Request for Proposals: Co-Developer for Bethany Baptist Church

The purpose of this Request for Proposals (RFP) is to acquire services from a Co-Developer to be the development partner with Bethany Baptist Church (BBC) to redevelop a site currently owned by an affiliate of  BBC, Bethany Baptist II HDFC (HDFC), located at 2901 Frederick Douglass Boulevard, New York, New York (Project or Site). LISC NY selected BBC to participate in the 2022 cohort of the New York Land Opportunity Program (NYLOP). Note that mortgages and regulatory agreements encumber the Site; therefore, the HDFC must be engaged to release the Site.

The Request for Proposals Package, comprised of the instructions and requirements governing this solicitation process, the scope of services to be performed, and other pertinent information, may be downloaded on the LISC NY website at https://www.lisc.org/nyc/what-we-do/affordable-housing/new-york-land-opportunity-program/. In addition, all firms must provide an email address where all subsequent communications from BBC will be sent.

Respondents can submit their responses to the RFP by clicking on https://lisc.tfaforms.net/859, completing the application, and uploading the required exhibits. The application deadline is no later than 3:00 P.M. LOCAL TIME on February 13, 2023. Responses will be evaluated and scored based on the evaluation committee's criteria outlined in the RFP.

Bethany Baptist Church reserves the right to reject all proposals and to waive any informality in the procurement process. Bethany Batist Church will not be liable for any claims, loss, damages, or respondent costs resulting from any part of this Request for Proposals process. This announcement complies with the requirements of applicable federal and local laws and regulations. 

Monica Dean

LISC NY, Director of Housing

LISC New York | Local Initiatives Support Corporation

OVERVIEW OF NYLOP

LISC NY has partnered with Mission-Driven Organizations (MDOs) and Faith-Based Organizations (FBOs) to promote community and economic development for many years. MDOs and FBOs often provide much-needed services to their communities. These services include housing, feeding those in need, helping individuals find stable family-sustaining employment, building up businesses to create jobs, providing wrap-around mental health services, and improving community safety to help stabilize neighborhoods.

MDOs and FBOs have several vital resources that contribute to these goals, including:

The LISC NYC New York Land Opportunity Program (NYLOP) focuses on helping MDOs, and FBOs use these resources to develop affordable housing on their vacant or underutilized property. On April 8th, 2022, LISC NY issued a Request for Expression of Interest (RFEI) to MDOs and PBOs to participate in the second round of NYLOP. An informational session was held on April 14th, 2022 to respond to questions about the application from potential respondents. Eighteen responses were submitted. Three FBOs were selected for the second NYLOP cohort. These three faith-based organizations are - Bethany Baptist Church, New Covenant Miracle and Faith Arena, Inc, and Allen AME Housing Corporation.

LISC NY has engaged a development consultant who leads a team of Housing Development Experts to help these organizations move from an idea to a conceptual plan to building affordable housing on their real estate. The NYLOP model calls for these organizations to develop a conceptual plan that will be used as the basis for them to issue a Request for Proposals to select a Developer Partner. 

BACKGROUND INFORMATION ON BETHANY BAPTIST CHURCH (BBC)

INVITATION FOR PROPOSALS

BBC invites qualified firms to submit responses to this RFP to serve as Co-Developer for the Redevelopment of the Site. Interested respondents must submit their responses per the guidelines outlined in this RFP by Monday, February 13, 2023, at 3:00 P.M. EST.  

Attached, please find a copy of the Project's site map as Attachment A identifying the subject Site.

1. BBC is the sole judge of each proposal's conformance with the requirements of this Request for Proposals and the merits of such submission.
2. BBC reserves the right to waive any condition or modify any provisions of this document concerning one or more Respondents, to negotiate with one or more Respondents, to require supplemental statements and information from any Respondents, to modify any of the terms and conditions herein, and to reject any or all proposals in its sole and absolute discretion.
3. If all proposals are rejected, the disposition of the Project may be conducted by any means, terms, or conditions chosen by BBC in its sole and absolute discretion.
4. Upon selecting a Respondent, if any, BBC will notify the Respondent of the terms and conditions upon which BBC will be willing to negotiate definitive development documents. However, nothing will be binding on BBC or the Respondent unless and until final documents are executed and delivered by both.
5. The timing of the conditional selection will depend upon the degree to which supplemental information regarding individual proposals may be required or due to any other factors that BBC, in its sole discretion, considers pertinent.
6. All submitted proposals are the property of BBC. The BBC is not liable for any costs or expenses incurred by a Respondent in preparing proposals, negotiations, or discussions with BBC or in connection with any other work. A proposal may be modified at any time before the submission deadline. Only the final version of the proposal will be considered.
7. The Site will be delivered in its "as is" condition, subject to any environmental conditions, hazards, or other title matters.
8. The BBC, its officers, employees, consultants, attorneys, and agents (collectively, "Church Personnel") make no representation or warranty and assume no responsibility of any kind for the accuracy of any of the information set forth herein or otherwise provided by Church Personnel, the physical condition, the status of title or usability of the Site, or any other matter. All due diligence is the sole responsibility of the Respondents, and Respondents are encouraged to satisfy themselves concerning any aspect of the proposed development or condition of the Site.
9. All proposals must conform to and be subject to all applicable laws, regulations, and rules of any governmental authority having jurisdiction over the Site or the development thereof (including, without limitation, any zoning or applicable land use regulations).
10. The BBC invites the participation of real estate brokers acting on behalf of and with authorization of identified principals, provided that the broker arranges for the payment of its commission or other compensations exclusively by the selected Co-Developer. It is a condition to the designation of a developer of the Project that the chosen developer agrees to pay any commission or compensation brought by any broker because of the Project or the development of the Site other than Development Site Advisors.
11. Upon submission of a proposal to this RFP, Respondents and the representatives and agents will treat their proposals and all information obtained in connection with the RFP (“Confidential Information”) in a confidential manner, and will not discuss, publish, divulge, disclose or allow to be disclosed the Confidential Information to any other respondents or any other person, firm or entity, including press or other media, without the prior written approval of the BBC.

EXTERNAL ORGANIZATIONAL CONFLICTS

Co-Developer certifies that neither it nor any of its contractors or subcontractors include persons who have an interest (direct or indirect) in this proposed contract and who, during their tenure or for one (1) year after that, are:

1.   A present or former member or officer of BBC’s Board of Directors, Governing Body, or any member of the officer’s immediate family.

2.  Any BBC employee who formulates policy or influences decisions concerning the BBC project(s) that are connected to this proposed contract, any member of the employee's immediate family, or the employee's Partner(s)

3.  Any public official, member of the local governing body. State/Territory or local legislator, or any member of such individual's immediate family.

Respondents may submit a response to this RFP so long as any potential conflict is disclosed. In its sole discretion, the BBC will determine if any such conflict warrants the Respondent's disqualification.

NOTE: "Immediate family" member means the spouse, mother, father, brother, sister, or child of a covered class member, whether related as a full-blood relative or as a "half" or "step" relative (e.g., half-brother or stepchild).

INTERNAL ORGANIZATIONAL CONFLICTS

It is BBC's policy to avoid situations that place a Respondent in a position where its judgment may be biased because of any past, present, or currently planned interest, financial or otherwise, that the Respondent may have that relates to the work to be performed according to this solicitation or where the Respondent's performance of such work may provide it with an unfair competitive advantage.

If necessary, Respondents shall provide a signed statement (“Disclosure Certification") that describes all relevant facts concerning any past, present concisely, or currently planned interest (financial, organizational, or otherwise) relating to the work to be performed hereunder and bearing on whether the Respondent has a possible organizational conflict of interest concerning (1) being able to render impartial, technically sound, and objective assistance or advice, or (2) being given an unfair competitive advantage.

In the Disclosure Certification, the Respondent may also provide relevant facts that show how its organizational structure or management systems limit its knowledge of possible organizational conflicts of interest relating to other divisions or sections of the organization and how that structure or system would avoid or mitigate such organizational conflict.

In the absence of any relevant interests identified in a signed Disclosure Certification, Respondents certify by their signature on this solicitation that the Respondent, to the best of its knowledge and belief and except as otherwise disclosed, does not have an organizational conflict of interest which is defined as a situation in which the nature of work to be performed under this proposed contract and the Respondent's organizational, financial, contractual or other interests may, without some restriction of future activities (1) result in an unfair competitive advantage to the Respondent, or (2) impair the Respondent's objectivity in performing the contract work. Accordingly, the Respondent's signature on this solicitation certifies that to the best of the Respondent's knowledge and belief, no actual or apparent conflict of interest exists regarding the Respondent’s possible performance of this procurement.

No award shall be made until the Disclosure Certification and a Financial or Personal Interest Disclosure Statement. If applicable, have been evaluated by the BBC. Failure to provide the Disclosure Certification or the Financial or Personal Interest Disclosure Statement, if applicable, will be deemed a minor infraction. The Respondent will be permitted to correct the omission within a period established by the BBC.

Refusal to provide the Disclosure Certification, the Financial or Personal Interest Disclosure Statement, if applicable, and any other additional information required by the BBC, or the willful nondisclosure or misrepresentation of any relevant information shall disqualify the Respondent.

Suppose BBC determines that a potential conflict exists. In that case, the selected Respondent shall not receive an award unless the conflict is addressed to the satisfaction of BBC and applicable law.

Respondents must disclose the following:

•    Actual, apparent and potential conflicts

•    Ownership interests

•    Identification of officers and directors of bidding entities

•    Overlapping ownership interests or directorships in other companies.

DISCLOSURE STATEMENT

CONTRACTOR RESPONSIBILITY

BBC shall make awards only to responsible Co-Developers who can perform successfully under the terms and conditions of a proposed contract. Consideration shall be given to such matters as contractor integrity, public policy compliance, past performance record, and financial and technical resources. Contracts shall not be awarded to any Co-Developer whose previous business or performance indicates that it was not responsible.

MUNICIPAL CHARGES

All buildings managed or owned by the Respondent must be current with all New York City real property taxes, water and sewer charges or have entered into a be in compliance with binding payment agreements for all outstanding taxes and charges

CODE VIOLATIONS

ADVERSE FINDINGS

• Past or pending government or private mortgage foreclosure proceedings or arrears with respect to any property owned or managed by the Respondent.
• Past or pending governmental tax or lien foreclosure, or substantial tax arrears.
• Findings of tenant harassment or a pending case of harassment.
• Arson, fraud, bribery, or grand larceny conviction or a pending case.
• Past or pending default on any obligation to, unsatisfied judgement or lien held by, or contact with, any governmental agency.
• Past or pending suspension, debarment, or finding of non-responsibility by any government agency.
• A past or pending voluntary or involuntary bankruptcy proceeding.
• A negative history with HPD or any other government agency.
• A negative history with Restoring Communities or with Neighborhood Restore Litigation/Indictments.

CERTIFICATION REGARDING DEBARMENT

Respondent certifies by submitting its proposal that neither it nor its principals are presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation by a federal department, state, or city agency.

If any of the Respondent's principals, officers, directors, or Partner(s)s have been debarred, suspended, or otherwise lawfully precluded from participating in the Scope of Services outlined in the RFP, the Respondent shall disclose that information in its proposal. All Respondents must submit a Disclosure Statement if this is not the case. Failure to provide such information or to complete (Exhibit A – Disclosure Form) shall result in the rejection of the proposal. BBC will corroborate this information.

Each Respondent's principals, officers, directors, and Partner(s)s must be in good standing with BBC and any Federal or local agency with a contractual relationship with the Respondent or any of its principals, officers, directors, and Partner(s).

REQUIRED BBC RESPONDENT REGISTRATION

OWNERSHIP OF DOCUMENTS

REJECTION OF PROPOSALS

CO-DEVELOPER STATUS

The Co-Developer shall be an independent contractor and will not be an employee of BBC.

GOVERNMENT RESTRICTIONS

In the event any governmental restrictions may be imposed which would necessitate alteration of the material, quality, or performance of the goods or the material, quality, workmanship, or performance of the goods or services offered, it shall be the responsibility of the successful Respondent to immediately notify BBC in writing specifying the regulation which requires an alteration. BBC reserves the right to accept any such alteration, including any reasonable price adjustments, or to cancel the contract at no expense to BBC.

ADVERTISING

Respondent agrees not to use the fact of or the results from the proposal submitted as part of any commercial advertising, BBC does not permit the use of BBC's relationship with an entity for marketing efforts unless BBC agrees explicitly otherwise.

NOTICES

All notices, demands, requests, and claims about the award of this contract must be addressed in writing to the following:

Monica Dean

NYLOP@lisc.org

COMPLIANCE WITH LAW

INDEMNIFICATION

BBC cannot, and by the Agreement relating to this RFP, does not agree to indemnify, hold harmless, exonerate, or assume the defense of the Co-Developer or any other person or entity whatsoever, for any purpose whatsoever.

STANDARDS OF CONDUCT

The Co-Developer shall be responsible for maintaining satisfactory standards of employees' competency, conduct, courtesy appearance, honesty, and integrity and for taking such disciplinary action concerning any employee as necessary.

SITE CONCEPT PLANS

As stated above, the Site is currently owned by the HDFC. BBC has developed two Site Plan Concepts (Combined Zoning Lots with AIRS and Single Lot with AIRS) for the Site found in Attachment B. The Combined Zoning Lots option calls for developing 27 units and 460 square feet of space for a primary health care facility. Achieving this unit count and space for the health care facility will require the Co-Developer to obtain a zoning lot merger, an air and light easement, and an ingress/egress easement from the owner of the abutting property (Block 2047, Lot 5), which Bethany Baptist Church owns.  

Note that according to statutory requirements governing the sale of real property (which includes development rights) of a Religious Corporation, BBC expects to receive fair market value for such development rights.

If an agreement cannot be reached vis-à-vis merging the two lots and obtaining an air and light easement, then a modest Single Lot option will need to be implemented. This Single Lot option with AIRS calls for developing up to 14 units and 380 square feet of space for a primary healthcare facility.

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 that does not require BBC funding.
• 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 BBC, 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 BBC, 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. BBC will undertake no financial or guaranty obligations unless explicitly accepted in writing by BBC. 

The selected Co-Developer will implement the redevelopment program per a BBC-approved schedule. BBC's goal is to commence construction on an initial phase in the first quarter of 2024.

BBC also reserves the right to select one or more Co-Developers. The Co-Developer will be solely responsible for working with BBC to redevelop the Project.

ROLE OF BBC

BBC, though an affiliate 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 BBC having rights of review, approval, etc. that reference to BBC in those contexts shall mean BBC and/or BBC's affiliate.

Predevelopment

·         BBC will be involved in the predevelopment process and review and must approve all project contracts, invoices, and draws for approval. 

·         Investor Solicitation – BBC 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 – BBC expects the Co-Developer to review the conceptual design completed for the Site and use it as the basis for preparing the design documents. BBC will be involved throughout the design processes to finalize the site plan, the building designs, and the floor plans. Also, BBC will review and shall approve the construction drawings and specifications.

·         Property Management – BBC 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 BBC 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 – BBC expects the Co-Developer to provide one hundred (100) percent of the pre-approved third-party predevelopment costs.

·         Development Fees – BBC or its affiliate will act as co-developer and expects a minimum twenty-five (25) percent share of the Developer Fee (paid and deferred), but a more significant amount of development fee is preferred.

·         Acquisition Financing – BBC expects the Co-Developer to obtain the financing necessary to acquire the Site from the HFDC for a fair and reasonable price. BBC also expects the Co-Developer to assist with structuring the acquisition of the Site through a sale or lease, whichever is mutually agreeable to BBC and the Co-Developer and acceptable to lenders and investors.

·         Sponsorship Fee –BBC or affiliate expects to receive a reasonable fee for coordinating and overseeing the planning, design, construction and operation of this Project.

·         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 – BBC will have asset management responsibilities related to units in which BBC or its affiliate has an ownership interest. BBC 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

BBC will attend all construction meetings and reviews. Approve all construction draws 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 five 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 BBC, BBC staff, BBC residents, BBC 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 BBC 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 BBC 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 BBC. 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 BBC, lenders, investors, all key stakeholders, and the larger public – BBC 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 BBC 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 BBC 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 BBC’s Employment, Training and Contracting Policy. BBC’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 the City of 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 BBC in obtaining necessary disposition approval – The selected Co-Developer shall assist BBC with any disposition or acquisition applications, as required.

·         Grant Writing and Related Funding Assistance – The Co-Developer shall apply for grant opportunities to the fullest extent possible. The Co-Developer will also be required to submit other funding applications to help finance the projects.

·         Prepare Redevelopment Plans – In consultation with BBC, 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 BBC.

·         Obtain Environmental Clearances – In collaboration with BBC, 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 BBC, 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 BBC's review and approval.

Financing

·         Produce an Overall Financing Plan – Subject to BBC'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 BBC.

·         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 Partners (s)s. All financing terms are subject to review and approval by BBC. 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 BBC’s approval. BBC intends to participate in developing the solicitation documents for investors in reviewing the letters of interest received and the ranking and scoring of all responses. In addition, BBC 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, BBC 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 for selecting with BBC 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 BBC. 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 BBC, 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 BBC.

·         Implement Development Program – Per the final redevelopment plans approved by lenders, investors, and regulatory agencies and subject to review and approval of BBC, 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 BBC, the selected Co-Developer will be expected to organize an ownership entity and structure approved by BBC 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.

Releases from Mortgages and Regulatory Agreements and Negotiating with HDFC Regarding the Acquisition of the Development Site. – The Co-Developer shall assist the HDFC with obtaining releases from mortgages and regulatory agreements held by, among other things, New York City Housing Preservation and Development and the New York City Housing Development Corporation, as well as negotiating the acquisition of the Site by the BBC or an affiliate thereof from the HDFC. 

Each submission will be evaluated based on its responsiveness to this RFP and primarily per the Evaluation Criteria in the following table. Respondents are required to respond thoroughly to each of the following evaluation factors, with a focus on providing answers that are both clear and concise. In its sole discretion, BBC will select the Respondent whose proposal is in the best interest of the BBC.

The establishment, application, and interpretation of the above Evaluation Factors shall be solely within the discretion of BBC. However, BBC reserve the right to determine the suitability of proposals based on all of these factors.

QUALIFICATIONS EVALUATION/CONTRACT AWARD

The evaluation process and qualifications will be evaluated by BBC in its sole and absolute discretion based primarily on the criteria below. In addition, at BBC's sole discretion, evaluations may entail presentations/interviews or other discussions with the Respondents in the initial competitive range.

BBC may select one or more Respondents to proceed to contract negotiations. 

Contract award may be subject to approval by BBC Board of Directors or Governing Body.

CANCELLATION OF RFP

BBC reserves the right to cancel this RFP or to reject, in whole or in part, all submissions received in response to this RFP upon its determination to be in the best interest of BBC. BBC further reserves the right to waive any minor informality in any submissions. The decision as to who shall receive a contract award, or whether or not an award shall be made as a result of this RFP, shall be at BBC’s sole discretion.

Final Step: Please review the information below, e-sign and submit your application: