REPORT TO THE CITY COUNCIL
December 10, 2020
SUBJECT
Title
Approve an Owner Participation Agreement with the Reza Assemi Trust and Massoud and Johanna Assemi Trust relating to the residential rental project at 1740 Van Ness Avenue (APN 466-132-10 & 11) (District 3)
Body
RECOMMENDATION
It is recommended the City of Fresno Successor Agency and City in its capacity as Housing Successor to the Redevelopment Agency approve an Owner Participation Agreement with the Reza Assemi Trust and Massoud and Johanna Assemi Trust (Owner/Developer) for the Mural District Lofts project (Project) located at 1740 Van Ness Avenue located generally on the east side of Van Ness Avenue between Amador and San Joaquin Streets.
EXECUTIVE SUMMARY
The Owner Participation Agreement (OPA) for development of the Project will provide funding assistance for the construction of 28 multi-family units with no less than 6 affordable units serving individuals whose annual household income is no greater than 80% of Annual Medium Income (AMI). The Owner/Developer will provide affordability covenants on the six units for a period of 55 years.
BACKGROUND
Project Proposal
The Owner/Developer is proposing an OPA with the City of Fresno Successor Agency and City in its capacity as Housing Successor for the Project. The Project site consists of two parcels of approximately .43 acres and is located on the east side of Van Ness Avenue between Amador and San Joaquin Streets. The OPA will provide for the construction of a three-story 28-unit multifamily development. The ground floor is comprised of 6 live/work units fronting onto Van Ness Avenue along with 8 studio flats that together average about 360 square feet per dwelling unit. The second floor consists of 2 studio flats and 12 two- story one bedroom/loft units that together average about 550 square feet per unit. The development will include laundry facilities, a landscaped courtyard area with outdoor BBQ stands and a fenced 17 space parking...
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