REQUEST FOR PROPOSAL DEVELOPMENT OPPORTUNITY THERMAL, CALIFORNIA REDEVELOPMENT AGENCY FOR THE COUNTY OF RIVERSIDE

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1 REQUEST FOR PROPOSAL DEVELOPMENT OPPORTUNITY THERMAL, CALIFORNIA REDEVELOPMENT AGENCY FOR THE COUNTY OF RIVERSIDE PREPARED BY: STEVE GILBERT, PRINCIPAL REAL PROPERTY AGENT ECONOMIC DEVELOPMENT AGENCY REAL ESTATE DIVISION 3403 TENTH STREET SUITE 500 RIVERSIDE, CALIFORNIA FEBRUARY 2010 PREPARED BY: CANDICE ETTER, REAL PROPERTY AGENT ECONOMIC DEVELOPMENT AGENCY-REAL ESTATE DIVISION 3403 TENTH STREET, SUITE 500 RIVERSIDE, CALIFORNIA APRIL 2011

2 REQUEST FOR PROPOSALS REDEVELOPMENT AGENCY FOR THE COUNTY OF RIVERSIDE INTRODUCTION The Redevelopment Agency for the County of Riverside is accepting development proposals from qualified entities to develop up to approximately 610 acres of land adjacent to the Jacqueline Cochran Regional Airport in Thermal, California. A depiction of the site is shown on Exhibit A. Ideally, the selected developer will have experience developing multi phase projects. The selected developer will be required to provide and deliver a project which meets the criteria set by the Agency. The criteria includes securing entitlements, constructing the project, completing all aspects of development in accordance with best business practices, purchasing the land from the County and/or leasing the land from the County, and providing professional property management and/or managing operations. Although it is envisioned that commercial and/or industrial real estate projects will be well suited for this location, the County is open to proposals for other uses including a major events center. For the subject site, the Agency seeks to encourage business growth, enhance the economic position of the community, and create compatible uses with the Jacqueline Cochran Regional Airport. The Agency may request the developer to set aside 70 acres for a Regional Park. SUBMITTALS Submittals to the Agency must address five categories: Qualifications of the Owner/Developer, Project Overview including narrative, concept drawings, and jobs created, Financial Proposal and Lease/Purchase Quotation, Design/Construction Project Management including project schedule, and Property Management/Operations. QUALIFICATIONS OF THE DEVELOPER The developer selected for this project must possess extensive knowledge and experience in development, project management, construction, sales and leasing, property management of industrial and commercial buildings, or major events centers. The developer selected must demonstrate a successful long-term track record of industrial and/or office developments with credit companies and/or governmental agencies, or in the case of major event centers, experience in major event development and construction. In addition, the developer selected must demonstrate a long-term track record in dealings with all governmental agencies involved leading to successful completion of projects. The developer must demonstrate suitable competence for the project proposed. It is critical that the owner/developer demonstrate their ability to secure suitable financing for the project.

3 In addition, Respondents shall provide their qualifications including, but not limited to the following: 1. Experience of the developer, owner and property manager in development, construction, and management. A list of completed projects and/or buildings owned including references. 2. Qualifications of those who will actively participate in the development and/or management of the building, including the architect and contractor. 3. Audited Financial Statements for the past two years. 4. Bank Reference. 5. Local References. PROJECT OVERVIEW The Developer must submit an overview of the Project. A Project Overview for Commercial and/or Industrial Developers shall include the following: 1. A description of the project including site plan, proposed improvements, square footage by building and parcel if applicable, type of construction, ingress/egress, special improvements, if any, power requirements, LEED designation if applicable, parking, and building coverage ratios. If a parcel map is part of the project, a site plan depicting the modified parcels, sizes, and locations. Any zoning issues or CUP issues. 2. A market study showing the demand for the project demonstrating the probability of success. 3. A list of governmental agencies which will be required to sign off and/or approve the project. 4. A description of the methodology utilized to finance the project, and level of commitments. 5. In the case of proposals submitted to acquire all or portions of the land from the County, a description of what portion(s) of the property will be acquired. If it is the intent of the Developer to acquire portions of the property from the County and re-sell or lease portions of the property to third parties, a description of those portions to be sold or leased. The Developer shall specify if a Ground Lease is proposed with the County for the property. 6. If tenant improvement allowances are offered to outside companies to acquire or lease the properties, a description of the methodology used to compute tenant improvement allowances. 7. Specify the number temporary and permanent jobs anticipated for the project. 8. A time line with critical dates and final completion date for the project.

4 9. Describe any subtenants or end users for the project. FINANCIAL PROPOSAL Respondents shall submit a Financial Proposal as part of their submittal. Respondents shall submit the following: 1. A seven year pro-forma setting forth projected income and expense, net operating income, and cash flow after debt service and reserves. 2. A market value of the completed project assuming completed lease up or sale based on realistic capitalization rates and sales data. 3. Annual cost of managing the project. 4. If a lease or leases are proposed with the County, summarize the economic and other salient terms of the lease(s). 5. The extent of any possible off-site improvements and method of financing same. DESIGN AND CONSTRUCTION PROJECT MANAGEMENT Respondents shall submit a resume of the proposed architect for the project which shall include past projects completed and professional references. Respondents shall submit a statement setting forth the method of project management. Good existing working relationships and contacts with the Federal, State, and local agencies overseeing projects are equally important. Demonstration of solving development related problems with public agencies to achieve project completion and success is highly desirable. PROPERTY MANAGEMENT - OPERATIONS Respondents shall submit a statement and describe how they intend to conduct property management and/or manage operations for the facility: 1. Company Name of Property Management Firm if separate entity and management experience history. 2. Resume of company owner and key employees. 3. Brief summary of management operations. 4. Respondents must demonstrate their methodology to achieve cost savings on building/property operational expenses.

5 REVIEW OF SUBMITTALS BY COUNTY The Real Estate Division will review the submittals and establish a short list of candidates based on the following: 1. Direct applicable experience in developing, constructing, and/or managing projects of the size and type proposed. 2. Qualifications of the respondents. 3. Economics and property aspects favorable to the County. 4. Other information based on the criteria requested in this Request for Proposal. After review by the County, each respondent will be notified, and a short list of selected respondents established. PROCEDURE AFTER NOTIFICATION After notification, the Real Estate Division will coordinate a panel interview with selected respondents to evaluate their qualifications and experience to complete the project(s). The interview will be between the selected respondents and a Project Panel established by the Real Estate Division. Selected respondents will be scored based upon a matrix scoring system and other related criteria. After the interviews and submittal of all requested materials to the Real Estate Division, an award will be made to the finalist to commence the project. Upon completion and execution of acceptable Real Estate and related agreements by the owner/developer, the agreement shall then be forwarded to the Board of Directors for approval. PROPOSAL SUBMISSION CONTACT INFORMATION Submittals shall be delivered to the Real Estate Division no later than: Monday, May 23, :00pm Any submittals received after this date will not be considered. Submittals shall be delivered to the following address: Candice Etter, Real Property Agent County of Riverside Economic Development Agency Real Estate Division 3403 Tenth Street, Suite 500 Riverside, California direct Cetter@rivcoeda.org RDA reserves the right to cancel this Request for Proposal at any time without notice

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