What is the timing regarding the asking price? Will that be stated before the RFP is due?
As noted on page 4 of the RFP (page 5 of the .pdf document on the web), a Fair Market Value for the parcel will be established based upon an independent fee appraisal. This value will not be established until after a development proposal is selected. Parties submitting a development proposal should indicate in the financial portion of the proposal the land price that the proposer is willing and able to offer for the parcel. This proposed land price will be one of the many factors that will be considered during proposal evaluation. If the subsequent appraisal process results in a different Fair Market Value being established, that difference will be discussed with the selected developer as the process moves forward. Proposers will not be expected to pay more than the established Fair Market Value. If the initial offering price is less than the Fair Market Value, the selected developer will have the option of increasing the offer accordingly or asking the City to consider writing down th
