REPORT TO THE CITY IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO AND FRESNO REVITALIZATION CORPORATION
DATE: April 8, 2021
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Actions pertaining to property located at 887 Fulton Street (APN 468-282-21T).
1. Adopt a finding of Categorical Exemption pursuant to Article 19, Section 15332 (Class 32-infill) of the California Environmental Quality Act (CEQA)
2. Approve a Purchase and Sale Agreement between the City in its capacity as Housing Successor and Noyan Frazier, L.P., for property located at 887 Fulton Street.
Sponsors: Fresno Revitalization Corporation
Body
RECOMMENDATION
It is recommended that the City of Fresno in its capacity as Housing Successor approve a purchase and sale agreement (PSA) with Noyan Frazier, L.P., for property located at 887 Fulton Street (Berkeley Building).
EXECUTIVE SUMMARY
The Buyer, Noyan Frazier, L.P., has analyzed the property for development purposes through an ENA that expires April 11 2021. The Buyer intends to privately develop market rate housing and has agreed on terms to purchase the property "as is" for $800,000 ($25,000 above its appraised value) with a $25,000 nonrefundable deposit and six month escrow period.
BACKGROUND
The property, owned by the City Housing Successor is located at 887 Fulton Street and is comprised of an approximate 11,250 square foot (sf.) lot and a long vacant, commercial retail structure of about 33,750 sf. The property was very recently appraised at $775,000.00. The Developer is considering approximately 48 market rate residential units in four stories over ground floor retail with a project cost estimate of $13 million.
Terms of Agreement
The Buyer, Noyan Frazier agrees to purchase the property above its appraised value on terms generally described below:
Purchase Price: $800,000 (Appraised Value of $775,000).
Initial Deposit: Within 10 business days after the effective...
Click here for full text