Written by Donald A. Promnitz
The Fresno City Council is scheduled to decide Thursday on funding to restore a historic building in Downtown Fresno.
According to a staff report, councilmembers will sign off on whether upwards of $20 million will be allocated to the restoration of Hotel Fresno from the sale of bonds.
The California Municipal Finance Authority will issue the revenue bonds. The city would not be on the hook financially if the bonds are issued.
The funding, which is being requested by developer APEC International, LLC, will go towards the creation of a 79-unit multifamily rental project in the old hotel.
Opened in 1912, Hotel Fresno was a popular destination for celebrities and statesmen visiting the Central Valley, including U.S. presidents and performers from the vaudeville era. However, the hotel declined in the 1950s, and the building closed down in the ‘80s after a brief stint as a retirement home.