REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning & Development Department
PHIL SKEI, Assistant Director
Planning & Development Department
BY: MAYRA MERINO, Senior Management Analyst
Planning & Development Department
SUBJECT
Title
Approve a Revolving Loan Fund Agreement in an amount not to exceed $8,000,000 with The Park Partners LLC for the development of The Park at South Stadium, a multifamily rental housing project located at 815, 829, and 835 Fulton Street (City Council District 3)
Body
RECOMMENDATION
Staff recommends that the City Council approve a Revolving Loan Fund (RLF) Agreement in an amount not to exceed $8,000,000 with The Park Partners LLC for the development of The Park at South Stadium, a multifamily rental housing project located at 815, 829, and 835 Fulton Street in Downtown Fresno (City Council District 3).
EXECUTIVE SUMMARY
The Park at South Stadium is a proposed eight-story, 174-unit multifamily rental housing development located in Downtown Fresno within the Chinatown area. The project includes a total of 70 affordable units that will be restricted to very low- and low-income households for a minimum term of 55 years, contributing to the City's long-term housing affordability goals.
The proposed $8,000,000 RLF loan will provide critical gap financing to support eligible development costs, including both hard and soft construction expenses. The loan will carry a variable interest rate, currently estimated at 4.81 percent, with a 60-month term, and will be secured by a deed of trust and recorded affordability covenants.
Approval of this agreement will facilitate the timely development of new housing units, including a significant affordable component, and supports the City's broader objectives related to housing production, downtown revitalization, and equitable community investment.
BACKGROUND
On February 13, 2026, the City of Fresno issued a Revolving Loan Fund (RLF) Notice of Funding Availability (...
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