TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: July 12, 2016
Title
APPROVAL OF DEVELOPMENT AGREEMENT FOR MARGATE CITY CENTER BETWEEN MARGATE COMMUNITY REDEVELOPMENT AGENCY AND NEW URBAN COMMUNITIES, L.L.C.
Body
BACKGROUND: The approval of the City Center Development Agreement represents the culmination of a lengthy process of study, planning, evaluation, decision-making and negotiations. Significantly, the acceptance of this development agreement will initiate major activity, which will begin almost immediately and continue for many years, resulting in a vibrant and unique downtown Margate.
Since 2004, the Margate CRA has assembled approximately 36 acres of property for redevelopment as a central downtown area. There have been several efforts over the years to partner with a private development firm in the planning and implementation of a city center plan. Due to economic and other factors, previous efforts did not result in a successful partnership and project.
The most recent, formal process of selecting a development partner began with the issuance of a Request for Qualifications (RFQ) in November 2014. On March 11, 2015, after evaluation and ranking by a Selection Committee, the MCRA Board selected two of the four development firms that had responded to the RFQ to continue further in the evaluation process. The selected firms (New Urban Communities and AHS Development Group) were invited to respond to a Request for Proposal (RFP), and both entities submitted responses in May 2015, making formal presentations to the MCRA Board on July 14, 2015.
Through the RFP process, each developer presented its comprehensive interpretation of the MCRA's vision and goals for the City Center, including detailed phasing, land use mix and density, illustrative plans, cost estimates, market analyses, financing sources, corporate structure and overall project economics. Both proposals included a combination of commercial and...
Click here for full text