Explanation
BACKGROUND: This ordinance authorizes the Director of the Department of Development (director) to enter into a contract with DiSalvo Development Advisors, LLC (Contract Compliance #272469212, expiration: June 6, 2015) to prepare the Brice-Tussing Real Estate Market Study. The consultant was recommended to the director by a review committee representing the department’s Economic Development and Planning divisions.
The Brice-Tussing area is in a transitional economic phase, experiencing disinvestment, vacancies, traffic concerns, and a lack of identity. A market study is being undertaken due to these conditions and in anticipation of a 2015 update to the current Brice-Tussing Area Plan. The study will document the state of the current commercial market (vacancy rates, commercial rents, etc.) and forecast future absorption. It will include recommendations addressing market constraints and land use. Findings from the study will serve as a foundational piece for the plan update.
Emergency action is requested to immediately begin the Brice-Tussing Real Estate Market Study.
FISCAL IMPACT: $50,000 for this contract is available within the General Fund.
Title
To authorize the Director of the Department of Development to enter into a contract with DiSalvo Development Advisors, LLC to undertake and prepare the Brice - Tussing Real Estate Market Study; to authorize the expenditure of $50,000.00 from the General Fund; and to declare an emergency. ($50,000.00)
Body
WHEREAS, a real estate market study is needed for the Brice-Tussing area which is in a transitional economic phase as an aging suburban retail corridor; and
WHEREAS, a Request for Proposal was posted and circulated per code, four proposals were submitted and three teams were interviewed; and
WHEREAS, a review committee representing the Economic Development and Planning divisions of the Department of Development recommended DiSalvo Development Advisors, LLC to undertake and prepar...
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