REPORT TO THE CITY COUNCIL
June 21, 2018
FROM: WILMA QUAN-SCHECTER, City Manager
Office of the Mayor and City Manager
BY: LAURA GLORIA, Deputy City Manager
Office of the Mayor and City Manager
SUBJECT
Title
Approve the First Amendment to the Disposition and Development Agreement between the City of Fresno, the City in its capacity as the Housing Successor to the former RDA, and Noyan Frazier Capital, LLC.
Body
RECOMMENDATION
Staff recommends that the Council approve the First Amendment to the Disposition and Development and Agreement between the City and Noyan Frazier Capital, LLC.
EXECUTIVE SUMMARY
A Request for Proposals (RFP) was issued on April 3, 2014, for the South Stadium district in downtown Fresno for a mixed-use, multi-phase development that included several properties located in the vicinity of Fulton and Inyo Streets. Subsequently, on February 25, 2016, the Council approved the Disposition and Development Agreement (DDA) for the Project, including Phase 1 which involves the construction of a four-story structure with approximately 54 units of housing over 10,000 square feet of retail and parking. Since then, the City and the Developer have been working cooperatively to achieve various funding goals in order to successfully move the project forward. The First Amendment documents steps taken to date to reach those goals as well as provides an extension of time that aligns with awarded funding.
BACKGROUND
The Fulton Corridor Specific Plan identifies the South Stadium district as bounded by SR 41 to the south, the Union Pacific railroad to the west, Inyo Street to the north, and the alley between Van Ness Avenue and L Street to the east. This area is envisioned to introduce a diversity of new uses, including housing, creative businesses, and specialty businesses that revitalize Fulton Street and capitalize on future investments like High Speed Rail.
A RFP was issued on April 3, 2014, for the South Stadium district in downtown Fres...
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