REPORT TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF
THE CITY OF FRESNO AND THE FRESNO REVITALIZATION CORPORATION
DATE: November 20, 2014
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Actions pertaining to Owner Participation Agreement:
1. Invoke Exception to Better Business Act (Requires 5 affirmative votes)
2. Approve Restated and Amended Owner Participation Agreement (OPA) between the Housing Successor of the City of Fresno and Apec LLC International for the rehabilitation of 1241 Broadway Plaza (APN 466-214-01) (City action)
Body
RECOMMENDATION
The City of Fresno as Housing Successor recommends approval of the Amended Restated Owner Participation Agreement for 1241 Broadway Plaza.
EXECUTIVE SUMMARY
The Housing Successor has an Owner Participation Agreement with Hotel Frezno LLC to rehabilitate the former Hotel Fresno into a mixed use housing and commercial development. The OPA commits $1,900,000 of low and moderate income assistance to help create affordable housing units. Apec is purchasing the property and seeks to amend the agreement that is being assigned by the owner subject to Agency approval. The amended OPA, if approved, will be the basis of a loan commitment letter utilized by Apec to pursue its financing plan.
BACKGROUND
The Housing Successor has an Owner Participation Agreement with Hotel Frezno LLC to rehabilitate the former Hotel Fresno into a mixed use housing and commercial development. The OPA commits $1,900,000 of low and moderate income assistance to help create affordable housing units.
The Hotel Fresno property at 1241 Broadway Plaza (APN 466-214-01) is in escrow between Apec International LLC and Hotel Frezno LLC. Apec is a multifamily and commercial development company with extensive experience in market rate and affordable housing.
Apec proposes to rehabilitate the subject property into 70 rental residential units consisting of 30 market rate units and 40 units cov...
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