REPORT TO THE CITY IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE
REDEVELOPMENT AGENCY OF THE CITY OF FRESNO
AND FRESNO REVITALIZATION CORPORATION
April 9, 2020
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Consider Extension of Exclusive Negotiation Agreement for 887 Fulton Street between Noyan Frazier Capital LP and the City of Fresno a municipal corporation and in its capacity as Housing Successor.
Body
RECOMMENDATION
It is recommended that the City of Fresno (COF) and Housing Successor (FHS) consider approval of the First Amendment to the Exclusive Negotiation Agreement for 887 Fulton Street also known as the Berkeley Building.
EXECUTIVE SUMMARY
The exclusive good faith negotiation period (ENA) for the Berkeley Building will expire on April 11, 2020. The Developer, Noyan Frazier LP is requesting a one-year extension to the ENA to negotiate and enter into a Development and Disposition Agreement with construction to commence no later than December 31, 2021.
BACKGROUND
Disposition and Development Agreement - Phase 1
Pursuant to a request for proposal for development of the South Stadium Project Area, Noyan Frazier Capital LP was selected as the Developer. The resulting Disposition and Development Agreement (DDA) of March 15, 2016 focuses on Phase 1 development. Phase 1, known as The Park, is a .79 acre site at the northwest corner of Inyo and Fulton Streets that will be developed into a multi-story mix of affordable and market rate housing over ground floor retail. The DDA deadline to commence construction on Phase 1, in alignment with the Housing and Community Development (HCD) funding deadline, is November 20, 2020.
Exclusive Negotiation Agreement - Phase 4
Section 4.12 of the DDA identifies and provides for exclusive good faith negotiations (ENA) with the Developer for four potential future phases of development in the South Stadium Project Area. The four potential phases have narrowed to one phase referred to as Phase 4. Pha...
Click here for full text