REPORT TO THE CITY COUNCIL
FROM: JERRY DYER, Mayor
Office of Mayor & City Manager
MIGUEL ARIAS, Councilmember
District 3, City Council
THROUGH: JENNIFER CLARK, Director
Planning and Development Department
PHIL SKEI, Assistant Director
Planning and Development Department
MARLENE MURPHEY, Executive Director
City of Fresno in its capacity as Housing
Successor to the Redevelopment Agency
of the City of Fresno
BY: CORRINA NUNEZ, Project Manager
Housing and Community Development Division
SUBJECT
Title
Actions pertaining to the affordable residential housing project at 1241-1263 Broadway Mall, commonly known as Hotel Fresno
1. ***RESOLUTION - Supporting Broadway Plaza Family Apartments, LP's Hotel Fresno project and awarding $1.5 million in Permanent Local Housing Allocation funds for development of the Hotel Fresno Housing Project in downtown Fresno (District 3) (Subject to Mayor's Veto) (City Action Only)
2. Approve a Fourth Amendment to the Amended and Restated Owner Participation Agreement with Broadway Plaza Family Apartments, LP
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RECOMMENDATION
Staff recommends the City Council approve the Resolution supporting the Broadway Plaza Family Apartments, LP's Hotel Fresno Housing Project and awarding $1.5 million in Permanent Local Housing Allocation (PLHA) funds for the development of the Hotel Fresno Housing Project in downtown Fresno. Staff additionally recommends approval of a Fourth Amendment to the Restated Owner Participation Agreement (OPA) with Broadway Plaza Family Apartments, LP.
EXECUTIVE SUMMARY
The Hotel Fresno project is currently underway and is about 85% complete. The Project has a $1.5 million budget gap due to various amounts of shortfall in other secured funding and delays that were beyond control of the Developer. The proposed resolution will provide Developer with $1.5 million in PLHA funds to close the funding gap. The Fourth Amendment to the OPA will allo...
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