REPORT TO THE CITY COUNCIL
November 9, 2017
FROM: ESMERALDA SORIA, Vice President
City Council Offices
SUBJECT
Title
Actions pertaining to the Owner Participation Agreement with 1501 N. Blackstone Avenue, L.P.:
1. ***RESOLUTION - Approving an Interfund Loan Agreement between the General Fund and the Low and Moderate Income Housing Asset Fund (Subject to Mayor's veto)
2. ***RESOLUTION - 37th amendment to the Annual Appropriation Resolution (AAR) No. 2017-165 to appropriate $600,000 for the project at 1501 N. Blackstone Avenue, L.P. (Requires 5 affirmative votes) (Subject to Mayor's veto)
3. ***RESOLUTION - 38th amendment to the Annual Appropriation Resolution (AAR) No. 2017-165, to appropriate $500,000 to fund the Project at 1501 N. Blackstone Avenue, L.P. (Requires 5 affirmative votes) (Subject to Mayor's veto)
4. Approve the First Amended and Restated Owner Participation Agreement with 1501 N. Blackstone Avenue, L.P.
Body
RECOMMENDATION
The City of Fresno and City in its capacity as Housing Successor to the Redevelopment Agency recommend approval of a Resolution of an Interfund Loan Agreement between the General Fund and the Low and Moderate Income Housing Asset Fund; Amendment to the Annual Appropriation Resolution (AAR) No 2017-165 to appropriate $600,000; Amendment to the Annual Appropriation Resolution (AAR) No 2017-165 to appropriate $500,000; and, approval of the First Amended and Restated Owner Participation Agreement with 1501 N Blackstone Avenue, L. P. .
EXECUTIVE SUMMARY
The First Amended and Restated Owner Participation Agreement (OPA) with 1501 N Blackstone L.P. is for a mixed use of affordable housing and retail development located on the west side of Blackstone between McKinley and Home Avenues. The OPA will address affordable housing goals set forth in SB 341 and will redevelop an underutilized, unattractive infill site along the Blackstone Avenue Bus Rapid Transit Corridor with proximity to transportation and schools...
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