Economic Development and Real Estate Consulting Services

The Vendor is required to provide economic development and real estate consulting services for the district.
- The services to be performed include two key components:
•    Economic and fiscal impact analysis, market analysis, and evaluation and financial feasibility analysis of development proposals
•    Advice on the District’s economic development and innovation district strategy including an evaluation of potential acquisitions
- Economic and Fiscal Impact Analysis. Tasks may include but are not limited to the following:
•    Using an industry-approved model such as, or another model approved by the District, quantify the direct and indirect economic impacts of projects, including:
o    Jobs created during construction and permanent jobs created during operations
o    Earnings, wages and salaries, or income received
o    Consumer spending
o    Supplier impacts of businesses or related local industries
•    Quantify fiscal impacts on state taxes as a whole and by each source of tax, including sales, personal income, and corporate tax.
•    Determine return on public investment.
- Market Analysis
•    Develop market studies for various asset classes.
•    Evaluate market assumptions for proposed projects of all asset classes, including rents and/or sale prices, operating expenses, financing terms, and return expectations.
•    Confirm or determine highest and best use.
•    Identify market risks and opportunities.
- Real Estate Financial Analysis
•    Evaluate third party project pro formats, including all assumptions.
•    Develop project pro formats related to potential acquisitions.
•    Calculate or verify investment returns using financial metrics such as return on cost, cash-on-cash return, IRR, or other financial metrics.
•    Evaluate financial feasibility of proposed projects and determine level of public subsidy required, if any.
•    Evaluate developer assumptions related to real estate taxes, including modeling of any tax stabilization agreement.
•    Recommend a financial structure that optimizes the public investment.
•    Evaluate the level of public sector risk in a proposed transaction and suggest methods to improve its proposed structure to reduce the public sector risk.