SITE CONCEPT PLANS
As stated, Attachment B illustrates the site plan for the Project along with the proposed floor plans.
UNIT MIX |
Bedroom Size | Unit Mix | Percentage |
0 Bedroom | 59 | 60 |
1 Bedroom | 39 | 40 |
Total | 98 | 100 |
Design Principles
- Include replacement unit requirements and preferred concept plans in the proposal
- Explore a multi-faceted approach to create a vibrant mixed-income and mixed-use neighborhood that is the highest and best use of the land
- Integrate environmental sustainability “green” construction and design practices, optimal energy efficiency through the incorporation of on-site renewable energy, and adherence to LEED or green community certification standards
- Establish an accessible, pedestrian-oriented environment that can serve as a model of adequate accessibility through quality streetscape, open space, and design
- Promote community interconnectivity between residents, neighborhood, and the community
- Foster meaningful engagement of residents and other stakeholders throughout the implementation period
- Feature high-quality, context-sensitive architectural design that is respectful to the surrounding neighborhood
- Develop a creative and viable financial plan
- Coordinate with other local and community-driven redevelopment plans
SUMMARY OF SERVICES
The Co-Developer shall, subject to consultation with and the reasonable approval of NTTCOG, manage a full-service Development Team to refine and implement the Site Concept Plan and direct design, development, and financing of the Project. The Co-Developer, subject to the consultation and reasonable approval of NTTCOG, will be responsible for developing a feasible financing and implementation plan that incorporates a variety of funding sources such as Low-Income Housing Tax Credits (LIHTC), Bond Financing, Federal Home Loan Bank, Permanent Debt, CDBG, CDBG-DR, FEMA, HOME Investment Partner(s)ships (HOME), Private Foundation Funds and such other sources as may be available and appropriate. The Co-Developer is expected to be experienced with the requirements of all financing programs it proposes to use. NTTCOG will undertake no financial or guaranty obligations unless explicitly accepted in writing by NTTCOG.
The selected Co-Developer will implement the redevelopment program per a NTTCOG-approved schedule. NTTCOG's goal is to commence construction on an initial phase in the third quarter of 2025.
NTTCOG also reserves the right to select one or more Co-Developers. The Co-Developer will be solely responsible for working with NTTCOG to redevelop the Project.
ROLE OF NTTCOG
NTTCOG, though an affiliate Joint Venture Entity (JVE), will be a co-owner (preferably with a majority interest) and must be included in and have the approval of key decisions in all aspects of planning and redevelopment of the Project, including but not limited to preparing documents, discussions with potential and selected investors, meetings with contractors, consultants and stakeholders and selecting key team members. Any reference in this RFP to NTTCOG having rights of review, approval, etc. that reference to NTTCOG in those contexts shall mean NTTCOG and/or NTTCOG's affiliate.
Predevelopment
NTTCOG will be involved in the predevelopment process and review and must approve all project contracts, invoices, and draws for approval.
Investor Solicitation – NTTCOG will review the Co-Developer construction financing and equity investor solicitation, the list of potential investors, and the responses. The Co-Developer shall conduct the investor solicitation process in a form that ensures maximum participation.
Participation in Site/Unit Designs – NTTCOG has completed conceptual design. We expect the Co-Developer to use the conceptual design as a basis for preparing and refining the design documents. NTTCOG will be involved throughout the design processes to finalize the site plan, the building designs, and the floor plans. Also, NTTCOG will review and approve the construction drawings and specifications.
Property Management – NTTCOG shall select the property manager, subject to the reasonable review and approval of the Co-Developer, lender, and investor.
Marketing and Lease-up - The property manager, selected by NTTCOG and approved by the Co-Developer, shall create, and implement a marketing and lease-up strategy for the rental units and, if applicable, commercial, or retail space, to ensure that stabilized occupancy is achieved in compliance with all applicable financing and land-use agreements.
Financing
Predevelopment Funding – NTTCOG expects the Co-Developer to provide one hundred (100) percent of the pre-approved third-party predevelopment costs including obtaining ULURP approval.
Development Fees – NTTCOG or its affiliate will act as co-developer and expects a minimum thirty (30) percent share of the Developer Fee (paid and deferred), but a more significant amount of development fee is preferred.
Acquisition Financing – NTTCOG expects the Co-Developer to obtain the financing necessary to acquire the Site from the HFDC for a fair and reasonable price. NTTCOG also expects the Co-Developer to assist with structuring the acquisition of the Site through a sale or lease, whichever is mutually agreeable to NTTCOG and the Co-Developer and acceptable to lenders and investors.
Insurance Requirements – Co-Developer shall comply with the insurance requirements outlined in Attachment C of this RFP and the insurance requirements of lenders and investors.
Asset Manager – NTTCOG will have asset management responsibilities related to units in which NTTCOG or its affiliate has an ownership interest. NTTCOG will monitor and enforce the terms of its lease and the Regulatory and Operating Agreement with the Co-Developer and require that all housing units be managed following applicable local, state, and federal requirements.
Contract Administration
NTTCOG will attend all construction meetings and reviews. Approve all construction drawings and amendments and monitor the construction process from bidding to contract closeout.
MINIMUM REQUIREMENT FOR CO-DEVELOPER
Respondents to the RFP must meet the following minimum requirements:
- Must have at least five years of experience developing affordable housing of comparable size and scope to the Project outlined in this RFP
- Must have developed and completed within the last ten years at least two projects of comparable size and scope to the Project outlined in this RFP
- Must have experience successfully accessing private equity, debt financing, and government grants or loans
ROLE OF CO-DEVELOPER
Throughout the redevelopment effort, including each component phase, the Co-Developer will work closely with all stakeholders, including NTTCOG staff, NTTCOG residents, NTTCOG consultants, the surrounding community, the municipalities, and appropriate federal/local agencies. In addition, the Co-Developer will ensure that the redevelopment plan is approved, financed, and implemented promptly.
General
Assist NTTCOG with refining its Site Concept to achieve its project objectives for the Project.
Oversee and Implement Redevelopment Efforts – Provide the necessary staffing, expertise, supervision, and guarantees to implement all aspects of the redevelopment fully and expeditiously as required by the Master Development Agreement (MDA). The MDA is a contract between NTTCOG or an affiliate thereof and the Co-Developer that details the obligations of both parties and specifies the standards and conditions that will govern the redevelopment of the Site.
Hire and Manage Consultants and Development Team Members Necessary for Planning and Implementation – The Development Team shall include at a minimum, the Co-Developer, Project Architect, Attorney, Energy Consultant, and Property Manager. These Development Team members must be submitted with the Offeror’s response to this RFP.
Develop funding applications as necessary to fully implement the redevelopment strategy. Procure other consultants or contractors and coordinate all tasks required for all financing applications, finalizing the site-specific redevelopment plans and all implementation tasks. At a minimum, the Co-Developer will need to procure, oversee, and manage all consultants appropriately as necessary to complete funding applications, master planning, architectural, environmental review, market analysis, geotechnical studies, civil, mechanical, and electrical engineering, and any other activities deemed necessary by the Co-Developer and NTTCOG. Respondents are strongly encouraged to demonstrate participation on their team, whether by joint-venture arrangements or otherwise, of local expertise in areas of relevance to the planning and development process, including LIHTC financing, design, and construction matters.
Maintain Communication Regarding Project Progress with NTTCOG, lenders, investors, all key stakeholders, and the larger public – NTTCOG will establish a regular schedule of team meetings in which the Co-Developer will participate. Moreover, the Co-Developer will be responsible for submitting monthly progress reports to NTTCOG in such formats and media as it might direct, on the project status and schedule, including but not limited to design, permits, financing, resident coordination, etc.
Develop and Maintain Quality Control Measures – The Co-Developer is responsible for ensuring the Project is constructed and managed with the highest quality materials and workmanship. In addition, the Co-Developer will be required to implement quality assurance and control measures to ensure adequate performance by all parties in all aspects of the program.
Develop and Maintain a Detailed Development Schedule and Critical Path Schedule – The Co-Developer will develop and maintain a detailed schedule of events predicated on financing deadlines that include predevelopment activities, construction start, project stabilization, and permanent loan close. In addition, develop a Critical Path Schedule for all phases of construction, and lease-up and stabilization.
Be Responsive to Local Community, Neighborhood, and Governmental Interests – The Co-Developer will work with NTTCOG to promote and maintain good relations with community and neighborhood groups, and federal, state, and local governments.
Compliance with Laws and Regulations – The Co-Developer will comply with all applicable federal and local laws, rules, and regulations applying to the activities required by the Master Development Agreement.
MBE/WBE/BIPOC Opportunities – The Co-Developer will take all necessary affirmative steps to assure that disadvantaged, minority women-owned business, and BIPOC-led enterprises (MBE/WBE/BIPOC) are used to the greatest extent feasible in compliance with federal policy and consistent with LISC NY and NTTCOG’s Employment, Training and Contracting Policy. NTTCOG’s goals and expectations are that the Co-Developer will meet or exceed 30% of the total value of all contracts and subcontracts awarded to MBE/WBE/BIPOC-led firms.
Local Contracting – The Co-Developer shall undertake reasonable efforts to involve qualified local consultants and contractors in the redevelopment effort. For this purpose, “local” means firms in New York, New York. It is important to note that the architect of record and engineers must be licensed to work in the State of New York and must be included in the Respondent’s Statement of Qualifications in response to this RFP.
Predevelopment
Prepare Feasibility Assessments, Market Analyses, and Appraisals – To finalize the overall redevelopment approach for each Site, prepare such feasibility assessments, market analyses, and appraisals as necessary to confirm the respective redevelopment approach. The Co-Developer will also be responsible for additional market analyses and appraisals to develop and obtain financing for each redevelopment phase.
Planning and Design – The selected Co-Developer shall include a progressive architectural team that will lead to a signature design in affordable housing utilizing the Principles for Building Resilience in state-of-the-art housing in the State of New York.
Assist NTTCOG in obtaining necessary disposition approval – The selected Co-Developer shall assist NTTCOG with any disposition or acquisition applications, as required.
Grant Writing and Related Funding Assistance – The Co-Developer shall apply as a co-applicant for all grant opportunities possible. The Co-Developer will also be required to submit other funding applications to help finance the project.
Prepare Redevelopment Plans – In consultation with NTTCOG, the residents, the community, and other interested stakeholders, the Co-Developer will refine the plan for redevelopment consistent with program goals and as acceptable to the NTTCOG.
Obtain Environmental Clearances – In collaboration with NTTCOG, the Co-Developer will procure the necessary consultants and prepare the documents to obtain environmental clearances from all interested agencies.
Plans and Specifications – Subject to the review and approval of NTTCOG, the Co-Developer will be responsible for preparing all necessary infrastructure and building plans and specifications that comply with the requirements of all permitting and regulatory entities. All documents and designs will be subject to NTTCOG's review and approval.
Financing
Produce an Overall Financing Plan – Subject to NTTCOG's review and approval, the Co-Developer will produce a viable financing plan for the overall redevelopment effort. The comprehensive financing plan will be developed alongside the redevelopment plan and market analysis. The redevelopment plan shall reflect the realities of the overall financing plan and market analysis while the financing plan will reflect the goals of NTTCOG.
Financing Application(s) – Per the Master Development Agreement, the Co-Developer will be required to pursue diligently and use best efforts to obtain all financing necessary to implement the redevelopment plans in a timely fashion, which may include, but not be limited to - tax credits, tax-exempt bonds, federal/state/local funds, and private debt.
Maximize the Leveraging of Public and Private Resources – The Co-Developer shall maximize the leveraging of public and private resources by pursuing all reasonable sources of financing and utilizing various Partner(s)s and Partnerships. In addition, the Co-Developer shall take full responsibility for securing all financing sources promptly. Coordinate discussion and negotiations with financial institutions and private Partner(s). All financing terms are subject to review and approval by NTTCOG. In the case of any identity of interest between the Co-Developer and any lender, syndicator, or other financing Partner(s), the Co-Developer must demonstrate how the proposed terms are most favorable to other terms available in the market.
Obtain Equity Investment – Using an open and competitive process, obtain equity financing commitment on the best terms currently available as required by the Master Development Agreement and subject to NTTCOG’s approval. NTTCOG intends to participate in developing the solicitation documents for investors by reviewing the letters of interest received and the ranking and scoring of all responses. In addition, NTTCOG will need to approve the investors for each Project.
Guarantees – In accordance with the Master Development Agreement, provide all guarantees required for the successful financing of the redevelopment effort, including completion guarantees, operating deficit guarantees, and tax credit adjuster or recapture guarantees and guarantees of performance under the Agreement. In addition, NTTCOG will require that the Co-Developer demonstrate financial ability to honor the guarantees and indicate how they intend to honor the guarantees if necessary.
Operating Feasibility – As required in the Master Development Agreement, structure such reserves and other devices as necessary to reasonably guarantee the long-term operating feasibility of the Project.
Accounting/Financing – As to be provided for in the Master Development Agreement, maintain accounting records and ensure Project financing is available at the appropriate times and utilized in the appropriate manner.
Construction
Hire Qualified General Contractor or Construction Manager to Oversee Construction Activities – The Co-Developer will create and implement a competitive process to select with NTTCOG the most qualified General Contractor or Construction Manager. During construction, the Co-Developer shall provide oversight and management of construction activities to ensure the expeditious implementation of the Project, subject to the review and approval of NTTCOG. As regular on-site construction monitoring is critical to the success of the Project, the Co-Developer must have a full-time on-site presence during the term of construction. Any construction management is considered Co-Developer overhead and may not be paid with project funds. Any identity of interest between the Co-Developer and the General Contractor or Construction Manager must be approved by NTTCOG, lenders, and investors.
Facilitate Necessary Site Improvements – According to the Master Development Agreement, the Co-Developer shall initiate and complete site work and infrastructure construction with review and approval by NTTCOG.
Implement Development Program – Per the final redevelopment plans approved by lenders, investors, and regulatory agencies and subject to review and approval of NTTCOG, the Co-Developer will develop all improvements associated with the development program.
Ownership and Asset Management
Organize Ownership Entity – Upon completion of the redevelopment plan and its acceptance by NTTCOG, the selected Co-Developer will be expected to organize an ownership entity and structure approved by NTTCOG and the requirements of other financing entities.
Ensure the Short- and Long-Term Viability of the Redeveloped Projects – The Co-Developer shall develop and implement marketing, re-occupancy, asset, and property management plans to ensure each Project's short- and long-term viability.