REPORT TO THE CITY IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE
REDEVELOPMENT AGENCY OF THE CITY OF FRESNO
AND FRESNO REVITALIZATION CORPORATION
DATE: September 1, 2016
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
JOINT MEETING OF CITY (IN ITS CAPACITY AS HOUSING SUCCESSOR) AND FRESNO REVITALIZATION CORPORATION
Action pertaining to sale of 0.39 acres of property at 473 N. Glenn Ave. (APN 459-061-29T)
1. Adopt a finding of Categorical Exemption pursuant to CEQA Guidelines section 15332
2. Approve a Purchase and Sale Agreement between the City in its capacity as Housing Successor Agency and Brad Hardie and WITR, LLC.
Body
RECOMMENDATION
It is recommended that the City of Fresno in its capacity as the Housing Successor to the Redevelopment Agency approve of a Purchase and Sale Agreement for 473 N. Glenn Ave. (APN 459-061-29T).
EXECUTIVE SUMMARY
The Housing Successor is proposing to execute a Purchase and Sale Agreement with Brad Hardie and WITR, LLC (buyers). The proposed purchase of 473 N Glenn will include an affordable housing covenant and help the Agency meet the affordable housing goals of SB 341.
BACKGROUND
The Housing Successor- owned property at 473 N Glenn is located in the Lowell Neighborhood and was acquired to remove blight and provide affordable housing. The property is an 18,295 square foot lot with three uninhabitable buildings. It was independently appraised in December 2015 for $45,000.
The Housing Successor has received an offer from Brad Hardie and WITR, LLC. The offer is for the purchase price of $20,000 with one affordable covenant at the extremely low income level (30% of Average Median Income). Mr. Hardie is President of Regency Property Management and the managing partner of WITR, LLC is Mr. Wayne Rutledge, a local builder. The buyers bring experience in local property management and construction. The buyers propose to remodel all of the 8 units over an approximate four month period. The planned rehabilitation include...
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