HomeMy WebLinkAboutFresno Revitalization Corporation Resolution - -FRC-22 -9/29/2022RESOLUTION NO.
FRC-22
FRESNO REVITALIZATION CORPORATION
A RESOLUTION OF THE BOARD OF THE FRESNO
REVITALIZATION CORPORATION APPROVING AND
AUTHORIZING THE DISTRIBUTION OF FUNDS FROM FRC
CANYON CREST, LLC TO THE FRESNO REVITALIZATION
CORPORATION IN THE AMOUNT OF
$500:000 AUTHORIZING EXECUTION
OF RELATED DOCUMENTS AND MAKING CERTAIN
FINDINGS
At a duly constituted meeting of the Board of Directors of the Fresno Revitalization
Corporation, a California nonprofit public benefit corporation (the "Corporation"), held on
09/29/2022 , the following resolution was adopted:
WHEREAS, FRC Canyon Crest, LLC (the "LLC'), was formed as of May 21, 2010,
as a single -member, single purpose limited liability company; and
WHEREAS, the sole member of the LLC is the Fresno Revitalization Corporation,
a California nonprofit, public benefit corporation with tax-exempt status under section
501(c)(3) of the Internal Revenue Code; and
WHEREAS, the sole purpose of the LLC was to acquire, rehabilitate, operate and
ultimately sell the 118 unit multi -family housing complex known as Canyon Crest
Apartments ("Canyon Crest"); and
WHEREAS, on April 27, 2012, in conjunction with the sale of Canyon Crest, the
LLC entered into a loan agreement with Canyon Crest Family Apartments, L.P., in the
amount of $500,000. The loan is payable from available residual receipts cash flow; and
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Date Adopted: 09/29/2022
Date Approved: 09/29/2022
Effective Date: 09/29/2022
Resolution No. FRC-22
WHEREAS, Canyon Crest Family Apartments, L.P. has now begun repaying the
loan thus providing available funds that may be directed towards new low and moderate
income housing projects; and
WHEREAS, this distribution of funds is to further the objectives and purposes of
the FRC; specifically to acquire, develop, improve, hold, lease and preserve housing for
low and moderate income persons in the City of Fresno.
NOW, THEREFORE, BE IT RESOLVED the Board of the Fresno Revitalization
Corporation finds, declares, determines, and orders as follows:
1. The above recitals are true and correct and are adopted as the findings of the
:e. 9]
2. Fresno Revitalization Corporation in its capacity as the sole member of FRC
Canyon Crest, LLC., hereby authorizes distribution of funds from FRC Canyon
Crest, LLC., to Fresno Revitalization Corporation.
3. This Resolution shall be effective immediately upon adoption by the Board.
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STATE OF CALIFORNIA )
COUNTY OF FRESNO ) ss.
CITY OF FRESNO )
I, TODD STERMER, Clerk to the Fresno Revitalization Corporation, certify that the
foregoing resolution was adopted by the Board of the Fresno Revitalization Corporation,
at a public meeting held the 29th day of September , 2022, and that the
same was passed by the following vote.
AYES Arias, Maxwell, Chavez, Bredefeld, Esparza
NOES Karbassi
ABSENT Soria
ABSTAIN None
APPROVED AS TO FORM.
RINA M. GONZALES
Ex Officio Attorney
For ReRevitalization Corporation
B
rr [date
Deputy
Attachments:
TODD STERMER, CMC
Of the Fresno Re Wtalization Corporation
`4��By_ IO�Z
Deputy Date
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