JOINT MEETING OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY, THE CITY OF FRESNO IN ITS CAPA CITY AS HOUSING SUCCESSOR, AND
THE FRESNO REVITALIZATION CORPORATION
DATE: December 7, 2023
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Approve Amendment to Owner Part icipation Agreement with Essa yons, LP relating to the Hye Court Project located at 450 M Street to provide additional funds for unexpected costs associated with ensuring the historic integrity of the Project (City as Housing Successor and FRC Action).
RECOMMENDATION
Approve an Amendment to the Ow ner Participation Agreement with Essayons LP for the Hye Court Project to increase the Sources and Uses Budget up to $103,369.00.
EXECUTIVE SUMMARY
The rehabilitation of th ree historic resource residential structures at 450 M Street is approximately 80% complete. Additional funding assistance is necessary for the installation of all wood frame windows to ensu re historic integrity of th e Project in accordance with approved plans and permits. All necessary funding in the amount of $103,369.00 has been allocated from Council District 3’s Infrastr ucture Budget. An amendment to the Owner Participation Agreement to increase the Sources and Uses Budget and Promissory Note is attached.
BACKGROUND
The rehabilitation of three historic resource residential structures at 450 M Street has been underway since April of this year. The Pr oject is approximately 80% complete and scheduled for occupancy in February of 2024. Essayons, LP has requested assistance for the cost of all wood frame windows consistent with approved plans, permits and the façade covenant. Work performed in compliance with the permits is deemed in compliance with the facade covenant. The requested amount of $103,369 includes 39 wood frame windows and the associated costs of installation (e.g., labor, painting, architect fees and insurance). The Developer is responsible for additional costs, including security. The funding assistance will help the Project ensure historic integrity, enhance rehabilitation, maintain financial feasibility, and proceed to completion.
ENVIRONMENTAL FINDINGS
City planning staff reviewed this project and finds that no new environmental document is required, as the project was previously as sessed under Mitigated Negative Declaration C- 02-061, adopted November 19, 2002, and Subsequent Environmental Impact Report (SEIR) SCH#2001051046, dated February 7, 2008. The current action is to approve funding for an already approved and ent itled project that was previously assessed, and the project is proceeding consistent with those entitlements. No substantial changes are proposed which will require major revisions of the previous environmental documents.
LOCAL PREFERENCE
N/A
FISCAL IMPACT
Funds are available in the FY 23/24 Council District 3 Infrastructure Budget.
Attachments:
First Amendment to OPA