REPORT TO THE CITY COUNCIL
FROM: JENNIFERCLARK, Director
Planning & Development Department
PHIL SKEI, Assistant Director
Planning & Development Department
BY: MAYRA MERINO, Senior Management Analyst
Planning & Development Department
SUBJECT
Title
Approve the First Amendment to State and Local Fiscal Recovery Funds Econo North Apartments Agreement with Better Opportunities Builder, Inc., an affiliate of the Housing Authority of the City of Fresno, to extend the project schedule beyond 180 cumulative days. (District 3)
Body
RECOMMENDATION
Staff recommends that the City Council approve the First Amendment to the Econo North Apartments Agreement with Better Opportunities Builder, Inc., an affiliate of the Housing Authority of the City of Fresno, to extend the project schedule beyond 180 cumulative days.
EXECUTIVE SUMMARY
The Econo North Apartments project involves the conversion and rehabilitation of the former Econo Inn Motel into a 25-unit apartment complex. The First Amendment to the Agreement proposes a 19-month extension to the project timeline, allowing additional time to secure full financing. This extension is necessary due to unforeseen delays in financing and will facilitate the project's progress toward completion.
BACKGROUND
On June 15, 2023, the City Council approved the State and Local Fiscal Recovery Funds (Part of the American Rescue Plan Act) Agreement with Better Opportunities Builder, an affiliate of the Housing Authority of the City of Fresno (Developer), for the conversion and rehabilitation of the former Econo Inn Motel into a 25-unit affordable multifamily housing project. The project was initially scheduled to begin construction in August 2023; however, it encountered unforeseen financing delays.
The Developer notified staff on October 29, 2024, that an extension was necessary to secure the full funding required for the project. The requested extension is crucial to enable the developer to secure the necessar...
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