Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute A Term Sheet With Park Road Development, LLC, The Highest Ranked Firm, For The Redevelopment Of Approximately 30 Acres Of City-Owned Property Designated As The Park Road Redevelopment Project, And Authorizing The Negotiation Of A Land Development And Disposition Agreement With The City And Park Road Development, LLC, Consistent With The Term Sheet And The Park Road Development Opportunity RFP-4585-18-PB.
Body
Staff Recommends: Approval of the Attached Resolution.
Explanation:
Members of the Hollywood City Commission requested that staff pursue redevelopment opportunities for the 30.58 acres of City-owned real property, which currently include the City's Public Works compound.
On March 15, 2018, RFP No 4585-18-PB, Park Road Development Opportunity, was posted on Bidsync. Responses were received from four firms and opened on May 14, 2018. The four firms are as follows: Park Road Development, LLC; Bridge Development Partners, LLC; ImmoCorp Ventures; and Prologis. On July 1, 2018, an evaluation committee was formed consisting of six voting members from the City's Department of Development Services; Department of Public Works; Office of Communication, Marketing and Economic Development and two non-voting members from Public Works and Procurement Services met and began evaluating proposals.
The evaluation of the proposals was based on the criteria/factors established in the RFP including: Qualifications, Experience, Declarations, Development Team, Development Plan, Detailed Financial Plan, Management Plan, Development Timeframe, and Purchase Price and Tax Revenue.
Paul Lambert form Lambert Advisory was retained by the City as a third party consultant to evaluate all four firms' detailed Financial Plans as outlined in the evaluation criteria. After the proposals were evaluated, the Evaluation Committee requested...
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