REPORT TO THE CITY COUNCIL FROM: JENNIFER K. CLARK, Director Planning and Development Department THROUGH: PHIL SKEI, Assistant Director Planning and Development Department BY: MAYRA MERINO, Senior Management Analyst Planning and Development Department SUBJECT ..Title Actions pertaining to the Park at South Stadium Project, a 174-unit multifamily housing development project, located on 815, 829, 835 Fulton St, Fresno California (City Council District 3) 1. ***RESOLUTION - in support of a contribution of City Funds from the Revolving Loan Fund in an amount not to exceed $8,000,000 toward the housing development project located on 815, 829, 835 Fulton Street, Fresno California (Subject to Mayor's Veto) 2. ***RESOLUTION - in support of a contribution of City Funds in an amount not to exceed $3,000,000 toward the housing development project located on 815, 829, 835 Fulton Street, Fresno California (Subject to Mayor's Veto) ..Body RECOMMENDATION Staff recommends that the City Council approve two resolutions authorizing the conditional commitment of City funds: (1) an amount not to exceed $8,000,000 from the Revolving Loan Fund (RLF) and (2) an amount not to exceed $3,000,000, to The Park Partners LLC for The Park at South Stadium project, a mixed income student rental housing development located at 815, 829, 835 Fulton Street in Downtown Fresno. EXECUTIVE SUMMARY The Park at South Stadium is a new, eight-story, 174-unit multifamily housing development intended to serve students attending higher education institutions throughout the Fresno region. The project will provide 70 affordable units that will be restricted to very low- and low-income households for a 55-year affordability term. The City's $8,000,000 RLF loan will provide gap financing for eligible soft and hard construction costs. The loan will be provided at a variable interest rate estimated at 4.81% over a 60-month term and secured by a deed of trust and long-term affordability covenants. The project advances the City's housing production goals and contributes to the continued revitalization of Downtown Fresno. BACKGROUND On February 13, 2026, the City of Fresno released the Notice of Funding Availability (NOFA) for Downtown & Chinatown Development Round 2 to support high-density multifamily new construction and substantial rehabilitation projects. The NOFA, which closes on April 14, 2026, authorizes awards on a rolling basis. City Council previously approved a Development and Disposition Agreement on November 6, 2025. The development includes 70 income-restricted units which complies with the requirements of the California Surplus Land Act and demonstrates a strong commitment to housing equity and community benefit. The development will include studio, two-bedroom, and three-bedroom units, along with student-oriented amenities such as study lounges, fitness facilities, and community gathering spaces. The project will also provide approximately 400 parking spaces through a combination of on-site parking and City-leased off-site parking. The conditional funding is contingent upon the developer obtaining full financing for the project. Both the resolutions and funding commitments will terminate April 30, 2026. ENVIRONMENTAL FINDINGS This Project is subject to a zone clearance review under Chapter 15, Article 51 of the Fresno Municipal Code (FMC). FMC Section 15-4907 deems zone clearances to be ministerial actions. Therefore, this project is exempt from review under the California Environmental Quality Act (CEQA) pursuant to Section 15268 of the CEQA Guidelines as a ministerial project. FISCAL IMPACT There is no fiscal impact to the City's General Fund as a result of this Action. The $8,000,000 loan will be funded through the City's Revolving Loan Fund and the $3,000,000 loan will be funded through State and/or Federal Funding. Attachments: Resolution $8m Revolving Loan Fund South Stadium Resolution $3m Funding Commitment South Stadium