REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
PHIL SKEI, Assistant Director
Planning and Development Department
BY: CORRINA NUNEZ, Project Manager
Community Development Division
SUBJECT
Title
Actions pertaining to the HOME Investment Partnerships Agreement for the Dakota Apartments project to be located at 3787 N. Blackstone Avenue (District 7):
1. Approve Amendment I to HOME Investment Partnerships Agreement with Dakota Fresno, LP;
2. Approve Amendment I to HOME Investment Partnerships Promissory Note;
3. Approve Amendment I to HOME Investment Partnerships Declaration of Restrictions; and
4. Approve Amendment I to HOME Investment Partnerships Deed of Trust and Assignment of Rents
Body
RECOMMENDATION
Staff recommend the City Council approve: 1) Amendment I to HOME Investment Partnerships (HOME) Agreement Section 5.12 Ownership, Item B and Section 11.18 Notice; and 2) Amendment I to HOME Promissory Note Section 1 Residual Receipts and Section 2 Operating Expenses; 3) Amendment I to HOME Declaration of Restrictions Section 2 Restrictions (a)(iii) Household Income Requirements, and 4) Amendment I to HOME Deed of Trust Section 13, to revise the cure rights.
EXECUTIVE SUMMARY
The City has entered into a $3,000,000 HOME Agreement with Dakota Fresno, LP for the development of the Dakota Apartments, a 113-unit affordable multifamily housing project that will include 11 floating HOME-assisted units located at 3787 N. Blackstone Avenue (APN: 435-020-11). The developer has requested material changes to the HOME Agreement and related documents
BACKGROUND
On May 1, 2025, Council approved a $3,000,000 HOME loan Agreement (Exhibit "A" HOME Agreement), for the development of the Dakota Apartments project. The 113-unit affordable multifamily housing project, which will include 11 floating HOME-assisted units, will be located at 3787 N. Blackstone Avenue (APN: 435-020-11). The...
Click here for full text