (FMC). Pursuant to FMC Section 15-4907, Zone Clearance is considered a ministerial action. Accordingly, the project is exempt from review under the California Environmental Quality Act (CEQA) pursuant to Section 15268 of the CEQA Guidelines.
FISCAL IMPACT
There is no impact to the City’s General Fund as a result of this action. The $8,000,000 loan will be funded through the City’s Revolving Loan Fund, which is specifically designated to support downtown housing development and is intended to be replenished through loan repayments.
Attachment:
The Park at South Stadium RLF Agreement