Process
The Town Council will decide whether to proceed after the completion of each major step in the process.
CURRENT STEP- Developer selection process - Request for Proposals. Developers have until May 2, 2005 to submit proposals in response to the RFP. Council scheduled to consider selection of developer in June 2005.
- a Completion of Request for Qualifications process.
- a Completion of Financial Analysis and Cost Estimation
- a Completion of Market Demand Study
- a Development of conceptual master plans for the two sites
Future Steps
- Developer Solicitation and Selection (Council consideration of whether to proceed: 10/27/04)
- Negotiations
- Design and Construction
Description of Steps
The Work Statement and Contract with Stainback Public/Private Real Estate (SPPRE) includes the following general terms (with preliminary timeframe in parentheses):
• Part 1A: Market Demand Study
- Complete a market demand study for determining the market support for the project. (November 2003 to March 2004). (completed)
• Part 1B: Development of Master Plans for Sites
- Develop master concept plans illustrating the Council’s preferences for developing the two sites. (March to April 2004) (completed)
• Part 1C: Cost Estimation / Financial Analysis
Estimate costs and conduct financial analysis for understanding the financial feasibility and cost implications of the Town’s preferred development scenario and identifying the Town’s potential role in a public-private development project. (ongoing)
• Part 2: Developer Solicitation
Solicit and evaluate the quality of development teams and their proposals to help the Council determine the top-ranked developer for negotiating an agreement. (to start in Fall 2004)
• Part 3: Development Agreement Negotiations
Negotiate the terms of a development agreement for the Council’s consideration. (2005)
• Part 4: Management of Development Agreement
Manage the Development Agreement acting as the Town’s representative during construction of the project. (2006 to 2008)