REPORT TO THE CITY IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE
REDEVELOPMENT AGENCY OF THE CITY OF FRESNO
AND FRESNO REVITALIZATION CORPORATION
July 16, 2020
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Approve Second Amendment to the Amended and Restated Owner Participation Agreement with Broadway Plaza Family Apartments, LP relating to the residential project at 1241-1263 Broadway Mall, commonly known as Hotel Fresno
Body
RECOMMENDATION
It is recommended that the Council approve the Second Amendment to the Amended and Restated Owner Participation Owner Participation Agreement between the City of Fresno in its Capacity as Housing Successor to the Redevelopment Agency and Broadway Plaza Family Apartments, LP successor in interest to Hotel Fresno Apartments LP; and, APEC International LLC., and APEC Development LLC., (collectively APEC Affiliates) for the residential project at 1241-1263 Broadway Mall, commonly known as Hotel Fresno.
EXECUTIVE SUMMARY
On June 19, 2020, the Housing Successor Agency received correspondence from Hotel Fresno Developer, APEC International LLC. that provides a project update and requests an extension of the construction completion date from July 31, 2020, to July 31, 2021. (See Attached)
The Developer closed construction financing in June of 2019 and began construction work in July of 2019. Considerable progress has been made however due to several delays a one-year extension to obtain the occupancy permit is requested. The Second Amendment has been prepared to extend the completion date, as requested. In consideration for the extension, the loan amount committed to the Hotel Fresno project by the Housing Successor will be reduced by up to $15,000 to offset the cost incurred by the Housing Successor for the 2020-2021 Property Based Improvement District (PBID) Special Assessment on project-related property commonly referred to as the Kidney Lot.
BACKGROUND
As shown in the updated Performance and Paymen...
Click here for full text