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File #: ID17-434    Version: 1 Name:
Type: Action Item Status: Passed
File created: 3/17/2017 In control: City Council
On agenda: 3/23/2017 Final action: 3/23/2017
Title: Actions pertaining to 532-614 Fulton Street (Fultonia) and seven properties rehabilitated under the Neighborhood Stabilization Program: 1. ***RESOLUTION - Approving the amendment (with a principal reduction payment of $100,000) of an existing $600,000 Promissory Note to the Fresno Housing Successor (Revised Note) and substituting security to seven properties rehabilitated under the Neighborhood Stabilization Program (NSP) (APNs: 452-156-19, 460-084-07, 461-052-08, 454-191-05, 460-214-09, 459-036-04, 460-234-18) (NSP Properties); 2. Transfer of fee title of the seven NSP Properties from TFS Investments, LLC. to FRC; and FRC's assumption of NSP obligations on the NSP Properties and the Revised Note; 3. Amend the existing NSP notes secured by the NSP Properties. Sponsor: Fresno Revitalization Corporation Executive Director
Attachments: 1. Supplement Fultonia Staff Report.pdf, 2. Supplement - Resolution and Exhibits.pdf, 3. Supplement - Agreement to Transfer and Accept Real Property.pdf, 4. Supplement - Exisitng NSP Notes.pdf

REPORT TO THE CITY COUNCIL

 

 

 

March 23, 2017

 

 

FROM:                     MARLENE MURPHEY, Executive Director

Fresno Revitalization Corporation

 

SUBJECT

Title

Actions pertaining to 532-614 Fulton Street (Fultonia) and seven properties rehabilitated under the Neighborhood Stabilization Program:

1.                     ***RESOLUTION - Approving the amendment (with a principal reduction payment of $100,000) of an existing $600,000 Promissory Note to the Fresno Housing Successor (Revised Note) and substituting security to seven properties rehabilitated under the Neighborhood Stabilization Program (NSP) (APNs:  452-156-19, 460-084-07, 461-052-08, 454-191-05, 460-214-09, 459-036-04, 460-234-18) (NSP Properties);

2.                     Transfer of fee title of the seven NSP Properties from TFS Investments, LLC. to FRC; and FRC’s assumption of NSP obligations on the NSP Properties and the Revised Note;

3.                     Amend the existing NSP notes secured by the NSP Properties.

 

 

Sponsor:  Fresno Revitalization Corporation Executive Director

 

Body

RECOMMENDATION

 

 

EXECUTIVE SUMMARY

 

 

BACKGROUND

 

 

ENVIRONMENTAL FINDINGS

 

 

LOCAL PREFERENCE

 

 

FISCAL IMPACT

 

 

Attachments

 

Agreement for Transfer and Acceptance of Real Property and Joint Escrow Instructions: