Phase 1 – Asset Scan The City has identified 177 Existing City Owned Assets (Figure 1 - colored dots) generally within ½ mile of the Line A and Line B BRT (proposed) routes (blue lines) that could potentially be redeveloped. The scan will identify TIFIA-eligible low-value city properties that are near high-value private properties. This evaluation will weigh factors including (i) a value-for-money analysis, (ii) community priorities for asset concessions, (iii) measures to protect the public interest, avoid job loss or wage reduction, (iv) transportation accessibility considerations, (iv) identification and mitigation of other adverse community impacts. The scan proposes to: • Identify ten properties with the greatest potential for redevelopment consistent with community plans in a way that achieves community goals. Specific goals include providing housing and critical services near high frequency transit. Considerations should include achieving strategic objectives goals for housing, transportation access, workforce development and job quality, wealth creation and safety—maximizing benefits for families and communities, including poverty alleviation by providing more affordable housing and transportation options. It is expected the consultant will interact with the private sector during this phase to understand local market conditions and trends. • With the 10 properties, conduct closer evaluation, research, and analysis of the enhancement potential of properties to determine current use, current valuation, potential market rate valuation and best potential uses with a focus on Asset Enhancements that will increase access to nearby fixed transit—maximizing local and federal investments. Phase 1 Deliverables • Prioritization tool and methodology used for inventory. • Completed prioritization used for determining marketability potential of 177 City owned Assets. • Summary narrative of 10 property assets recommended for further evaluation. Phase 2 – Market Value Analysis – Alignment with US DOT Goals This phase identifies and evaluate assets for TIFIA-eligible public-private partnership asset concession opportunities to advance the City’s goals The City has identified 4 properties that will go into Phase 2, shown in Table 1 below. The consultant shall add 6 additional properties identified in the Phase 1 Asset Scan (10 total) and conduct a Market Analysis. The Market Analysis shall include the following: • Analysis of the development potential of properties which includes current valuation, potential redeveloped market rate valuation and best potential uses with a focus on development that will increase access to and usage of nearby fixed transit. • Preliminary programming of the 10 properties, which includes type of use, number of uses/units, market value of uses/units, and value of the underlying property asset with the redevelopment. • Finally, this phase will confirm that the potential redevelopment project will create proportional impacts to all populations in a project area and increase community access to project benefits. Phase 2 Deliverables Narrative report for each of the 10 property assets that discusses: • Existing and potential valuations. • Preliminary programing, which includes type of use, number of uses/units, market value of uses/units, and value of the underlying property asset with the redevelopment. Phase 3 – Programming and Blocking This phase will take three of the properties identified in Phase 2 and further develop programing and space needs. The City, at its discretion may add an additional three properties for analysis. This phase will include a public involvement support. Specific tasks will include: • Concept level site plans. • Concept level blocking/massing diagrams. • Identification of the types and number of units/uses most feasible on the site. (eg affordable housing, market rate housing, class A commercial, etc.) • Development of materials suitable for interaction with stakeholders and the public. • 4-page narrative describing the development proposal for each site. • Support for City-led public and stakeholder engagement efforts. It is expected that the consultant would continue engaging the private sector in determining feasibility and marketability of potential redevelopment projects. Phase 3 Deliverables for each site shall include: • Colored Site Plan • Three-demensional blocking/massing graphic • 4-page narrative describing potential development, including programing potential uses, number, and type. • Public meeting materials.
