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Fresno approves amendment to Hotel Fresno owner participation agreement, increases affordable units to 80
Summary
The City of Fresno and its successor agency approved a fifth amendment to the owner participation agreement for Broadway Plaza Family Apartments LP (Hotel Fresno), recalculating lender repayment shares and updating the project to 80 affordable units. The joint action cleared final financing for a $40 million renovation.
The Fresno City Council and the city—s successor agency on Feb. 27 approved a fifth amendment to the amended and restated owner participation agreement with Broadway Plaza Family Apartments LP, clearing final financing for a renovation of the Hotel Fresno and updating the number of affordable units in the project.
City staff told the council the amendment recalculates loan repayment in line with state multifamily lending rules and updates the regulatory agreement to reflect 80 affordable units across the project, up from the originally planned 40 units. Staff said the recalculation recognizes the relative shares of lenders providing assistance to the project.
The joint meeting vote on the…
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