Joint Meeting with the City of Fresno Cultural Arts Properties, Inc. (COFCAP)
May 25, 2017
FROM: MICHAEL LIMA, Finance Director/City Controller
Finance Department
BY: PHILLIP L. HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
2. Actions Pertaining to Repayment of Loan from Clearinghouse NMTC (Sub 18) LLC (with City of Fresno as successor in interest) and Dissolution of City of Fresno Cultural Arts Properties, Inc. (COFCAP):
a. RESOLUTION of City of Fresno Cultural Arts Properties, Inc. authorizing the conveyance of 1515 Van Ness Avenue in Fresno, California to the City of Fresno as repayment for the loan from the City of Fresno (as successor in interest) in the Amount of $16,600,000 and directing the execution of all necessary documents and taking of all actions necessary to accomplish transfer. (COFCAP action)
b. Acceptance of conveyance of Fresno of 1515 Van Ness Avenue in Fresno, California in full repayment of promissory notes evidencing original loan to COFCAP and direct the City Manager or designee to execute all documents and take all actions necessary to accomplish transfer. (City action)
c. RESOLUTION - Authorizing the dissolution of COFCAP and the distribution of all remaining assets to the City of Fresno and the execution of all necessary documents and taking of all actions necessary to accomplish dissolution. (COFCAP action)
Body
RECOMMENDATION
Staff recommends: (1) COFCAP approval of the conveyance of 1515 Van Ness Avenue to the City as repayment for the loan originally issued to COFCAP by Clearinghouse NMTC (Sub 18) LLC, of which the City is the successor in interest, and the execution of all documents and taking of all actions necessary to accomplish the above; (2) City acceptance of transfer and the execution of all documents and taking all actions necessary to accomplish transfer by the City Manager or designee; and (3) COFCAP authorization of the dissolution of COFCAP and the e...
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