REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
THROUGH: PHIL SKEI, Assistant Director
Planning and Development Department
BY: MAYRA MERINO, Senior Management Analyst
Planning and Development Department
SUBJECT
Title
Actions pertaining to the Park at South Stadium Project, a 174-unit multifamily housing development project, located on 815, 829, 835 Fulton St, Fresno California (City Council District 3)
1. ***RESOLUTION - in support of a contribution of City Funds from the Revolving Loan Fund in an amount not to exceed $8,000,000 toward the housing development project located on 815, 829, 835 Fulton Street, Fresno California (Subject to Mayor's Veto)
2. ***RESOLUTION - in support of a contribution of City Funds in an amount not to exceed $3,000,000 toward the housing development project located on 815, 829, 835 Fulton Street, Fresno California (Subject to Mayor's Veto)
Body
RECOMMENDATION
Staff recommends that the City Council approve two resolutions authorizing the conditional commitment of City funds: (1) an amount not to exceed $8,000,000 from the Revolving Loan Fund (RLF) and (2) an amount not to exceed $3,000,000, to The Park Partners LLC for The Park at South Stadium project, a mixed income student rental housing development located at 815, 829, 835 Fulton Street in Downtown Fresno.
EXECUTIVE SUMMARY
The Park at South Stadium is a new, eight-story, 174-unit multifamily housing development intended to serve students attending higher education institutions throughout the Fresno region. The project will provide 70 affordable units that will be restricted to very low- and low-income households for a 55-year affordability term.
The City's $8,000,000 RLF loan will provide gap financing for eligible soft and hard construction costs. The loan will be provided at a variable interest rate estimated at 4.81% over a 60-month term and secured by a deed of trust and long-term affordability covenants. The p...
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