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<br />ATTACHMENT A <br />Selection Criteria <br />As reviewed by the URA Board on 2/20/08 <br /> <br /> <br />Offer will be distributed through webpage, newspaper, information meeting (pre-bid), <br />? <br /> <br />and commercial publications. <br />Minimum bid will be established at the total of the URA's option money payment(s). <br />? <br /> <br />All bids will be submitted at one time, but tenants will have first rights. If multiple <br />? <br /> <br />tenants of a building submit bids, then the tenant submitting the highest bid will be <br />awarded the assignment. <br />If only one tenant bids, and the bid is higher than the amount of the City’s option <br />? <br /> <br />money payments on that property, the bid amount will automatically be adjusted <br />down to the total amount of the City’s option money payments. <br />If no tenants submit a bid, then the highest non-tenant bidder will be awarded the <br />? <br /> <br />assignment. <br />A "memo of offer" will be created by the URA to be used by bidders to submit their <br />? <br /> <br />bids. The offer will include a bid amount, description of the delivery of cash, the <br />purpose of the development, public benefit provided by the development, and the <br />timing of the project. <br />Offers will be accepted up to a deadline, and the bids will be opened publicly. <br />? <br /> <br />The bid proposal will be provided to the URA Board for selection. <br />? <br /> <br />The URA Board will select and award the bid based on highest bid and the public <br />? <br /> <br />benefit provided by the proposal. <br />Successful bidder will need to deliver cash and sign a "memo of intention" within a <br />? <br /> <br />specific time period. <br />The URA Board retains the right to reject any and all bids. <br />? <br /> <br />If a building is demolished, new construction must begin within 6 months of <br />? <br /> <br />demolition. <br />If construction does not begin within 6 months, then owner will pay to the URA an <br />? <br /> <br />amount equal to 5% of the purchase price for every 6 month period in which there is <br />no new construction. <br />