MEMORANDUM

TO:               Mayor and Town Council

FROM:         W. Calvin Horton, Town Manager

SUBJECT:   Downtown Economic Development Initiative: Consultant’s Evaluation of Developer Proposals

DATE:         May 20, 2005

Attached is Stainback Public/Private Real Estate’s evaluation of the two development proposals submitted in response to the Town’s Request for Proposals for developing the Wallace Parking Deck and Town Parking Lot Number 5.

Stainback Public/Private Real Estate, the Town’s consultant on the project, evaluated submittals by Grubb Properties/Leyland Alliance and Ram Development Company. Both development teams have been invited to attend interview sessions with the Council in the Council Chamber on Monday, May 23, 2005, starting at 8:15 a.m.

Following the interviews, Stainback Public/Private Real Estate will revise the evaluation report to score and rank each proposal, taking into consideration the results of Monday’s interview process.