Title
Development Consultant - Main Street Triangle
History
In October, the Village issued an RFP for development partners for the Main Street Triangle. Proposals are due December 15th. Staff will begin evaluating proposals and prepare preliminary findings in the coming weeks.
There are several realities prevalent in the current development climate:
• While financing and capital are available, the economic circumstances have made it more difficult for developers to secure financing, and therefore, will likely require more innovative structuring of development agreements between municipalities and developers;
• The development community will likely incorporate within their proposals various requests for incentives from the Village as part of their project proformas;
• Substantial financial evaluation and thorough review of proposal proformas and “gap analyses” will be required before a recommendation can be made to the Board.
As such, the engagement of a skilled expert in development agreements, along with the independent financial analysis, offers the Village important perspective and constructive feedback with respect to structuring any agreements. Moreover, such advice will provide additional assurance that the Village is pursuing the best agreement possible with the best long-term viability of the project, and consistent with the best practices in the industry.
Financial Impact
Not to exceed $30,000 from the TIF Fund.
Recommended Action/Motion
I move to approve authorizing staff to expend an amount not to exceed $30,000 to secure the services of a development consultant to provide development advice and independent financial analysis in support of the Village’s efforts to secure a development agreement for the Main Street Triangle.