REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, AICP, Director
Planning and Development Department
PHILIP SKEI, Assistant Director
Planning and Development Department
BY: JENNIFER DAVIS, Senior Management Analyst
Planning and Development Department
SUBJECT
Title
***RESOLUTION - In support of a contribution of City funds in the amount of $10,500,000 and a contribution of three City-owned parcels along the Parkway Drive Corridor to Cesar Chavez Foundation for the development of the Parkview Apartments affordable rental housing project (Subject to Mayor's Veto) (Council District 3)
Body
RECOMMENDATION
Staff recommends the City Council adopt the Resolution In support of a contribution of City funds in the amount of $10,500,000 and a contribution of three City-owned parcels along the Parkway Drive Corridor to Cesar Chavez Foundation for the development of the Parkview Apartments affordable rental housing project.
EXECUTIVE SUMMARY
The Cesar Chavez Foundation (Developer) is proposing to develop Parkview Apartments, an affordable rental housing project that will include 98 units across two of three City-owned sites along the Parkway Drive Corridor. The project will consist of the rehabilitation of existing units and the construction of new units, thereby offering various permanent affordable housing options.
Adopting the Resolution will provide a conditional commitment of $10,500,000 in City funds and a contribution of three City-owned parcels to the Developer to support the development of the Parkview Apartments. This contribution of City-owned property, along with the conditional City funding, is contingent upon the full project financing and shall terminate on December 31, 2026, with an option for a one-year extension if progress toward securing funding is demonstrated.
BACKGROUND
The City of Fresno is the fee owner of three parcels located along the Parkway Drive Corridor and more particularly described as 1444 West White A...
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