Title
Banker's Representative - US Equities Development, LLC - Approval
History
On September 19, 2011, the Village Board approved the Ninety 7 Fifty on the Park project as a public private partnership. Because of the Village’s involvement in the project, and based on the opinions of various development experts the Village has consulted with, it was determined that an Owner's Agent is required. Similar to the Owner’s Agent that worked for the Village when the new police facility was under construction, this entity would act as the Village’s representative on the job site for the duration of the project.
As previously mentioned in the agenda item that approved Fifth Third Bank as the lender for the Ninety 7 Fifty on the Park project, Fifth Third offered the services of a Banker’s Representative that they work with on a consistent basis when making construction loans to developers. The role of the Banker’s Representative and an Owner’s Agent are very similar. While the relationship is usually between Fifth Third and US Equities, both parties have agreed to enter into a tri-party agreement with the Village whereby the Banker’s Representative will act as an Owner’s Agent for the Village and provide preconstruction, construction and close-out management services, including but not limited to project and developer oversight, design review, construction bid document review, project budget tracking, pay request processing and approval, change order review and tracking, schedule monitoring and management of project punch lists at close-out of project. The services have been slightly modified from what Fifth Third would typically require to meet the specific needs of the Village. The tri-party agreement, which has been reviewed and approved by the Village’s legal counsel, is attached to this agenda item, along with a breakdown of the proposed not-to-exceed fee.
On October 3, 2011, this item was reviewed and approved by the Finance Committee and referred to the Boa...
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