Share to Facebook Share to Twitter Bookmark and Share
File #: 18-0209 CRA    Version: 1 Name:
Type: CRA Presentation Status: Agenda Ready
File created: 1/7/2019 In control: Community Redevelopment Agency
On agenda: 1/15/2019 Final action:
Title: PRESENTATION - PMG ASSOCIATES, INC. REPORT - SW 600-800 BLOCKS WEST ATLANTIC AVENUE - MEASUREMENT OF ECONOMIC IMPACTS OF PROPOSAL FOR DEVELOPMENT
Attachments: 1. Agenda Cover Report, 2. Exhibit A - PMG Assoc Final Report, 3. Exhibit B - PMG Assoc Community Benefit Matrix, 4. Exhibit C - PMG Assoc Presentation
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.

TO:                                           CRA Board of Commissioners

FROM:                      Renée A. Jadusingh, Esq., CRA Assistant Director

THROUGH:                      Jeff Costello, CRA Executive Director

DATE:                      January 15, 2019

 

Title

PRESENTATION - PMG ASSOCIATES, INC. REPORT - SW 600-800 BLOCKS WEST ATLANTIC AVENUE - MEASUREMENT OF ECONOMIC IMPACTS OF PROPOSAL FOR DEVELOPMENT

 

Body

Background:

 

At the November 11, 2018 CRA Board Meeting, the Board authorized the CRA to enter into a Work Assignment with PMG Associates, Inc. (PMG), one of the CRA’s Consultants on a Continuing Contract Basis, to conduct the financial and feasibility analysis (“Report”) for each of the six (6) proposals received on November 2, 2018 in response to Request for Proposals (“RFP”) for CRA-owned properties within the SW 600-800 Blocks of West Atlantic Avenue.  The Scope of Work involved the following:

 

1.                     Review of proposals submitted by the six respondents.

2.                     Fiscal evaluation of the potential return to the CRA and the City based on the development scenario currently submitted.

3.                     Evaluation of incentives provided to the project.

4.                     Evaluation of the feasibility/absorption estimate for the project.

5.                     Company background financial review.

6.                     Alternatives on how to structure the future commitment.

7.                     Written report and presentation to RFP Selection Committee, and CRA Board, if requested.

 

The Consultant presented the report to the RFP Selection Committee at a meeting on December 17, 2018.  The Committee also requested a summary of the Community Benefits of each proposal.  Thereafter, the CRA entered into a Work Assignment with PMG to prepare a Community Benefits Matrix that summarizes the Community Benefits in each proposal.

 

PMG will give a brief presentation to the Board of the Report and the Community Benefit Matrix.

 

 

Attachment(s): Exhibit A - PMG Final Report; Exhibit B - PMG Community Benefits Matrix; Exhibit C - PMG Presentation