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<br />Joint Development Authority <br /> TCAAP Redevelopment Project <br /> <br /> <br /> <br /> <br />DATE: January 4, 2016 <br /> <br />TO: Joint Development Authority Board of Commissioners <br /> <br />FROM: Directors Hutmacher and Worthington <br /> <br />SUBJECT: Rice Creek Commons Solicitation for Master Developer <br /> <br />Budgeted Amount: Actual Amount: Funding Source: <br />n/a n/a n/a <br /> <br />Summary <br />A draft Master Developer Solicitation was distributed to JDA members on December 15, 2015. Edits to the draft <br />solicitation were made to reflect timeline dates shown below. These edits are shown in red in the attached draft <br />solicitation. Key elements of the solicitation process are highlighted below. JDA Commissioners are asked to provide <br />comment on the solicitation document, the selection process, and the proposed selection review committee. <br /> <br />Key Considerations: <br />• The solicitation will be distributed nationally. <br />• The solicitation is designed to encourage developers to respond by limiting the time and expense required for <br />the initial submission. Following the initial review, high-quality development teams will be asked to provide <br />more detailed information prior to the final selection. <br />• The solicitation encourages developers to “team” with development experts for housing, commercial and retail. <br />This maximizes expertise in specific market niches and also allows greater access to capital. <br />• The JDA will enter into a development agreement with the selected master developer team. The development <br />agreement will address phasing, implementation, and the roles and responsibilities of each party. <br />• The County Board will enter into a purchase agreement with the selected master developer team. The purchase <br />agreement will address the financial terms of the transaction. <br /> <br />Timeline <br />January 4 JDA approves release of Solicitation <br />February 1 Solicitation Released <br />February 11 Developer Information Session/Pre-proposal conference <br />March 2 Solicitation Responses due <br />March 18 Solicitation Review Committee evaluation and selection of top candidates <br />March 24 Deadline for submission of additional information <br />March 31 Evaluation, Interviews, and Recommendation to JDA <br /> <br /> <br /> <br />AGENDA ITEM 8 <br /> <br /> <br />MEMORANDUM <br />