Recommend approval to award the sale surplus property located at 601 East Liberty Street to Standard Companies in the amount of $5,910,000.00. The property would become a rental apartment community with service-oriented commercial space. The civic enhancements would offer to transform an underutilized location into a mixed-use community offering a variety of housing types as well as providing some commercial space.

The method of procurement used was the request for proposal (RFP), which evaluates criteria in addition to price. The criteria evaluated for this RFP were qualifications of the development team, quality of the 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 a net present value of $8,121,259.00, which includes sale proceeds and incremental tax revenues.

Approval