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Council approves minor schedule shift for $81 million downtown housing project
Summary
The council approved a narrow amendment to the disposition and development agreement for the South Stadium (8.15 Fulton) housing project, shifting bond-financing and escrow milestones roughly two weeks because of temporary bond-market disruptions; construction schedule remains unchanged.
The Fresno City Council on May 7 approved an amendment to an existing amended and restated disposition and development agreement for the South Stadium (8.15 Fulton) housing project that adjusts milestone dates tied to bond financing.
Phil Sky, assistant director in Planning and Development, told the council the amendment modifies only early items in the project's performance schedule — principally dates tied to bond financing and the escrow closing — shifting those dates by about two weeks. He said the change responds to a short, market-driven pause among bond investors following sudden global unrest; he emphasized the construction schedule itself was unchanged.
Sky described the overall project as an approximately $81 million development with roughly $70 million expected to be financed through bonds. Mayor Jerry P. Dyer and other council members framed the project as a long-awaited catalyst for downtown housing near Chukchansi Park. The amendment was approved by council action and separately by the Fresno Revitalization Corporation board as required for joint housing-successor items.
Council and staff said the brief schedule shift avoids jeopardizing the larger financing package while preserving the project’s construction timeline and community benefits.
