REPORT TO THE CITY COUNCIL March 23, 2017 FROM: MARLENE MURPHEY, Executive Director Fresno Revitalization Corporation SUBJECT ..Title Actions pertaining to 532-614 Fulton Street (Fultonia) and seven properties rehabilitated under the Neighborhood Stabilization Program: 1. ***RESOLUTION - Approving the amendment (with a principal reduction payment of $100,000) of an existing $600,000 Promissory Note to the Fresno Housing Successor (Revised Note) and substituting security to seven properties rehabilitated under the Neighborhood Stabilization Program (NSP) (APNs: 452-156-19, 460-084-07, 461-052-08, 454-191-05, 460-214-09, 459-036-04, 460-234-18) (NSP Properties); 2. Transfer of fee title of the seven NSP Properties from TFS Investments, LLC. to FRC; and FRC's assumption of NSP obligations on the NSP Properties and the Revised Note; 3. Amend the existing NSP notes secured by the NSP Properties. Sponsor: Fresno Revitalization Corporation Executive Director ..Body RECOMMENDATION EXECUTIVE SUMMARY BACKGROUND ENVIRONMENTAL FINDINGS LOCAL PREFERENCE FISCAL IMPACT Attachments Agreement for Transfer and Acceptance of Real Property and Joint Escrow Instructions: