HomeMy WebLinkAboutRedevelopment Block 2 and 4R
EDEVELOPMENT of
B 2 4
LOCKS and
City of Prior Lake
R B 2 4
EDEVELOPMENT of LOCKS and
R B 2 4
EDEVELOPMENT of LOCKS and
Economic Development Authority
?
recommendation to City Council
Professional Services Agreement with
?
Ehlers & Associates
Provide redevelopment and financial
?
advisory services for redevelopment of
Block 2 and Block 4
R B 2 4
EDEVELOPMENT of LOCKS and
Reason / Need: 2030 Vision and
?
Strategic Plan: a thriving downtown
Goals: encouraging redevelopment,
?
and construction of mixed use
buildings
Heightened interest in downtown
?
development
Redevelopment is a major and
?
complex undertaking
R B 2 4
EDEVELOPMENT of LOCKS and
Requires expertise/specialization of
?
redevelopment and financial advisory
services
Services: general project management and
?
financial services; managing RFP process,
establishing TIF district, selecting master
developer, developer negotiations, securing
development agreements, etc.
R B 2 4
EDEVELOPMENT of LOCKS and
Economic Development Advisory
?
Committee recommendation to EDA
Proposals: Springsted and Ehlers & Assoc
?
Professional service: consider qualification
?
criteria in addition to cost
Springsted : proposed a $10,500 threshold
?
with the final fee amount to be determined
Ehlers proposed not to exceed $15,000
?
R B 2 4
EDEVELOPMENT of LOCKS and
Springsted : highly qualified, financing
?
redevelopment
Ehlers: most qualified to deliver on overall
?
project requirements:
Complexity / scope
?
Financing
?
Number of projects
?
Coordinate property acquisition
?
Management of RFP process
?
Working with service clubs in redevelopment projects
?
More references / complex redevelopment projects
?
R B 2 4
EDEVELOPMENT of LOCKS and
Recommend that City enter Professional
?
Services Agreement with Ehlers &
Associates, Inc.