Sources & Uses Schedule

Contents of Full Report Introduction I. Key Elements II. Project Components and Financing III. Workforce Partnership Plan Employment/Contracting Goals IV. Authorizing Redevelopment and Tax Increment Plan Modifications and Project ASnalysis V. Authorization to Sub-Grant Existing TBRA funds to Ryan Companies, Inc., for Environmental Testing and Remediation of ACM at Midtown Exchange VI. Waiver of the City Procurement Policy Attachment 1. Term Sheet Attachment 2. Pre-Development Timeline Attachment 3. Chicago-Lake Redevelopment District Guidelines

IV. Authorizing Redevelopment and Tax Increment Plan Modifications and Project Analysis

The current Project Analysis Authorization policy envisions a linear process whereby developers present their financial request and staff prepares an analysis and recommendations to the Council. After that, site plan approvals are sought. Because of the short timeline to begin construction for the Allina office component, staff is requesting a concurrent process. The final results will be the same, but the concept development approval process will run while the financial analysis is underway.

The preparation of modifications of the Redevelopment and Tax Increment Plans are requested to more closely align the project’s public documents with the current Midtown Exchange Project.

V. Authorization to Sub-Grant Existing TBRA funds to Ryan Companies, Inc., for Environmental Testing and Remediation of ACM at Midtown Exchange

Action is requested to replace the previous developer with Ryan, as a sub-recipient of the remaining TBRA grant funds allocated to the project. These funds can only be used for remediation of asbestos containing material (ACM).

 

VI. Waiver of the City Procurement policy to Allow United Properties to Manage the Midtown Exchange Property Until Its Sale to the Developer this Summer

United Properties was selected to manage the site after its purchase by MCDA in 2002. United is the largest property management firm in the area. A competitive process was used in their selection annually, for two years. Since a sale of this property is imminent, it is requested that United remain in place at this time. The United fee is $3,700 per month plus expenses. This is comparable to the fee charged by other firms, and is covered by project rents. United also employs the manager used by Sears and STA Development, Jim Crowley. He represents an important link in property management, and is indispensable, in staff’s opinion, to the operation of this complex property.