AGENDA #4j

 

MEMORANDUM

 

TO:                  Mayor and Town Council

 

FROM:            W. Calvin Horton, Town Manager

 

SUBJECT:       Rescheduling a Public Forum on the Town Parking Lots 2 and 5 Financial Analysis Report

 

 DATE:            September 7, 2004

 

 

The attached resolution would reschedule the September 13, 2004, public forum on the financial analysis and the request for proposal process for the Town Parking Lots 2 and 5 development project to September 27, 2004.

 

BACKGROUND

 

The Council had scheduled the forum in a resolution adopted on June 14, 2004. The forum was scheduled with the expectation that the Council would receive the financial analysis by the Town’s consultant, John Stainback of Stainback Public/Private Real Estate, on September 7. The analysis will examine the financial feasibility of developing the building program specified in the conceptual master plans adopted by the Council on June 14.

                                      

DISCUSSION

 

On August 25, 2004, the Council Committee on Lots 2 and 5 recommended rescheduling the forum to provide the Town’s consultant, John Stainback of Stainback Public/Private Real Estate, time to complete the financial analysis report. Mr. Stainback will incorporate in the finance model new development phasing options recommended by the Committee at the meeting.

 

The Committee recommended the following schedule that calls for the financial analysis report to be distributed to the Council for review at the September 13th meeting:

 

·        September 13, 2004: Council Committee meeting to review the consultant’s financial analysis report and discuss developer solicitation options. The Council would receive the report at its meeting that night (to be rescheduled from September 7).

·        September 27: Council Committee meeting prior to a Council forum on the financial analysis (to be rescheduled from September 13).

·        October 11: Council consideration on whether to proceed with the developer solicitation phase.

 

 

RECOMMENDATION

 

That the Council adopt the attached resolution rescheduling the September 13, 2004, public forum on financial analysis and developer solicitation process to September 27, 2004.

 

 

A RESOLUTION RESCHEDULING A FORUM ON FINANCIAL FEASIBILITY ANALYSIS FOR THE DEVELOPMENT OF PARKING LOTS 2 AND 5 (2004-09-07/R-8)

 

WHEREAS, on June 14, 2004, the Council authorized proceeding with the cost estimation and financial analysis phase of the Town Parking Lots 2 and 5 project and called a public forum for Monday, September 13, 2004, to obtain public comment on the financial analysis and the request for proposal process; and

 

WHEREAS, on August 25, 2004, the Council Committee on Lots 2 and 5 reached consensus on recommending the public forum date be postponed to September 27, 2004, to provide the consultant time to complete the analysis; 

 

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council reschedules the September 13, 2004, public forum on the financial analysis and the request for proposal process to Monday, September 27, 2004, at 7 p.m. in the Council Chamber, Town Hall, 306 North Columbia Street.

 

This the 7th day of September, 2004.