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File #: ID16-105    Version: 1 Name:
Type: Action Item Status: Passed
File created: 1/15/2016 In control: City Council
On agenda: 2/25/2016 Final action: 2/25/2016
Title: Actions pertaining to the sale of excess property at Fulton and Inyo Streets: 1. Approve a Purchase and Sale Agreement between the Successor Agency and the City of Fresno, for property located on 829 Fulton (APN 468-282-05T), 835 Fulton (APN 468-282-22T), and the Parking Lot on the northwest corner of Fulton/Inyo Streets (APN APN 468-282-23T). 2. Approve a Disposition and Development Agreement between the City of Fresno, the City as the Housing/Successor Agency to the City of Fresno, and Noyan Frazier Capital, LLC.
Sponsors: Successor Agency to the Redevelopment Agency of th
Attachments: 1. South Stadium_DDA_2-19-16_cc.pdf, 2. C-15-035 aprvltr 10.28.15.pdf, 3. FresnoFulton-StaticProForma-2-19-16_DB.PDF, 4. FresnoFulton-ProjectSummary-2-19-16_DB.PDF, 5. FresnoFulton-Sources-Uses-2-19-16_DB.PDF
REPORT TO THE CITY COUNCIL



February 25, 2016


FROM: BRUCE RUDD, City Manager

BY: DANIELLE BERGSTROM, Government Affairs Manager
Office of the Mayor and City Manager

SUBJECT
Title
Actions pertaining to the sale of excess property at Fulton and Inyo Streets:
1. Approve a Purchase and Sale Agreement between the Successor Agency and the City of Fresno, for property located on 829 Fulton (APN 468-282-05T), 835 Fulton (APN 468-282-22T), and the Parking Lot on the northwest corner of Fulton/Inyo Streets (APN APN 468-282-23T).
2. Approve a Disposition and Development Agreement between the City of Fresno, the City as the Housing/Successor Agency to the City of Fresno, and Noyan Frazier Capital, LLC.

Body
RECOMMENDATION

Staff recommends that the Council approve the following actions pertaining to the sale of 829 Fulton, 835 Fulton, and the Parking Lot on the northwest corner of Fulton/Inyo Streets to Noyan Frazier Capital, LLC to construct a mixed-use residential and commercial development:

1. Approve a Purchase and Sale Agreement between the Successor Agency and the City of Fresno, for property located on 829 Fulton (APN 468-282-05T), 835 Fulton (APN 468-282-22T), and the Parking Lot on the northwest corner of Fulton/Inyo Streets (APN APN 468-282-23T).
2. Approve the material terms of the Disposition and Development and Agreement between the City and Noyan Frazier Capital, LLC, subject to approval as to form by the City Attorney.

EXECUTIVE SUMMARY

The Successor Agency of the Redevelopment Agency of Fresno and the City of Fresno has mutual interest in developing properties known as the South Stadium district in downtown Fresno. As such, a Request for Proposals (RFP) was issued on April 3, 2014, in which for a mixed-use, multi-phase development, that included several properties located in the vicinity of Fulton and Inyo Streets. On October 30, 2014, the Council and Successor Agency selected the Noyan Frazier Capital, LLC (dev...

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