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Home My WebLink AboutEssayons, LP First Amendment To Owner Participation 10-4-22 Agreement - 12-7-23 gill NFOIJIffir I iulKM MCI WWI 11i11110011 k 11111 2023-0113557 FRESNO County Recorder Paul Dictos, CPA Wednesday, Dec 13, 2023 11:32:21 AM RECORDING REQUESTED BY: Titles: 1 Pages: 6 Fees: 0.00 City of Fresno CA SB2 Fee= 0'00 Taxes: 0.00 No Fee-Gov't. Code Sections Tota l: OF 6103 and 27383 FRESNO / FlEpEVEL PMENT AGENCY WHEN RECORDED, MAIL TO: City of Fresno as Housing Successor to the Redevelopment Agency of the City of Fresno 848 M Street, Third Floor Fresno, CA 93721 Attention: Executive Director (SPACE ABOVE THIS LINE FOR RECORDER'S USE) FIRST AMENDMENT TO OWNER PARTICIPATION AGREEMENT by and between City of Fresno in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno, a municipal corporation and Fresno Revitalization Corporation, a California Nonprofit Public Benefit Corporation and ESSAYONS, LP, a California Limited Partnership, or assignee Hye Court 450 M Street (APN 468-223-20T) Fresno, CA 93721 Page 1 of 3 FIRST AMENDMENT TO OWNER PARTICIPATION AGREEMENT THIS FIRST AMENDMENT TO OWNER PARTICIPATION AGREEMENT (Amendment) is entered as of December , 2023 (Effective Date), between the CITY OF FRESNO, IN ITS CAPACITY S HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO, a municipal corporation, FRESNO REVITALIZATION CORPORATION, a California Nonprofit Public Benefit Corporation (collectively referred to herein as Agency), and ESSAYONS, LP, a California Limited Partnership, or assignee (Owner). RECITALS A. WHEREAS, Agency and Owner entered into an Owner Participation Agreement dated October 4, 2022, for property located at 450 M Street (Property)wherein Owner proposed to purchase and rehabilitate three vacant residential structures to provide single-family rental residential Affordable Units at a cost of $1,221,100 to be funded with Agency funds (Project). Said Owner Participation Agreement was recorded in the Official Records on October 27, 2022, as Document Number 2e22L--81-2-"='21 -which was supplemented, certified and updated by that certain notice and consent to revisions to performance and payment schedule letter dated April 7, 2023 (as supplemented and updated, the "OPA" or"Original Agreement"). --k 202�9--013_3:2-14 B. WHEREAS, the Property was transferred with a covenant that the facades be maintained to their period of significance. C. WHEREAS, additional funding is required for the acquisition, labor, painting, architect fees and insurance of 39 wood frame windows. Agency and Owner hereby understand the procurement and installation of 39 wood frame windows may extend the time of Project completion. D. WHEREAS, the Agency and Owner now desire to amend the terms of the OPA to increase funding to assist Owner with work relating to the wood frame window acquisition and installation. NOW, THEREFORE, BE IT RESOLVED, that the Agency and Owner hereby amend the terms of the OPA as follows- 1. The development costs shall be increased by an amount not to exceed $103,369.00. The Loan shall be modified to mean the principal sum of $1,324,469. The additional funding of up to $103,369.00 shall only be used for purchase, installation, and associated costs (e.g. labor, painting, architect fees and insurance)of wood frame windows of which $55,288 shall be made available to Owner upon execution of this Amendment and the amended Promissory Note and the balance of $48,081 shall be made available upon Completion of Construction. 2. Exhibit"C" of the OPA is deleted in its entirety and replaced with the attached "Revised Exhibit C." 3. Capitalized terms used herein and not otherwise defined shall have the meaning given to such terms in the OPA. On and after the Effective Date, all references to the "Agreement" or "OPA" in the OPA and this First Amendment shall be deemed as a Page 2of3 reference to the Original Agreement as modified by this First Amendment. 4. Except as expressly set forth herein, the terms and conditions of the OPA shall remain in full force and effect. 5. In the event of a conflict between this Amendment and the OPA, the terms of this Amendment shall control. 6. The recitals section and exhibits attached hereto are incorporated herein by reference. IN WITNESS WHEREOF, Agency and Owner have signed this Amendment effective as of the date first above written. City of Fresno in its capacity as Housing Essayons, LP, a California limited Successor to the Redevelopment Agency of the partnership, or assignee City of Fresno By: Pentori, a Calif 'a corporation, its General Partner By. Name: Marl en ph ay Date By: Title: Execut irector Name: Thomas G. Richards, Title: Preside t Fresno Revitalization Corporation, a California Nonprofit Publi nefit Corporation Date: 7sZ Name: Ma en Murphe (Attach not c rtificat of acknowledgment) APPROVED AS TO FORM: ANDREW JANZ City Attorney By: POA Lawn Tracy N. Nrvanian Date Supervisin Deputy City Attorney ATTEST: TODD STERMER, CMC City Clerk By: 12/l�123 Deputy 0—j 4-y Clint - Co l lti+f- 13arr;a s Attachment: Revised Exhibit C — Sources and Uses Page 3 of 3 ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies on the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF FRESNO On December 5, 2023 before me, Leta M Ciava lia, Notary Public. personally appeared THOMAS G. RICHARDS who proved to me on the basis of satisfactory evidence to be the person(g) whose name(,) isl-aw subscribed to the within instrument and acknowledged to me that he/may executed the same in his/-Iier7�' -authorized capacity('tefp), and that by his/bEf4thz�r signature(ri) on the instrument the person(o ., or the entity upon behalf of which the person(v) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signatur 4La�M Ciavaglia� l.7AM.CtAVAGLIA [SEAL} Notary Public•California = Fresno County Commisslon X 2358655 40my Comm.Expires Jun 20,2025 ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Fresno On December 13, 2023 before me, Noemi Schwartz, Notary Public (insert name and title of the officer) personally appeared Marlene Murphey who proved to me on the basis of satisfactory evidence to be the person(s)whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 1+�'°`• NOEMI SCHWARTZ Notary Public•California WITNESS my hand and official seal. Fresno County Commission k 2396097 My Comm.Expires Dec 10,2025 Signature (Seal) EXHIBIT "C" Budget and Financial Plan SOURCES AND USES Sources of Funds Amount Developer Equity $66,000 HAS Funds $662,486 FRC Funds $558,614 Council District 3 Infrastructure Budget $103,369 Total Sources of Funds $1,390,469 Uses of Funds Amount Acquisition Costs $66,000 Construction Costs $883,773 Contingencies (Hard & Soft) $80,185 Soft Costs (permits/impact fees/etc.) $169,000 Technical Fees $94,500 RE Taxes, Insurance $30,751 Reserves $20,000 Developer Fees $46,260 Total Uses of Funds $1,390,469