HomeMy WebLinkAboutTowncrest Catalys Project RFP
TOW
OVERV
The Cit
Program
develop
(see Att
$300,00
for pre-d
through
develop
The City
to encou
Towncre
total fun
sources
The fund
until fun
1. GAP
Gap fina
promote
gap fina
differenc
1) th
in
2) th
th
The amo
job crea
projects
enhance
G
A
WNCREST
IEW
ty of Iowa
m and the
ment of co
tachment A
00 for eligib
developme
existing C
ment assis
y is offering
urage comm
est Urban R
nding neces
.
ding is limi
ding is dep
P FINANCIN
ancing in t
e the develo
ancing assis
ce between
he amount
ncome or sa
he calculat
heir equity i
ount of ass
ted or retai
with nonp
ements are
GAP FINA
PRE-DE
ASSISTAN
T AREA C
City has
e Pre-Deve
ommercial,
A, Towncre
ble catalyst
nt design
City progra
tance progr
g gap finan
mercial and
Renewal P
ssary for a
ted. Applic
leted. Plea
NG FORGIV
the form o
opment of o
stance for s
n reasonabl
of private d
ales project
ion of reas
investment
sistance pro
ned, or on
profit spons
proposed.
RE
ANCING F
EVELOPM
NCE FOR
COMMER
establishe
elopment
residential
est Urban
projects ar
assistance
ams and v
rams may a
cing loans
d residentia
Plan (“Plan”
project and
cations will
se contact
VABLE LO
of forgivabl
one or more
selected pr
e project co
debt that ca
tions; and/o
sonable ret
in the proje
ovided may
the basis o
sorship or
Page 1
EQUEST
FORGIVA
MENT DE
R CATALY
RCIAL/RES
ed the Cat
Design As
and mixed
Renewal
re available
may also
various sta
also be ava
and pre-de
al developm
”). Gap fina
d the amou
be reviewe
the City tod
OAN
e loans up
e projects i
rojects will
osts and
an be secu
or,
turns to th
ect and ass
y also be ev
of the cost p
where sig
T FOR P
ABLE LOA
ESIGN GR
YST PRO
SIDENTIA
talyst Proje
ssistance
d-use proje
Area map
e and matc
be availab
ate and fe
ailable.
evelopment
ment consis
ancing is th
unt of availa
ed on a firs
day to discu
p to $300,
in the Town
be determ
ured given t
e project’s
sociated ris
valuated on
per resident
gnificant em
PROPOS
AN and
RANT
OJECTS
AL DEVE
ect Gap F
Program t
cts in the T
). Grants
ching grants
ble. Additio
ederal tax
t design as
stent with t
he differenc
able fundin
st come, fir
uss your pr
000 may
ncrest area
ined by an
the project’
s sponsor/d
ks to that in
n the basis
t served as
mployment
SALS
ELOPMEN
Financing G
to support
Towncrest
totaling u
s up to $25
onal assist
credits an
ssistance gr
the goals o
ce between
g from all o
rst served b
roject.
be availab
a. The exte
analysis o
’s net oper
developer g
nvestment.
s of the cos
s appropriat
and/or se
NT
Grant
the
area
up to
5,000
ance
nd/or
rants
of the
n the
other
basis
le to
ent of
of the
rating
given
st per
te for
ervice
Page 2
Other local, state and federal assistance may be available to support proposed projects
depending on their eligibility and demonstrated need. The City will provide technical
assistance to potential respondents in identifying opportunities for the inclusion of these
sources of funds.
ELIGIBLE USES OF CITY GAP FINANCING LOAN
Gap financing is available to support projects that positively impact the Towncrest area
through construction and rehabilitation of commercial, office and residential properties.
Priority will be given for the use of City gap financing to support expenses related to the
rehabilitation of existing structures and new construction. Gap financing for acquisition
expenses will not be considered where significant rehabilitation and/or new construction
is not proposed. Gap financing loans will be approved by the City Council. The general
definition of gap financing is the difference (or gap) between all reasonable project costs
and all other available sources of debt and equity financing.
2. PRE-DEVELOPMENT DESIGN GRANT
To encourage the development of projects that can have a transformative impact on the
Towncrest area consistent with the vision of the Towncrest Development Plan, 50%
matching grants of up to $25,000 per project are available to support predevelopment
expenses. Eligible uses include items such as architectural design, structural
engineering, and environmental assessment services. Expenses incurred prior to the
execution of a predevelopment agreement with the City are not eligible for
reimbursement, but may be considered as contributing toward the required 50%
owner/developer match.
ELIGIBLE PROJECT LOCATIONS
Projects may be located anywhere within the Towncrest Urban Renewal Area boundary
as described in Attachment A.
ELIGIBLE RESPONDENTS
Eligible respondents (the project sponsor/owner) under this RFP are for-profit and non-
profit entities (individuals or teams) experienced in the development of
retail/commercial, residential and/or mixed-use projects. The project sponsor/owner
must demonstrate they have the capacity and/or experience to complete the project.
PROPOSAL SUBMISSION REQUIREMENTS
Three (3) copies of the response to this RFP are required to be submitted in tabbed,
sturdy binders labeled with the name of the proposed development, the project location,
and the names of the project owner and developer. Tabbed sections of the response
must correspond to the following sequence:
1) Signed letter of interest submitted on the letterhead of the Owner/Developer;
Page 3
2) Project Summary - a brief but complete narrative description of the development
concept and proposed uses;
3) A site plan with a front elevation;
4) A description of the development team (project owner, developer, architect,
general contractor, consultants, etc.) including the names of each development
team member, their complete contact information and a description of their real
estate development experience;
5) Evidence of site control in the form of a contract for sale, option agreement,
purchase agreement, deed or a fully-executed ground lease for the intended
purpose of the development, including the acquisition and terms of the sale, as
appropriate;
6) A description of known or potential issues related to zoning, environmental
hazards, utilities or other regulatory or infrastructure issues;
7) A detailed estimate of construction and other development costs by item;
8) A summary of capital funding sources for the project, both construction and
permanent as applicable, including evidence of lender interest or commitment,
equity commitments and a clear identification of the amount of gap financing
requested from the City. Include repayment provisions for all loans and a detailed
description of the estimated or committed terms for each source of financing;
9) For rental developments, a 10-year operating pro forma income and expense
statement, including estimated project rents and other income as applicable and
vacancy and income and expense escalation assumptions;
10) A description of the target market and anticipated tenant profile for the project,
including, where available, letters of interest or committed leases, purchase
agreements, etc.;
11) A preliminary schedule for the development of the project.
Please submit responses and a letter of introduction to:
Wendy Ford, Economic Development Coordinator
Department of Planning and Community Development
410 E. Washington Street
Iowa City, Iowa 52240
Page 4
CRITERIA FOR SELECTION
Priority in the selection of one or more proposals and the commitment of financing will be
given to proposed projects that meet the following criteria: Projects of sufficient scale and
visibility to serve as an impetus for additional private investment in the Towncrest area.
Projects that support job creation and/or retention.
Projects that generate property taxes or other local government revenues that can
support services and additional development incentives for the Towncrest area.
Mixed-use projects that combine retail/commercial and multifamily rental housing
and/or homeownership opportunities;
Designs/developments that add to the pedestrian experience;
Projects that employ creative but sensible and economically justifiable “green”
development (design, technology, materials, image);
Projects that otherwise advance the interests of the Towncrest Urban Renewal Plan;
Gap financing for Catalyst Project awards are subject to Council approval.
The City may accept, accept in part, or reject any and all proposals submitted in
response to this request.
FOR ADDITIONAL INFORMATION
See the Towncrest Urban Renewal Plan at www.icgov.org/towncrest
See the Towncrest Design Plan at www.icgov.org/towncrest
CONTACT FOR MORE INFORMATION
Department of Planning and Community Development, (319) 356-5230
410 E. Washington Street
Iowa City, Iowa 52240
Wendy Ford, Economic Development Coordinator
(319) 356-5248, wendy-ford@iowa-city.org
or
Tracy Hightshoe, Associate Planner
(319) 356-5244, tracy-hightshoe@iowa-city.org
Towncre
Page 5
Attachmen
st Urban R
5
nt A
Renewal Areea