JOINT MEETING OF THE CITY OF FRESNO, THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO, AND FRESNO REVITALIZATION CORPORATION
December 7, 2017
FROM: ESMERALDA SORIA, Vice President
City Council Offices
BY: MARLENE MURPHEY, Executive Director
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 ( Requires 5 affirmative votes) (Subject to Mayor's veto) (Council and FRC action)
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) (Council and FRC action)
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) (Council action)
4. Approve the First Amended and Restated Owner Participation Agreement with 1501 N. Blackstone Avenue, L.P. (Council and FRC action)
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 loc...
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