Resolution 2025-XX Page 1 of
3 RESOLUTION NO. 2025-XX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
FREMONT AUTHORIZING THE CITY MANAGER TO EXTEND THE
TERM OF EXISTING CITY LOAN AGREEMENT WITH PICKERING
ASSOCIATES, L.P., AN AFFILIATE OF MIDPEN HOUSING
(MIDPEN) AND MAKING FINDINGS OF CEQA EXEMPTION
WHEREAS, MidPen Housing, a 501(c)(3) non-profit organization, currently owns and manages Pickering Place through its affiliate Pickering Associates, a California Limited Partnership; and
WHEREAS, Pickering Place, located at 20 W. Pickering Avenue in Fremont, is a 43-unit existing affordable housing development opened in 1997, funded in part by a $1,954,045 interest- bearing loan from the Redevelopment Agency of the City of Fremont (“City”); and
WHEREAS, MidPen requested the City extend the term of its loan that matures January 1, 2026, for five years, to January 1, 2031; and
WHEREAS, due to highly competitive financial markets, MidPen has not been able to resyndicate or refinance the property, but MidPen believes the financial landscape for resyndication such that the property could be refinanced in the next few years; and
WHEREAS, with its request, MidPen provided multiple supporting documents including an operating budget, a Capital Needs Assessment, an 11-year cash flow proforma, MidPen’s updated rent policy and rent schedule, current rent roll and an amended Partnership Agreement; and
WHEREAS, the submitted documentation was reviewed and analyzed by the City’s financial consultant, Mosaic Urban Development, who determined that MidPen’s request is reasonable and recommends approval; and
WHEREAS, City staff recommends a five-year extension to the term of the loan agreement, from January 1, 2026, to January 1, 2031, that will provide MidPen necessary time to complete a complex resyndication process under more favorable market conditions.
Resolution 2025-XX Page 2 of
3 NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF FREMONT HEREBY:
1. Finds this action to be exempt from the California Environmental Quality Act (CEQA) pursuant to, without limitation, CEQA Guidelines Section 15061(b)(3) and/or 15378(b)(2), (4) and/or (5), and Section 15262 Feasibility and Planning Studies, each as a separate and independent basis, in that it is a governmental fiscal or administrative action that will have no potential to impact the environment, directly or indirectly; and
2. Authorizes the City Manager or designee to amend the loan agreement and other implementing documents, and take such other actions as required to extend the term of the existing City loan agreement with Pickering Associates, L.P., an affiliate of MidPen Housing, to January 1, 2031.
ADOPTED December 2, 2025, by the City Council of the City of Fremont by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney