REPORT TO THE CITY IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE
REDEVELOPMENT AGENCY OF THE CITY OF FRESNO
AND FRESNO REVITALIZATION CORPORATION
DATE: August 15, 2019
FROM: MARLENE MURPHEY, Executive Director
Title
Consider a 2nd Amendment to the Disposition and Development Agreement between the City of Fresno, the City of Fresno in its capacity as Housing Successor to the former Redevelopment Agency and Noyan Frazier Capital LP.
Body
RECOMMENDATION
It is recommended that Council approve a 2nd Amendment to the Disposition and Development Agreement between the City of Fresno, the City of Fresno in its capacity as Housing Successor to the former Redevelopment Agency and Noyan Frazier Capital LP.
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EXECUTIVE SUMMARY
The Developer for the Park at Fresno has prepared a budget analysis indicating a $659,298.00 funding shortfall and has requested a contribution of funds in order to fill the gap. A 2nd Amendment to the DDA provides for the Housing Successor to the former Redevelopment Agency of the City of Fresno (FHS) to contribute the gap amount of $659,298 in Low Moderate Income Housing Asset Funds (LMIHAF) to develop 10 affordable rental residential units that will be restricted to household income levels no greater than 50% of AMI for a period of 55 years; and, sustains the sale of two parcels of FHS-owned land for $1.00 per parcel for The Park at Fresno Project.
BACKGROUND
A request for Proposal (RFP) was issued on April 3, 2014 for a mixed -use multi-phase development in the South Stadium area that included several properties owned by the Successor and Housing Successor Agency to the former RDA. On October 30, 2014, the Council and Agency selected Noyan Frazier Capital LLC as the developer and on February 25, 2016 a Disposition and Development Agreement (DDA) was approved that focused on a proposed Phase 1 mixed use, multi-story building with 50 residential units over ground floor retail. On June 21, 2018 the 1st Amendment was approved.
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