PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Approval of a resolution recommended by the New Braunfels Economic Development Corporation approving a project expenditure, not to exceed $89,160, to Economic & Planning Systems, Inc., for a planning and feasibility study for a possible public/private partnership, a project authorized under 505.102 of the Texas Local Government Code.
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: 4
BACKGROUND INFORMATION:
The New Braunfels Economic Development Corporation (NBEDC) acquired a 16-acre site at Gruene Road and Common Street to support the expansion of HD Supply. For a multitude of reasons, the company does not anticipate expanding its building footprint but the NBEDC still owns the property adjacent.
In a quarterly workshop on June 15, 2023, the NBEDC met and discussed the possibility of onboarding a real estate consultant to assist with analyzing the property to include the establishment of a vision for the site, evaluating market potentials, a financial feasibility/proforma development, evaluating options and development scenarios, and potential developer solicitation.
The primary goal of this project is to develop a range of development scenarios for the NBEDC-owned property on Gruene Road and Common Street behind the current HD Supply operation. The analysis will include a financial model to enable the NBEDC to test different development programs and select the optimal combination of land uses and appropriate level of financial return. These initial tasks support a larger project and eventually lead to the development of a preliminary Term Sheet, the establishment of criteria for evaluation and developer selection, a developer Request for Proposals, and the creation and negotiation of a Developer Agreement to bring the project to fruition. The feasibility and concept plan are intended to be used as the basis for that future effort. The consultant will seek the input of the City Council and NBEDC to help establish the vision and objectives of the project.
At the August 17, 2023 regular meeting, the NBEDC held a public hearing and unanimously approved the project expenditure.
ISSUE:
The NBEDC has agreed with staff’s recommendation to contract with a consultant to acquire a planning and feasibility study for a possible public/private partnership to address the NBEDC owned property. The NBEDC seeks the City Council’s approval of the project expenditure.
FISCAL IMPACT:
Economic & Planning Systems, Inc. submitted a scope and fee, not to exceed $89,160. The NBEDC has adequate funds for this project expenditure.
Recommendation
RECOMMENDATION:
Staff recommends the approval of the recommended project expenditure, up to $89,160, with Economic & Planning Systems, Inc., for a planning and feasibility study for a possible public/private partnership, a project authorized under 505.152 of the Texas Local Government Code.