Laserfiche WebLink
<br />properties expire. In May, detailed financial strategies related to the Beam proposal would be brought to <br />the URA for consideration. An estimated timeline for this option, including potential financing steps <br />and future URA approvals, is included in Attachment F. Option 2 assumes that the URA would also <br />th <br />continue to move forward with the TK Partners project, as previously selected in the 10 and Charnelton <br />Request for Proposals process. <br /> <br />Option 2 Summary <br /> <br />Estimated Total Project Cost: $ 18.1 Million <br /> <br />Estimated Public Investment: $ 1.6 Million (9% of total project) <br /> <br />Estimated Private Investment: $ 16.5 Million (91% of total project) <br /> <br />Concept Result: Retail (40,600 sq. ft.), office (55,423 sq. ft.), <br /> surface parking (5,600 sq. ft., 15 spaces) <br /> * Supplemental information also indicated <br /> a scenario with flex/live uses but limited <br /> detail has been provided. <br /> <br />URA Decision and Timing: May 2007: Council review of financing <br /> strategies <br /> May – August 2007: Public involvement <br /> (See Attachment C) <br /> September 2007: <br /> <br />?Final project approval, including property <br />transactions <br /> <br />?Budget authority approval <br /> <br /> <br />Option 3: Take no action on the RFQ responses <br />Under Option 3, the URA would let the options on the remaining properties expire. An estimated <br />timeline for this option is included in Attachment G. Option 3 assumes that the URA would continue <br />th <br />with the TK Partners project, as previously selected in the 10 and Charnelton Request for Proposals <br />process. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br />The Agency Director concurs with the URA’s conclusion that Beam and KWG submitted qualified <br />responses to the RFQ. Based on KWG’s demonstrated qualifications and its overall responsiveness to <br />the approved RFQ objectives and criteria, the Agency Director recommends selection of KWG <br />Development Partners (Option 1, as stated above). The next steps would be to: 1) begin the process for <br />a Downtown Urban Renewal Plan amendment; 2) begin application process for HUD Section 108/BEDI <br />funds; 3) take a specific public involvement plan to Planning Commission/Citizen Involvement <br />Committee for approval; 4) bring back specific project financing strategies for URA approval; 5) <br />L:\CMO\2007 Council Agendas\M070425\S070425B.doc <br /> <br />