REPORT TO THE CITY COUNCIL JOINT MEETING OF THE CITY COUNCIL, THE CITY OF FRESNO IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO, AND FRESNO REVITALIZATION CORPORATION
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Approve First Amendment to the First Amended and Restated Disposition and Development Agreement between the City of Fresno in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno and Self-Help Enterprises regarding the affordable single family home development at the Southwest corner of Florence and Walnut and the Northwest corner of Florence and Plumas Avenues.
Body
RECOMMENDATION
It is recommended that the City of Fresno in its capacity as Housing Successor to the Redevelopment Agency (FHS) approve the First Amendment to the First Amended and Restated Disposition and Development Agreement with Self-Help Enterprises.
EXECUTIVE SUMMARY
Self Help Enterprises (Developer) requests a First Amendment to the Amended and Restated Disposition Agreement. The current Agreement provides downpayment assistance to the majority of individual homebuyers from a combination of both FHS and HOME Program funds with different loan terms. The Amendment revises FHS loan terms to better align with HOME terms to provide more consistency between lending sources and improve project marketability. In addition, for clarification purposes the Amendment makes minor adjustments to four exhibits
BACKGROUND
The current Agreement provides for a two-phase development. Phase 1, the "Walnut Project" consists of six homes at the southwest corner of Walnut and Florence Avenues. The homes are nearing completion and expected to be fully occupied by the end of March. Phase 2, the "Plumas Project" consists of 11 homes at the northwest corner of Florence and Plumas scheduled for completion in June of 2025. A potential temporary ponding basin that would have occupied four lots in Phase 2 became unnecess...
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