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File #: 18-0229 CRA    Version: 1 Name:
Type: CRA Discussion Status: Agenda Ready
File created: 1/23/2019 In control: Community Redevelopment Agency
On agenda: 1/29/2019 Final action:
Title: REQUEST FOR PROPOSALS - SW 600-800 BLOCKS WEST ATLANTIC AVENUE PROPERTIES - FINAL RANKING OF PROPOSALS
Attachments: 1. Agenda Cover Report, 2. Exhibit A - RFP 600-800 W. Atlantic Ave Proposal and addendums, 3. Exhibit B - PMG Assoc Final Report West Atlantic Properties Revised 0123, 4. Exhibit C - PMG Assoc Community Benefit Matrix, 5. Exhibit D - Selection Committee Results
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO: CRA Board of Commissioners
FROM: Renée Jadusingh, Esq., CRA Assistant Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: January 29, 2019

Title
REQUEST FOR PROPOSALS - SW 600-800 BLOCKS WEST ATLANTIC AVENUE PROPERTIES - FINAL RANKING OF PROPOSALS

Body
Recommended Action:
Recommendation

CRA Board of Commissioners rank the Proposals and direct Staff to enter into negotiations with the top-ranked proposer for a period of ninety (90) days based on the template Purchase & Sale Agreement included in the Request for Proposals - SW 600-800 Blocks West Atlantic Avenue Properties.

Body
Background:
A Request for Proposals for the CRA-owned properties located at SW 600-800 Blocks on W. Atlantic Avenue (RFP), located on the south side of West Atlantic Avenue between SW 6th and SW 9th Avenues, was issued on August 21, 2018, with a submission deadline of November 2, 2018 (extended from October 5, 2018. The CRA received the following six (6) proposals in response to the RFP prior to the submittal deadline:

· BH3, LLC
· Jones New Urban Delray, LLC
· Kayne Anderson Real Estate
· Land America, LLC
· Prime Investors and Developers, LLC
· Uptown Delray, LLC

All six (6) proposals were reviewed for compliance with the RFP requirements and all proposals were provided to the Selection Committee for consideration.

Financial & Feasibility Analysis by PMG Associates, Inc.:
Subsequent to receiving the proposals, a Work Assignment with CRA development finance consultant, PMG Associates, Inc. (“PMG”), was approved for the financial analysis of the proposals, which included physical examination of the Proposers Financial Statements to ensure that they have the financial security to complete the proposed project.

It should be noted that PMG reviewed the Financial Statements for five (5) out the six (6) Proposers as Land America, LLC declined to provide their Financial Statements. Based on PMG’s review, the five (5) Proposers who provided their Financi...

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