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FIRST AMENDMENT TO GRANT AGREEMENT
THIS FIRST AMENDMENT TO GRANT AGREEMENT (Amendment) is entered into on _________________, 2026, (Effective Date) by and between the City of Fresno, a California municipal corporation (CITY), and CFNT Holdings LLC, a California limited liability company (GRANTEE).
RECITALS
WHEREAS, the CITY and GRANTEE entered into a State and Local Fiscal Recovery Funds (SLFRF) (Part of the American Rescue Plan) Agreement (Agreement), effective November 3, 2022, to support investment in the rental housing market through the acquisition and rehabilitation of 50 units of rental housing affordable to households earning up to 80% Annual Median Income (AMI) to increase housing stability and support those facing housing-related hardships (Project); and
WHEREAS, the CITY and GRANTEE now desire to revise the Project Schedule in the Agreement to accurately reflect the projected timelines; and WHEREAS, the Agreement allows for a change in the Project Schedule by written amendment to the Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the above recitals, which recitals are contractual in nature, the mutual premises herein contained, and for other good and valuable consideration hereby acknowledge, the parties agree that the aforesaid Agreement be amended as follows:
1. Exhibit “A” of the Agreement (Project Description and Schedule) is deleted in its entirety and replaced with “Revised Exhibit A” that is attached hereto and incorporated by this reference.
2. All references to Exhibit “A” in the Agreement shall be deemed references to “Revised Exhibit A”.
3. In the event of any conflict between the body of this Amendment and any Exhibit or Attachment hereto, the terms and conditions of the body of this Amendment shall control and take precedence over the terms and conditions expressed within the Exhibit or Attachment. Furthermore, any terms or conditions contained within any Exhibit or Attachment hereto which purport to modify the allocation of risk between the Parties, provided for within the body of this Amendment, shall be null and void.
4. Except as otherwise provided herein, the Agreement entered into by the CITY and the GRANTEE on November 3, 2022, remains in full force and effect. [SIGNATURE PAGE TO FOLLOW]
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IN WITNESS WHEREOF, the Parties have executed this Amendment in Fresno, California, the day and year first above written.
CITY OF FRESNO,
a California municipal corporation
By:________________________
Georgeanne A. White
City Manager
APPROVED AS TO FORM:
ANDREW JANZ
City Attorney
By:________________________
Tracy N. Parvanian Date
Assistant City Attorney
ATTEST:
AMY K. ALLER
City Clerk
By:________________________
Deputy Date
CENTRAL FRESNO NEIGHBORHOOD
TRUST, LLC, a California limited liability
company
By:
Name:
Title:
(if corporation or LLC, CFO, Treasurer,
Secretary, or Assistant Secretary)
Attachment:
REVISED EXHIBIT A – PROJECT DESCRIPTION AND SCHEDULE
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715401v1
REVISED EXHIBIT “A”
PROJECT DESCRIPTION AND SCHEDULE
I. PROJECT DESCRIPTION
SLFRF Funds will be made available by the CITY for payment of SLFRF eligible acquisition and rehabilitation costs not to exceed One Million Nine Hundred Fifty Thousand Dollars and 11/100 ($1,950,000.00), the aggregate for SLFRF-assisted units as determined by the CITY, as needed.
II. PROJECT SCHEDULE
A. Commencement of Acquisition/Rehabilitation: November 3, 2022 B. Completion of Acquisition and Rehabilitation: December 31, 2027 C. Funds Expenditure Deadline: December 31, 2026
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