REPORT TO THE CITY COUNCIL
March 23, 2017
FROM: MARLENE MURPHEY, Executive Director
Fresno Revitalization Corporation
SUBJECT
Title
Actions pertaining to 532-614 Fulton Street (Fultonia) and seven properties rehabilitated under the Neighborhood Stabilization Program:
1. ***RESOLUTION - Approving the amendment (with a principal reduction payment of $100,000) of an existing $600,000 Promissory Note to the Fresno Housing Successor (Revised Note) and substituting security to seven properties rehabilitated under the Neighborhood Stabilization Program (NSP) (APNs: 452-156-19, 460-084-07, 461-052-08, 454-191-05, 460-214-09, 459-036-04, 460-234-18) (NSP Properties);
2. Transfer of fee title of the seven NSP Properties from TFS Investments, LLC. to FRC; and FRC’s assumption of NSP obligations on the NSP Properties and the Revised Note;
3. Amend the existing NSP notes secured by the NSP Properties.
Sponsor: Fresno Revitalization Corporation Executive Director
Body
RECOMMENDATION
EXECUTIVE SUMMARY
BACKGROUND
ENVIRONMENTAL FINDINGS
LOCAL PREFERENCE
FISCAL IMPACT
Attachments
Agreement for Transfer and Acceptance of Real Property and Joint Escrow Instructions: