REPORT TO THE CITY COUNCIL, THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO, THE HOUSING SUCCESSOR, AND THE FRESNO REVITALIZATION CORPORATION
February 26, 2015
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Approve a Second Reformation of Disposition and Development Agreement among the City of Fresno, in its capacity as Housing Successor Agency to the Redevelopment Agency of the City of Fresno, Edison Plaza Partners, L.P., Fresno Edison Apartments, L.P., and Fresno Edison Apartments, II, L.P. (Council action)
Body
RECOMMENDATION
Approve Second Reformation of Disposition and Development Agreement between the City of Fresno as Housing Successor, Edison Plaza Partners L.P., Fresno Edison Apartments L.P., and Fresno Edison Apartments, II, L.P.
EXECUTIVE SUMMARY
The existing Disposition and Development agreement calls for a two phase residential development on approximately 6.9 acres located generally between Lorena, Florence, Walnut, and Plumas Avenues. The original Developer, Edison Plaza Partners LP has been working with the Housing Authority to pursue funding opportunities that include Low Income Housing Tax Credits (LIHTC). The Edison Plaza Partners LP seek a Second Reformation to the existing DDA to add the Housing Authority via Fresno Edison Apartments LP and Fresno Edison Apartments II LP as Developers for Phase 1 and Phase II respectively. The Second Reformed DDA would: include 128 units of which 116 are affordable; develop the units in two phases; and, convert the Agency assistance of $5.655 million from a grant to a loan from which the sale of land for $655,000 would be deducted. The Second Reformation of the Disposition and Development Agreement is contingent upon the Phase I Developer being awarded Low Income Housing Tax Credits for Phase I by December 1, 2015.
BACKGROUND
The former Redevelopment Agency worked to implement a Master Plan for the area in Southwest Fresno general...
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