REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, AICP, Director
Planning & Development Department
BY: PHILIP SKEI, Assistant Director
Planning & Development Department
SARAH J. LAMBETH, Project Manager
Planning & Development Department
SUBJECT
Title
Approve the Second Amendment to the Amended and Restated Agreement for Option to Purchase 959 North Parkway Drive (APN: 449-324-11) between the City of Fresno and Fresno Housing Authority to extend the closing period of 200 days and assign all Homekey provisions without changing the overall compensation of the Agreement (Council District 3)
Body
RECOMMENDATIONS
Staff recommends that the City Council approve the Second Amendment to the Amended and Restated Agreement for Option to Purchase 959 North Parkway Drive (APN: 449-324-11) between the City of Fresno and Fresno Housing Authority (FHA) to revise Exhibit B, Agreement for Purchase and Sale of Real Property and Escrow Instructions, to include an extended closing period of 200 days and assignment of all Homekey provisions, with no change to the overall compensation of the Agreement. Staff further recommends that the City Council authorize the City Manager or designee to execute all necessary documents on behalf of the City of Fresno (City).
EXECUTIVE SUMMARY
The proposed Second Amendment to the Amended and Restated Agreement for Option to Purchase 959 North Parkway Drive modifies the terms governing the future sale of this Cityowned property. Specifically, the Amendment would revise the Agreement for Purchase and Sale of Real Property and Escrow Instructions (Exhibit B) to extend the closing period from 90 days to 200 days and incorporate all Homekey program provisions, while maintaining the original compensation terms. The extended closing period allows FHA sufficient time to complete the transactional steps associated with this complex Surplus Land Act Real Estate transfer, supporting the property’s transition from interim emergency shelter to per...
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