Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A LETTER OF INTENT ON BEHALF OF THE CITY OF HUDSON WITH TESTA COMPANIES FOR PHASE II OF THE DOWNTOWN REDEVELOPMENT; AND DECLARING AN EMERGENCY.
Executive Summary: This Resolution would designate a preferred development partner for Downtown Phase II and authorize the City Manager to enter into a Letter of Intent with said developer. For more detailed information, see attached memo.
Body
Legislative History
Res. No. 15-124, adopting the 2015 Comprehensive Plan, passed on January 19, 2016.
Res. No. 16-86, authorizing issuance of a Request for Qualifications for a developer(s) for a portion of Phase II of the Downtown Redevelopment Project, passed on May 17, 2016.
Purpose & Explanation
As a result of the City's Request for Qualifications, seven developers responded. Three were selected to provide presentations to the City. The presentations were recorded and posted to the City's website for public review and comment. Public comments including input from the managers' round table advisory group, as well as the development teams' qualifications, presentations and references were reviewed by a selection subcommittee, and two of the development teams were invited back for a second round of interviews.
Follow-up information was reviewed by staff, including site visits of other developments, financial condition of development companies, public engagement in other development projects, etc.
The next step in this selection process will be a recommendation to Council on the development partner. This will be similar to what was done for the Phase I development (a copy of the resolution is included with this report). Once the development partner has been designated, an agreement between said developer and the City via a letter of intent will guide the public input and design phase of the Downtown Phase II project. Staff is projecting this portion of the project to proceed over the next 3 to 6 months.
Timing C...
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