Within the Fiscal Year 2018-19 Project Fund Annual Budget, the CRA Board approved $1.6 million in available funding to assist with the financial hurdles facing a redevelopment project within the Martin Luther King Jr. Boulevard Corridor.  At their June 12, 2018 meeting, the CRA Board approved the issuance of the Request for Proposals and Developer Qualifications for the Martin Luther King Jr. Boulevard Corridor Redevelopment (RFP/RFQ).  The RFP/RFQ also encouraged respondents to acquire and/or work with the owners to incorporate adjacent properties whenever possible or feasible.  

• The RFP/RFQ was released on June 18, 2018, with a submission date of August 20, 2018.

• The CRA received two development proposals (see Attachments I.A & I.B) - Neighborhood Renaissance Inc. (NRI) and Centennial Management Corporation (CMC). 

• The RFP/RFQ provided evaluation criteria to assist the Evaluation Committee and CRA Board with the review of any proposal. The Evaluation Committee's scoring results of the proposals are also provided (see Attachment II).   

• Evaluation criteria consist of experience with comparable projects, development plan, financial plan, use of CRA incentives, financial commitment and equity investment, experience with additional subsidies, and development timeline.

• Each proposer presented the details of their RFP/RFQ responses at the CRA Board's September 11, 2018 meeting (see Attachment III). 

• The CRA Board concluded that both proposals lacked enough specific details for them to make a selection.  The Board directed staff to issue a request for supplemental information to be submitted no later that 12:00 p.m. on October 29, 2018 (see Attachment IV.A & IV.B.). 

• At their November 13, 2018 meeting, the Board listened to both proposers' revised presentations and determined that additional research on the use of Opportunity Zone Funding should be conducted by the proposers to potentially offset the financial impact to the CRA.
• As per their request, CRA Board attorney Telsula Morgan, provided a legal memo on Opportunity Zone Funding and analysis as to the limits of the CRA's involvement with them (see Attachment V).
• On January 3, 2019, NRI submitted supplemental information concerning Opportunity Zone Funding for a 100 Unit Multi-family Workforce Rental Apartments (see Attachment VI).

Each development team is prepared to present their revised proposal to the CRA Board for their consideration after which the Board may evaluate the proposers based on the criteria set forth in the RFP/RFQ. 

CRA staff has provided a breakdown comparison of key development elements between each proposal based on the proposed financial strategies, CRA contributions, and project deliverables (see Attachment VII). 

Motions:

1. Evaluate the proposals based on the RFP/RFQ evaluation criteria and select a respondent; and,
2. Authorize CRA staff and legal counsel to begin negotiations with the selected respondent with monthly progress reports to the CRA Board within a maximum 90-day negotiation period.

Alternate Motions:

     3. Reject all proposals and terminate the RFP/RFQ; or,

     4. Consider other options or actions as determined by the Board.