Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Downtown Infrastructure Housing Finance topic
No spam. Unsubscribe anytime.
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 planned for capital projects including street, sidewalk, water and sewer works, pocket parks and related “bookend” parking garages near the ballpark. The planning department will administer a $20 million revolving loan intended to provide gap financing to make vertical housing projects financially viable.
Council Member Maxwell pressed for a clear public briefing. “I’d like to have a presentation by staff on what the terms of the revolving loan fund would be,” Maxwell said, asking for details such as maximum loan size, repayment terms and whether loans would prioritize affordable units. In response, staff agreed to a workshop explaining the Notice of Funding Availability (NOFA) and proposed loan terms before any awards are brought to the council.
Mayor Jerry Dyer and the city manager described some projects already at or near design stage that would receive infrastructure dollars, including land acquisition for a large parking structure and construction-ready water and sewer replacements on Fulton Street. Staff said portions of the $80 million are already paired with prior rounds of state funding and that some design- and bid-ready infrastructure projects could move forward later this year.
Council members also discussed timing and sequencing: several said they want both underground infrastructure and vertical housing to progress in tandem so new units come online as streets and utilities are completed. The council directed staff to return with a public workshop on the NOFA and loan terms prior to recommending awards; staff also agreed to brief individual council members on the spending plan.
The council approved the appropriation with the staff workshop direction; the motion passed 7-0.
What happens next: city staff will program the $100 million into the capital projects and planning budgets and prepare the public workshop on the NOFA and loan terms. Any future loan awards or project construction contracts will return to the council for review or approval as required.
