• Meeting Goals • RFP Timeline • RFP Critical Elements and Decisions • Next Steps
eeting Goals
uncil endorsement of key public private partnership elements to be luded in Town’s RFP:
• Site plan principles • Scale, density, retail orientation, library location
• Public Private partnership • Sale of land, infrastructure, participation in parking, UDO amendments
• Town Center Future Private Phases and Public Investments • RFP Posting Period Length • RFP Review and Selection Process
emonstration Project Process
efine Site Concept
Financial Feasibility & Public Private Partnership
Council Input
June 27th
RFP Framework sentation- Key Elements for RFP July 25th
RFP Approval
RFP Response Period
August 8th
August-October
Information Summary
July 11th
Select Developer(s) November
ements to be included in RFP
over Letter from Town xecutive Summary of the development opportunity arket Overview te Overview re-Development Process evelopment Program ublic Participation Commitments FI Role ubmission Requirements valuation Criteria ubmission Timeline sclosures
ements to be included in RFP
over Letter from Town xecutive Summary of the development opportunity arket Overview te Overview re-Development Process evelopment Program ublic Participation Commitments FI Role ubmission Requirements valuation Criteria ubmission Timeline sclosures
Town Council Endorsed at Jun 27th Work Session
To be Endorsed at July 25th Meeting
te Design Considerations
RENT PRIVATE PROGRAM 72 Residential Units 58 Space Parking Deck pprox. 20k sf of ommercial Space
RENT PUBLIC PROGRAM 500 sf Wake County brary ternal Surface Parking oxglove Dr. Extension arolina Street Extension wn Hall Dr. Roundabout
EQUIREMENTS: Library at intersection of Town Hall Dr. and Carolina St. Stormwater offsite Town Hall Dr. traffic circle Accommodate Library’s parking needs
REFERENCES: Commercial corridor along Carolina St.
LEXIBILITY: Increase/decrease in density Location of parking deck
ND SALE: Town sells land under private development to developer FRASTRUCTURE: Town builds infrastructure (roads, sidewalks, traffic circle, stormwater) • Timing of construction of this infrastructure? • Allow for Developer input in road design and alignment?
RKING PARTICIPATION: Town leases ground floor of parking deck* HER: Town initiates UDO amendments to support project OPTION: Town leases portion of commercial space
e at cost recovery rate for commercial and public uses
9
ublic Private Partnership- Boundaries
ixed Use Development Zone*
wn and Private Developer negotiate agreement)
oordination Zone*
tween Developer and Town)
ake County Library Zone
ased on current proposed plan
1
uture Phasing of Town Center Core
EVELOPER OPTION: Allow developers to propose terms for an option to purchase and develop future phase(s) of the Town Center Development*
UTURE PUBLIC INVESTMENTS:
State Town’s commitment to the Town Center Vision as endorsed during October 2016 Council meeting (Town Green, additional road infrastructure,etc.)
tential way to mitigate risk for developers for the first se of Town Center
11
FP Posting Period Length
ks of Developers within RFP
sign Schematics and Program Proposed program for site Floorplans for each floor Illustrative Elevations Unit Test Fits
velopment Assumptions Development Budget Expected Rents Expected length of construction Purchase Price of Land and Terms (Inspection Period, earnest money) Lease Terms to Town for parking and commercial space
90 Day RFP Posting Period • • • •
Conduct Developer outreach Perform site visits with interested developers Respond to questions from develo Development groups assemble tea and package materials for RFP
ancing Assumptions Sources of Debt and Equity Status of Commitments from Lenders
velopment Team Identify Partner Firms and Roles
evant Experience ancial Capacity
1
eview and Selection Process
ROPOSED REVIEW PROCESS: Town Staff Review Committee established DFI and Town Staff Review of Proposals simultaneously Ranking of top proposals
ROPOSED SELECTION PROCESS: Town Staff Review committee along with DFI provide summary of top proposals and recommendation to Council of preferred development proposal Town Council selects Development Team to begin negotiations Town negotiates with selected development team 13
emonstration Project Process
efine Site Concept
Financial Feasibility & Public Private Partnership
Council Input
June 27th
RFP Framework sentation- Key Elements for RFP July 25th