Item_2b_AEDC_Urban_Renewal_Board_Update_2021-08-16 — original pdf

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Urban Renewal Board Austin Economic Development Corporation August 16, 2021 AEDC Board Created by Nominating Bodies (“Nominators”) Austin EDC AEDC | 2 Timeline – 18 months from approval of MOU Market Research Aug-Sept 2021 MOU with AEDC/URB and ILA update Sept/Oct 2021 Pre-Release Outreach Sept/Oct 2021 RFP Release Oct 2021 Responses Due Jan/Feb 2022 Selection & COA Approval Jan/Feb 2023 Austin EDC Cultural Trust | 3 RFP Release Timeline Pre-Issuance City of Austin/AEDC/URB Memo of Understanding (MOU) Contract for Services of AEDC approved by COA Host public information session and conduct outreach Pre-release approval terms agreed (URB, Council, HPD/AHFC) Publish notice of RFP Issue RFP Post Issuance Pre-Response Meeting Receive & Post Responses to Q&A Responses Due – Negotiate at least 2 respondents to fully negotiated documents (everything except signature) Blind Briefing Approvals (URB, COA) Selection and Council Approval Austin EDC As early as August – day-for-day schedule delay until approved Decide what success looks like prior to release Anticipating approximately 12 weeks for responses, 6 months negotiation AEDC | 4 RFP Approvals Matrix Consulted (C), Approval (A), Public Vote (V) Pre-Issuance URB City Staff City Council AEDC AEDC & URB Memo of Understanding (MOU) Contract for Services of AEDC approved by COA (ILA) & Council authorization of URB role Host public information session and conduct outreach Pre-release approval terms agreed (URB, Council, HPD/AHFC) Post Issuance Publish notice of RFP Issue RFP Pre-Response Meeting Receive & Post Responses to Q&A Blind Briefing Approvals (URB, COA) Selection and Council Approval Austin EDC Responses Due – Negotiate at least 2 respondents to fully negotiated documents V C A C A C C C A V C C C C A C C C A V V A V V V V A A A V AEDC | 5 Memorandum of Understanding (MOU) Highlights URB and AEDC • AEDC Role • Government and Community Relations (including community outreach) • Technical Assistance for respondents • Draft and issue RFP • Transaction negotiations • Long term asset management (parcels remain owned by City in ground lease to respondents) • Approvals Process • See previous slide • AEDC Compensation • One time transaction fee paid by developer • Annual asset management fee paid out of rent from ground lease • Funding • Cultural Trust, URB Budget, Housing Trust Fund • Ability to act as developer & asset manager Austin EDC Next Steps| 6 Next Steps with AEDC • Confirm AEDC Role and Budget • AEDC to utilize existing COA budget • AEDC to receive contract from COA to lead outreach process • All pre-development expenses to be reimbursed to COA at closing • AEDC to receive a fee from the developer only in case of success • AEDC to perform long term asset management on behalf of COA • Stakeholders: HPD, URB & Council Meetings • Set expectations for a successful RFP with each of HPD, URB and Council prior to release • Allocate Cultural Trust funding as appropriate • Huston Tillotson University – opportunity for strategic partnership on housing and/or commercial • MOU needed between URB & AEDC • ILA Addendum needed between COA and AEDC (~Sept 30th) • Council authorization for URB role may also be needed Austin EDC Next Steps| 7