Recommend approval to award the sale of surplus property located 132 East Broughton Street to Columbia Ventures, LLC. in the amount of $4,500,000.00. This property will serve as a residentially anchored mixed-use development in an urban area. The historic integrity of the building will be preserved while restoring the exterior to its mid-century roots. The Broughton House will provide an anchor to Broughton Street for residents and visitors alike.

The method of procurement used was the request for proposal (RFP), which evaluates criteria in addition to cost. The criteria evaluated for this RFP were the qualifications of development team, quality of design proposal, schedule of performance, financial return and economic impact, and commitment to the City’s hiring programs. The financial return and economic impact of this property sale was determined to have an estimated net present value of $6,417,312.00, which includes the proceeds of the sale and incremental tax revenues.

Approval