REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
BY: PHIL SKEI, Assistant Director
Planning and Development Department
CORRINA NUNEZ, Project Manager
Housing and Community Development Division
SUBJECT
Title
Actions pertaining to the Assignment and Assumption of the OPS Villas, LP HOME Investment Partnerships loan documents and the Oak Park Senior Villas property located at 2597 S. Richelle Avenue, 93725, in southeast Fresno (District 5):
1. Invoke exception to the Better Business Act pursuant to Section 2(b), as amended by Resolution No. 2013-166 (Requires Five Affirmative Votes)
2. Approve write-down and write-off of the existing loans totaling $4,885,000 ($4,185,000 and $700,000) and approximately $1.4 million in accrued interest to a revised amount of $2,598,148 at 2% interest, payable from 50% of the property's annual residual receipts with principal and interest due in full on July 1, 2081, the loan maturity date
3. Approve Assignment and Assumption Agreement with OPS Villas, LP and Housing Authority of the City of Fresno
4. Authorize the City Manager to sign all implementing documents (Agreement, revised Declaration of Restrictions, and Note) required for the assignment and assumption, approved as to form by the City Attorney's Office.
Body
RECOMMENDATION
Staff recommends the Council 1) invoke the exception to the Better Business Act (BBA); 2) approve the write-off and write-down of the existing loans and interest; 3) approve the Assignment and Assumption Agreement; and 3) authorize the City Manager to sign all implementing documents required for the assignment and assumption, approved as to form by the City Attorney's Office.
EXECUTIVE SUMMARY
On July 23, 2026, the Housing and Community Development Division received an assignment request from OPS Villas, LP (Exhibit "A") and an assumption request from the Housing Authority of the City of Fresno (Housing Authority...
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