JOINT MEETING OF THE CITY COUNCIL, FRESNO REVITALIZATION CORPORATION, THE CITY OF FRESNO IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO, AND THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO
FROM: MARLENE MURPHEY, Executive Director
Housing Successor Agency to the Redevelopment Agency
SUBJECT
Title
Actions pertaining to the affordable residential housing project at 1241-1263 Broadway Plaza, Fresno, California commonly known as Hotel Fresno:
1. Approve a Fifth Amendment to the Amended and Restated Owner Participation Agreement with Broadway Plaza Family Apartments, LP and the City of Fresno, in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno (District 3).
Body
RECOMMENDATION
It is recommended that Council in its capacity as Housing Successor approve the Fifth Amendment to the Amended and Restated Owner Participation Agreement (OPA) between Broadway Plaza Family Apartments, LP (Owner) and APEC International, LLC a California limited liability company and APEC Development, LLC a California limited liability company (Developer) and the City of Fresno, in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno. This amendment reflects a modification to the residual receipts percentage for loan repayment to align with the California Department of Housing and Community Development's (HCD) Affordable Housing and Sustainable Communities (AHSC) Program regulations. Further, the Regulatory Agreement and Declaration of Covenants and Restrictions is updated to reflect the project's current number of affordable units.
EXECUTIVE SUMMARY
Staff recommends approval of the Fifth Amendment to the OPA, to modify the terms of the residual receipts percentage for repayment of the Agency's $1.9 million loan to the Hotel Fresno Project. This change is required to comply with the California Department of Housing and Community Development's (HCD) Affo...
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