REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
BY: PHIL SKEI, Assistant Director
Planning and Development Department
CORRINA NUNEZ, Project Manager
Housing and Community Development Division
SUBJECT
Title
Actions pertaining to the conversion of the former Parkside Inn Motel into a 38-unit residential affordable housing project, located at 1415 W. Olive Avenue, Fresno 93728 (District 3):
1. Approve a Community Development Block Grant (CDBG) Loan Agreement in the amount of $3 million with Silvercrest, Inc., for property acquisition of the former Parkside Inn Motel; and
2. ***RESOLUTION - To support Silvercrest, Inc., a California Non-Profit Public Benefit Corporation's Low-Income Housing Tax Credit Application for the substantial rehabilitation of the form Parkside Inn; and to provide a conditional commitment of HOME American Rescue Plan (HOME-ARP) Program loan funds in an amount not to exceed $858,000 to the Project (Subject to Mayor's Veto)
Body
RECOMMENDATION
Staff recommends Council approve a Community Development Block Grant (CDBG) Loan Agreement (Exhibit "A"- CDBG Agreement) in the amount of $3 million with Silvercrest, Inc., for property acquisition of the former Parkside Inn Motel located at 1415 W. Olive Avenue, Fresno 93728, and approve the HOME-ARP Program resolution (Exhibit "B" - Resolution) for proposed funding in an amount not to exceed $858,000 for rehabilitation and construction costs.
EXECUTIVE SUMMARY
If approved as recommended, Silvercrest, Inc., will execute a CDBG loan Agreement in the amount of $3 million with the City for property acquisition of the former Parkside Inn Motel site and receive a resolution for conditional HOME-ARP program funding in an amount not to exceed $858,000 for rehabilitation and construction costs upon receive of a Reservation Letter from the California Tax Credit Allocation Committee (CTCAC) for first round 9% Low-...
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