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Fresno council allocates $100 million in state funds for downtown infrastructure, sets $20 million housing loan program; staff to hold public workshop
Summary
The Fresno City Council approved a $100 million state funding appropriation for downtown projects, directing $80 million to infrastructure and $20 million to a revolving housing gap-finance loan pool. Council asked staff to hold a public workshop on loan terms before any awards are made.
The Fresno City Council on Sept. 11 approved a resolution committing $100 million in state funds for downtown public infrastructure and a revolving loan program intended to help developers bridge financing gaps for housing projects.
Council members voted unanimously, 7-0, to appropriate the money into the capital projects and planning departments and to require staff to present the proposed revolving-loan terms publicly before any loan awards are made.
City staff told the council the $100 million award is being split to support the next phase of downtown public works and a $20 million loan pool. Kelly Furtado, the mayor’s chief of staff, said $80 million is…
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