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Item A: URA - Review of Responses to the 10th & Charnelton Request for Proposals
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Item A: URA - Review of Responses to the 10th & Charnelton Request for Proposals
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6/9/2010 1:10:29 PM
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10/16/2006 9:41:59 AM
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City Council
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Agenda Item Summary
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10/16/2006
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<br />Timeliness <br />Beam is anticipating a project completion date of 2009. Tenant commitments, adjacent property <br />acquisition, and financing commitments are all considered to be speculative at this time. <br /> <br />Financial Feasibility <br />Market feasibility, cost estimates, and financing commitments appear to be speculative at this time. <br />Beam’s experience completing projects of this scale is limited. <br /> <br />Net Financial Cost/Benefit <br />Income: Beam has estimated that the proposed project would result in annual urban renewal tax <br />increment revenue in the amount of $354,000. Further project details would be required to accurately <br />project future tax increment revenue. <br /> <br />Cost: Beam is proposing that the URA contribute the $970,000 land value to the project. The proposal <br />also requests City urban renewal financing in the range of $2 - $2.75 million. Repayment of the <br />financing would be based on the financial performance of the development. Beam has also indicated <br />that they would be seeking property tax exemptions under the Multi-Unit Property Tax Exemption <br />(MUPTE) or Vertical Housing Development Zone. <br /> <br />Proposal Strengths <br />• Full-block development, density <br />• Desirable hotel use <br />• Maximizes active ground-floor retail uses <br />• Destination quality of the project <br />• Taxable value <br />• Potential to stimulate other investment <br />• Sustainable building features <br />• Includes ownership housing <br />• Reputable design team <br /> <br />Proposal Weaknesses <br />• No clear evidence of similar mixed-use project experience <br />• Market feasibility for significant retail uses <br />• Financial feasibility not evident <br />• Financial capacity unclear <br />• Level of subsidy required <br />• Timeliness is questionable <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> L:\CMO\2006 Council Agendas\M061016\S0610161-URASpecMeet.doc <br /> <br />
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