R2021-16 Market Analysis and Financial Feasibility Study for Twin City Mall Site Interlocal Agreement.RESOLUTION 2021-16
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA, APPROVING AN INTERLOCAL AGREEMENT WITH
THE TREASURE COAST REGIONAL PLANNING COUNCIL FOR A MARKET
ANALYSIS AND FINANCIAL FESABILITY STUDY FOR THE TWIN CITY MALL
SITE AND AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE
THE AGREEMENT; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, in order to develop an appropriate regulatory framework for the Twin City Mall site,
Village Staff recommended that the Village, in conjunction with the Town of Lake Park, commission a
market analysis and financial feasibility study; and
WHEREAS, the Treasure Coast Regional Planning Council ("TCRPC") was created by interlocal
agreement among Indian River, St. Lucie, Martin and Palm Beach Counties for the purpose of providing
planning and technical assistance related to growth management for governments within its jurisdiction,
and
WHEREAS, Part I of Chapter 163, Florida Statutes, permits public agencies to enter into interlocal
agreements for the performance of public functions, and interlocal agreements are exempt from
purchasing policy restrictions; and
WHEREAS, working with WTL+a, TCRPC has proposed an Interlocal Agreement to perform the
required analysis and study, the cost of which will be split between the Village and the Town of Lake
Park, and the Village Council determines that the execution of an Interlocal Agreement with TCRPC is
in the interests of the public health, safety and welfare.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA, as follows:
Section 1. The foregoing recitals are ratified and are incorporated herein.
Section 2. The Village Council hereby approves an Interlocal Agreement for a Market Analysis and
Financial Feasibility Study for the Twin City Mall site with the Treasure Coast Regional Planning
Council, a copy of which is attached hereto and incorporated herein, and authorizes the Mayor and
Village Clerk to execute the Interlocal Agreement on behalf of the Village. The total amount of
compensation paid to TCRPC by the Village shall not exceed $48,170 with funds expended from
Account No. A5206-33190 (Community Planning — Professional Services).
Section 3. This Resolution shall become effective immediately upon adoption.
PASSED AND ADOPTED THIS 25TH DAY OF FEBRUARY, 2021.
e
(Villago Seal)
MAYOR
ATTEST:
VILLAGE CLERK
�f
INTERLOCAL AGREEMENT
BETWEEN THE VILLAGE OF NORTH PALM BEACH
AND THE TREASURE COAST REGIONAL PLANNING COUNCIL
FOR THE TWIN CITY MALL STUDY
This Interlocal Agreement (herein referred to as "Agreement") is entered into this 40%
day of 2021 by and between the Village of North Palm Beach (herein referred
to as "North Palm Beach") and the Treasure Coast Regional Planning Council (herein referred to
as "Council"), each constituting a public agency as defined in Part I of Chapter 163, Florida
Statutes; collectively referred to herein as the "Parties".
WITNESSETH:
WHEREAS, Section 163.01, Florida Statutes, known as the "Florida Interlocal
Cooperation Act of 1969," authorizes local governmental units to make the most efficient use of
their powers by enabling them to cooperate with other localities and public agencies on a basis of
mutual advantage and thereby to provide services and facilities in a manner and pursuant to forms
of governmental organization that will accord best with geographic, economic, population, and
other factors influencing the need and development of local communities; and
WHEREAS, Part I of Chapter 163, Florida Statutes, permits public agencies as defined
therein to enter into interlocal agreements with each other to exercise jointly any power, privilege,
or authority which such agencies share in common and which each might exercise separately; and
WHEREAS, the Council is permitted to provide services to North Palm Beach as it is
established by the state of Florida and considered a public agency in accordance with state law;
and
WHEREAS, North Palm Beach and the Council desire to enter into this Agreement to
facilitate planning activities related to the Twin City Mall site.
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NOW THEREFORE, in consideration of the mutual covenants, promises and
representations herein, the Parties agree as follows:
SECTION 1. PURPOSE
A. The purpose of this Agreement is to memorialize the terms under which the Council will
assist North Palm Beach with an economic and real estate market assessment and financial
feasibility analysis related to the Twin City Mall site as described herein and in
conjunction with the Town of Lake Park.
B. North Palm Beach and the Council agree to act in a spirit of mutual cooperation and good
faith in the implementation of the Agreement and its purpose.
SECTION 2. EFFECTIVE DATE
This Agreement shall become effective upon its approval by the Village Council of North
Palm Beach and the Council, the due execution thereof by the proper officer of the Council
and North Palm Beach, and the filing of a certified copy hereof with the Clerk of the Circuit
Court of Palm Beach County, Florida.
SECTION 3. SCOPE OF SERVICES
A. The Council shall fully perform the work, which has been requested by North Palm Beach
and which is specified in the Scope of Work contained in Attachment A of this Agreement,
in accordance with general industry standards and best practices.
B. North Palm Beach shall:
1. Provide all available files, data, maps, and information upon request of the Council.
2. Provide all necessary public notice as required by Florida Statutes.
3. Provide venues for all public workshops and meetings.
4. Process all requests for reimbursement in a timely manner.
C. Both North Palm Beach and the Council agree to be governed by applicable State and
Federal laws, rules, and regulations in the performance of their respective obligations
under this Agreement.
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SECTION 4. FUNDING/CONSIDERATION
A. This is a fixed fee Agreement based on the scope of work as identified in Attachment A.
As consideration for performance of work rendered under this Agreement, North Palm
Beach agrees to pay the Council a fixed fee not to exceed the fee schedule and allowances
provided for in Attachment A, including travel, attendance at all required public meetings
and workshops, out-of-pocket expenses (printing and reproduction costs), mail, couriers,
and other costs related to the services provided.
B. The satisfactory completion of deliverables by the Council, in accordance with general
industry standards and best practices, shall be considered the Council's request for payment
according to the schedule contained in Attachment A.
SECTION 5. RECORD KEEPING
A. All records submitted by the Council shall be kept for three years after the termination of
this Agreement and shall be sufficient and complete to verify compliance with the
requirements of this Agreement.
B. The Council shall allow access to its records during normal business hours and upon
reasonable advance requests of North Palm Beach, its employees and agents.
SECTION 6. INDEMNIFICATION
The Parties to this Agreement shall, to the extent permitted by law, save, defend, reimburse,
indemnify, and hold harmless each other, and each other's respective officers, employees,
servants or agents from its own negligence or willful misconduct and from any and all
claims, demands, damages, liabilities, causes of actions, legal or administrative proceeds,
judgments, interest, attorney's fees, costs and expenses arising in any manner directly or
indirectly in connection with or incidental to the performance of this Agreement. Nothing
in this provision shall be construed as consent by the Parties to be sued, nor as a waiver of
sovereign immunity beyond the limits provided for in Section 768.28, Florida Statutes,
including limits on attorney's fees.
SECTION 7. TERM: TERMINATION
This Agreement shall commence on the Effective Date and shall remain in full force and
effect until all deliverables are complete as identified in the Scope of Work and schedule
contained in Attachment A, and accepted by North Palm Beach, unless terminated earlier.
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This Agreement may be terminated for convenience by either party by providing 30 days
written notice as required by Section 8, to the other party. North Palm Beach shall be
obligated to pay the Council for only its work completed up to the date of termination
pursuant to this paragraph.
SECTION 8. NOTICE AND CONTACT
All notices required by this Agreement shall be in writing, delivered either by hand,
overnight express mail, or by first class, certified mail, return receipt requested, to the
representatives identified below at the address set forth below:
For North Palm Beach:
Andy Lukasik, Village Manager
Village of North Palm Beach
501 US Highway 1
North Palm Beach, FL 33408
For the Council:
Thomas J. Lanahan, Executive Director
Treasure Coast Regional Planning Council
421 SW Camden Avenue
Stuart, FL 34994
SECTION 9. REMEDIES
No remedy herein conferred upon the Parties is intended to be exclusive of any other
remedy, and each and every such remedy shall be cumulative and shall be in addition to
every other remedy given hereunder or now or hereafter existing at law or in equity or by
statute or otherwise. No single or partial exercise by any party of any right, power, or
remedy hereunder shall preclude any other or further exercise thereof.
SECTION 10. CHOICE OF LAW; VENUE
This Agreement shall be governed by the laws of the State of Florida. Venue for any action
arising to enforce the terms of this Agreement shall be in Palm Beach County, Florida.
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SECTION 11. ATTORNEY'S FEES
Any costs or expense (including reasonable attorney's fees) associated with the
enforcement of the terms and conditions of this Agreement shall be borne by the respective
Parties, however, this clause pertains only to the Parties to this Agreement.
SECTION 12. DELEGATION OF DUTY
Nothing contained herein shall deem to authorize the delegation of the constitutional or
statutory duties of the officers of North Palm Beach or the Council.
SECTION 13. EQUAL OPPORTUNITY PROVISION
North Palm Beach and the Council agree that no person shall, on the grounds of race, color,
creed, religion, sex, national origin, political affiliation, age, marital status, family status,
pregnancy, sexual orientation, or gender identity be excluded from the benefit of, or be subject
to, a form of discrimination under any activity carried out by the performance of the
Agreement.
SECTION 14. FILING
This Agreement and any subsequent amendments thereto shall be filed with the Clerk of
the Circuit Court of Palm Beach County pursuant to Section 163.01(11), Florida Statutes.
SECTION 15. SEVERABILITY
Should any provision of this Agreement be declared invalid or unenforceable by a court of
competent jurisdiction, the same shall be deemed stricken here from and all other terms
and conditions of this Agreement shall continue in full force and effect as if such invalid
provision had never been made a part of the Agreement.
SECTION 16. ENTIRETY OF AGREEMENT
This Agreement represents the entire understanding between the Parties. Modifications of
this Agreement may be requested by North Palm Beach or the Council. Changes, which
are mutually agreed upon, shall be valid only when reduced to writing, duly signed by
North Palm Beach and the Council and attached to the original Agreement.
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SECTION 17. PUBLIC RECORDS
IF THE COUNCIL HAS QUESTIONS REGARDING THE APPLICATION OF
CHAPTER 119, FLORIDA STATUTES, TO THE COUNCIL'S DUTY TO PROVIDE
PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE
CUSTODIAN OF PUBLIC RECORDS AT: (561) 841-3355; NPBCLERKgVILLAGE-
NPB.ORG; OR 501 U.S. HIGHWAY ONE, NORTH PALM BEACH, FL 33408.
In performing services pursuant to this Agreement, the Council shall comply with all
relevant provisions of Chapter 119, Florida Statutes. As required by Section 1 19.0701,
Florida Statutes, the Council shall:
A. Keep and maintain public records required by North Palm Beach to perform this service.
B. Upon request from North Palm Beach's custodian of public records, provide North Palm
Beach with a copy of the requested records or allow the records to be inspected or copied
within a reasonable time at a cost that does not exceed the cost provided in Chapter 119,
Florida Statutes, or as otherwise provided by law.
C. Ensure that public records that are exempt or confidential and exempt from public records
disclosure requirements are not disclosed except as authorized by law for the duration of
the Agreement term and following completion of the Agreement if the Council does not
transfer the records to North Palm Beach.
D. Upon completion of the Agreement, transfer, at no cost, to North Palm Beach all public
records in possession of the Council or keep and maintain public records required by North
Palm Beach to perform the services. If the Council transfers all public records to North
Palm Beach upon completion of the Agreement, the Council shall destroy any duplicate
public records that are exempt or confidential and exempt from public records disclosure
requirements. If the Council keeps and maintains public records upon completion of the
Agreement, the Council shall meet all applicable requirements for retaining public records.
All records stored electronically must be provided to North Palm Beach, upon request from
North Palm Beach's custodian of public records, in a format that is compatible with the
information technology systems of North Palm Beach.
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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date set
forth above,
FLORIDA : i: 'Z
By: ,
J ss ca 6reen
NQAge Clerk
Village of North Palm Beach
By: 9t
Ir
Susan Bickel
Mayor of North Palm Beach
Approved as to form:
By: —Ole
Leonard G. Rubin
Village Attorney
Treasure Coast Regional Planning Council
ATTEST:
By: 6�c�By:
iyllis Castro
Accounting Manager
Ap
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ATTACHMENT A
TWIN CITY MALL - MARKET STUDY AND ECONOMIC ANALYSIS
VILLAGE OF NORTH PALM BEACH, FLORIDA
SCOPE OF SERVICES
FEBRUARYI9, 2021
PROJECT DESCRIPTION
The Village of North Palm Beach (Village) seeks to understand demographic and economic
conditions as well as market -supportable redevelopment potentials as related to the Twin City Mall
site. The subject site is located at the southwest corner of Northlake Boulevard and US -1, and it
straddles the municipal boundaries of the Village of North Palm Beach and Town of Lake Park
(Town). Accordingly, it is anticipated the Village will partner with the Town in this effort as
described below. Furthermore, if the Village and Town issue a Request for Qualifications and/or
a Request for Proposals (RFQ/RFP) for the Twin City Mall site, the Village, also in partnership
with the Town, may seek a financial feasibility analysis following the receipt of private sector
proposals for development. The two project components are described as Phases 1 and 2 below:
Phase 1 shall include the following key elements:
• Real estate market reconnaissance and stakeholder interviews
• Demographic and economic profile
• Overview of real estate market conditions
• Summary of market and redevelopment potentials focused on four key land uses,
including multi -family residential, office/workplace, retail, and hospitality/hotel
• Multi jurisdictional review of findings with the Village (and Town)
• Presentation of findings to the Village Council (and Town Council)
• Phase 1 Project Memorandum
Phase 2 shall include the following key elements:
• Financial feasibility analysis of up to three development proposals
• Multi jurisdictional review of findings with the Village (and Town)
• Presentation of findings to the Village Council (and Town Council)
• Phase 2 Project Memorandum
The Treasure Coast Regional Planning Council (TCRPC) will provide all work identified in this
scope of services. TCRPC will assemble a Project Team to include professionals trained in real
estate market analysis, municipal economics, and public/private partnership development and be
responsible for all professional fees and project costs except as described herein.
Because the Village and Town share jurisdictional responsibility for the Twin City Mall site, the
scope of work includes tasks that are exclusive to each municipality as well as tasks that apply to
both municipalities together. Accordingly, the tasks and fees described herein are designed with
the anticipation of a separate but complementary Interlocal Agreement to be executed between the
Town of Lake Park and TCRPC, which will reduce the costs to the Village as described below.
SCOPE OF SERVICES
Phase 1. Overview of Demographic, Economic, and Real Estate Market Potentials
Task 1-1: Project Initiation and Site Reconnaissance
TCRPC will facilitate a kickoff meeting with the Village, Town of Lake Park, and the Project
Team to understand local market dynamics; confirm municipal goals, priorities, project approach,
and schedule; and receive background documents.
One project kickoff meeting will be scheduled in the first month following execution of the
interlocal agreement. TCRPC will be responsible for kickoff meeting logistics, agendas,
facilitation, and meeting notes. The Village (and Town) will be responsible for providing copies
of background documents, including the Comprehensive Plan, Land Development Regulations,
other planning and regulatory documents and plans as applicable, population projections, and
development applications (built, approved but unbuilt, in review).
Task 1-2: Stakeholder Interviews
To inform the understanding of market conditions, opportunities, and challenges, TCRPC will
facilitate up to 15 virtual interviews with focus groups and stakeholders and the Project Team as
identified collectively by the Village and the Town. The goal of the interviews includes:
• Review of real estate market performance and characteristics of the US -1 and Northlake
Boulevard corridors as well as other identified competitive submarkets in this part of Palm
Beach County (County);
• Assess opinions of competitive product types, absorption potentials, target markets,
pricing, revenues (commercial rents, sales), and absorption/leasing activity by land use
category;
• Ascertain market-based strengths and weaknesses of the site and area compared to other
competitive areas of Palm Beach County, and gauge market response to locational
characteristics, potential uses, and timing/phasing; and
• Review other relevant inputs from various market sources, existing planning documents,
and other local data for use in the real estate demand models in subsequent tasks.
TCRPC will be responsible for facilitating the interviews and providing a summary of findings as
part of the Phase 1 Project Memorandum. The Village, in coordination with the Town, will be
responsible for identifying appropriate stakeholders and/or focus groups, contact information, and
logistics as needed.
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Task 1-3: Demographic and Economic Profile
The TCRPC Project Team will produce an analysis of the drivers of market demand focused on
the four key land use categories (e.g., multi -family residential, office/workplace, retail,
hospitality/lodging). The analysis will include population and household growth trends and
forecasts, household incomes, changes in age cohorts, and other demographic indices; local
household and employee consumer spending patterns for key uses; employment growth trends and
forecasts as they affect opportunities for workplace uses, including distribution of jobs by industry
sector; and tourism/visitation and business demand generated for lodging/hotel uses. Data will be
assembled at the municipal level as well as a northern Palm Beach County regional trade area.
TCRPC will be responsible for obtaining data from various sources, including the U.S. Census
Bureau, U.S. Census of Retail Trade, University of Florida Bureau of Economic and Business
Research/BEBR, Florida Department of Economic Opportunity (DEO), Dun & Bradstreet, Inc.,
Claritas, Inc., ESRI Business Analyst, Palm Beach County Business Development Board, and
Tourism Development Council. The Village (and Town) will be responsible for providing
additional municipal market and demographic data if available.
Task 1-4: Real Estate Market Conditions Analysis
The TCRPC Project Team will analyze recent and current real estate market conditions to
understand the Twin City Mall site's competitive market position for collateral and supporting
development opportunities for the four key land uses. Based on available data, the following topics
will be evaluated:
• Historic (past five to 10 years) and current market performance based on available data
for each use identified above;
• Secondary data on development patterns in Palm Beach County and the competitive
communities using key metrics such as building permits/housing starts by product type,
pipeline projects, etc.; and
• Inventory and vacancy trends, workplace commercial rents and sales, historic
absorption/leasing activity, and key operating metrics such as hotel seasonality and
segmentation.
TCRPC will be responsible for obtaining the necessary data sources for this task, including CoStar,
Inc., REIS Reports, Cushman & Wakefield, Inc. and other local market sources for commercial
and industrial real estate data; Palm Beach County Tourism Development Council for visitor data;
Palm Beach County Property Appraiser; ESRI Business Analyst and U.S. Department of Housing
& Urban Development for housing; and STR Global for hotel market performance.
Task 1-5: Overview of Market and Development Potentials
The TCRPC Project Team will analyze the market support for each of the four identified land uses
(e.g., multi -family residential, office/workplace, retail, hospitality/lodging) using appropriate
demand methodologies illustrated by gross building area (square feet of workplace uses, number
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of hotel rooms, number of housing units, etc.) or planning/industry targets for specialized uses.
This will include:
• A comparison of market potentials with the timing required for infrastructure, public
realm and other physical improvements on the site as identified by the planning team;
• An estimation of likely absorption and identify phasing considerations that consider
current market conditions, near-term demand generated by adjacent or nearby anchors,
proposed/approved development programs for competitive projects, and
local/municipal and regional growth patterns as defined in the regional area comprising
northern Palm Beach County; and
The identification of catalyst and potential priority locations for specific land use
concepts and ways in which locational advantages and characteristics can affect the
site's overall marketability for redevelopment.
Task 1-6: Phase 1 Proiect Memorandum
The TCRPC Project Team will provide a summary technical memorandum synthesizing all key
findings and recommendations of the stakeholder interviews, demographic and economic profile,
real estate market conditions, and market and development potentials along with suggested
implementation strategies. The memorandum will include an overview of data and models utilized
to develop key findings. A Draft Project Memorandum will be provided for Village (and Town)
for review and comment, and upon receipt of comments, a Final Project Memorandum will be
provided as a project deliverable. TCRPC will be responsible for providing the Project
Memorandum (Draft and Final) in a PDF format.
Task 1-7: Multi -jurisdictional Review of Findings
At the conclusion of Tasks 1-1 through 1-6, TCRPC will facilitate a virtual, joint multi -
jurisdictional staff review of project findings for the Project Team, Village, and Town. Topics will
include:
• Presentation of the results and findings of the real estate market analysis and
development potentials and review of the land use program;
• Review site planning issues with market findings and inputs, absorption schedules by
use, and identification of likely catalyst sites; and
• Discussion of key findings and issues pertaining to potential land disposition and
redevelopment strategies.
TCRPC will be responsible for providing the information presented in the multi jurisdictional
review in a summary Phase 1 PowerPoint.
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Task 1-8: Public Presentations
Utilizing the PowerPoint prepared in Task 1-6 and incorporating one consolidated set of municipal
comments and edits from the Village (and the Town), the TCRPC Project Team will prepare a
revised PowerPoint for presentation to the Village Council (and Town Council). This presentation
will include a summary of the project approach and methodology, overview of the analysis, and
key findings. The TCRPC Project Team will present at a public meeting of each of the Village
Council (and Town Council).
TCRPC will be responsible for providing the revised PowerPoint presentation, and the Village will
be responsible for the Village meeting logistics, advertising, and venue. (The Town will be
responsible for the Town meeting logistics, advertising, and venue.) Sub -consultants as part of the
TCRPC Project Team will participate virtually in the presentation.
Phase 1 Deliverables
TCRPC shall provide the Village (and Town) with the following Phase 1 deliverables as final work
products:
• Phase 1 Project Memorandum (one copy, PDF format) to include:
o Overview of real estate market conditions
o Key findings from stakeholder interviews
o Demographic and economic profile
o Analysis of real estate market conditions
o Overview of market and development potentials
• Phase 1 PowerPoint presentation (one copy, PPT format) summarizing key data and
findings to be presented in the multi jurisdictional staff review of findings and Village
(and Town) Council meetings
The Village (or Town) may request additional print copies of deliverables upon payment to
TCRPC of the actual reproduction cost.
Phase 2: Financial Feasibility Analysis
Task 2-1: Financial Feasibility Analysis
After receipt and review of developer proposals, and upon notice -to -proceed by the Village (and
Town), the TCRPC Project Team will review a total of up to three (3) site development proposals
as jointly selected by the municipalities. These selected development proposals will be the basis
for which a financial feasibility analysis will be prepared for of up to three (3) redevelopment
scenarios for the Twin City Mall site. Key objectives in this analysis will include:
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To measure the overall investment viability of specified land uses as identified by
others to understand whether these uses will attract private investment;
To estimate the potential "residual value" that could be utilized to offset costs of
required infrastructure (such as structured parking), public realm improvements, and
other components as identified and prioritized by both municipalities and/or developers
in their response to the RFP/RFQ; and
To inform municipal decisions regarding potential disposition strategies and/or in
response to any request by existing or future owners/developers for public participation
in some form.
This task will include the following components:
• Determine key model assumptions (timing/phasing of development, likely market
absorption, tenant/user characteristics, pricing and revenues, etc. based on inputs
identified in the market study);
• Utilize market assumptions regarding debt, equity, and financing parameters, by land
use;
• Integrate industry -based hard and soft development costs, by use, based on per square
foot construction cost comparables obtained from RS Means Square Foot Cost Data;
• Utilize cost estimates for infrastructure and public realm improvements as provided by
the Village (and Town);
• Create a preliminary description of sources and uses of funds for the project, limited to
annual gross project revenues from all sources (e.g., ground leases, rental and sales
revenues, operating income), by source, and annual operating costs, by use;
• Prepare separate financial models for up to three (3) development scenarios in a 10 -
year cash flow pro forma for each use to: a) determine likely economic viability and b)
test variable assumptions in a series of sensitivity analyses to examine impacts on
investment returns, by use (e.g., commercial rental rates, discount rates, long-term
ground lease versus parcel sales);
• Measure any financial "gap" generated by specific uses to inform municipal decisions
regarding the use of public funding for infrastructure and/or financing mechanisms,
disposition strategies such as a public-private partnership, etc.; and
• Calculate present value of the cash flow and determine potential leveraged and
unleveraged returns accruing to a potential (master) developer, by use, over the
operating period.
TCRPC will be responsible for the financial model, industry standard hard and soft development
costs, and model outcomes for up to three development scenarios, and the Village, in coordination
with the Town, will provide cost estimates for infrastructure and public realm improvements.
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Task 2-2: Multi -jurisdictional Review of Findings
At the conclusion of Task 2-1, TCRPC will prepare a Phase 2 Project Memorandum and
PowerPoint presentation and facilitate a virtual, joint multi -jurisdictional staff review of project
findings for the Project Team, Village, and Town. Topics will include:
Presentation of the results and findings of the financial feasibility analysis of up to three
site development proposals;
Discussion of key findings and issues pertaining to potential land disposition and
redevelopment strategies, and potential impacts on the Village (and Town) as a means
of informing public decisions regarding site disposition.
The TCRPC Project Team will include an overview of the financial feasibility analysis, including
approach, methodology, estimated costs and revenues, and findings in a summary Phase 2 Project
Memorandum and PowerPoint (PPT) presentation.
Task 2-3: Public Presentations
If requested, utilizing the Phase 2 PowerPoint prepared in Task 2-2 and incorporating one
consolidated set of municipal comments and edits from the Village (and the Town), the TCRPC
Project Team will prepare a revised Phase 2 PowerPoint for presentation to the Village Council
(and Town Council). This presentation will include a summary of the methodology, approach, and
key findings from Phase 1 (demographic profile, real estate market conditions, and development
potentials) and Phase 2 (financial feasibility analysis). The TCRPC Project Team will present at a
public meeting of each of the Village Council (and Town Council).
TCRPC will be responsible for providing the revised Phase 2 PowerPoint presentation, and the
Village will be responsible for the meeting logistics, advertising, and venue. (The Town will be
responsible for the meeting logistics, advertising, and venue.) Sub -consultants as part of the
TCRPC Project Team will participate virtually in the presentation.
FEES AND REIMBURSABLE EXPENSES
1. Fees: The total fee for the tasks as described in the scope above shall be:
Phase 1 (Tasks 1-1 through 1-8)
$ 55,040
Phase 2 (Tasks 2-1 through 2-2)
$ 34,380
Phase 2 (Task 2-3)
$ 6,920
TOTAL (All Tasks, Village and Town)
$96,340
TOTAL (All Tasks, Village of North Palm Beach share)
$48,170
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The total fee includes travel, out of pocket expenses (printing and reproduction
costs), mail, couriers, and other costs related to the professional services to be
provided, including all sub -consultant costs. It is anticipated the Town of Lake Park
will provide 50% of the fees for each task, totaling $48,170 through a separate
Town/TCRPC Agreement. The assignment of anticipated Village and Town costs
is identified in the Payment Schedule below. A Project Cost Summary is included
as Attachment B.
2. Payment Schedule: The fee payments from the Village of North Palm Beach shall
be according to the following schedule, which also indicates fee payments from the
Town of Lake Park:
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PROJECT TASKS & FEE PAYMENT SCHEDULE
VILLAGE
SHARE
TOWN
SHARE
20% ($11,008) due upon execution of this agreement
$ 5,504
$ 5,504
50% ($27,520) of the professional fees due upon completion of
Task 1-6 (Phase 1 Draft Project Memorandum)
$ 13,760
$ 13,760
20% ($11,008) of the professional fees due upon completion of
Task 1-7 (Phase 1 Multi jurisdictional review of findings)
$ 5,504
$ 5,504
10% ($5,504) of the professional fees due upon completion of Task
1-8 (Phase 1 Public Presentations)
$ 2,752
$ 2,752
SUB -TOTAL (TASKS] -1 THROUGH] -8)
$ 27,520
$ 27,520
60% ($20,628) of the professional fees due upon completion of
Task 2-1 (Financial Feasibility Analysis)
$ 10,314
$ 10,314
40% ($13,752) of the professional fees due upon completion of
Task 2-2 (Phase 2 Multi jurisdictional review of findings)
$ 6,876
$ 6,876
SUB -TOTAL (TASKS 2-1 & 2-2)
$ 17,190
$ 17,190
100% ($6,920) of the professional fees due upon completion of Task
2-3 (Phase 2 Public Presentations)
$ 3,460
$ 3,460
SUB -TOTAL (TASK2-3)
$ 3,460
$ 3,460
TOTAL (ALL TASKS)
$ 48,1707$,48,170
TOTAL PROJECT COSTS (ALL TASKS, VILLAGEAND TOWN)
$ 96,340
ESTIMATED PROJECT TIMELINE
Following execution of the Interlocal Agreement, TCRPC anticipates all Phase 1 tasks will be
completed within five months. Subsequently, all Phase 2 tasks are anticipated to be completed
within three months after identification of all of the site development proposals. An estimated
project timeline, detailing the estimated time for completion of individual tasks, is provided in
Attachment C.
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ATTACHMENT B
ECONOMIC & REAL ESTATE MARKET ANALYSIS
AND FINANCIAL FEASIBILITY ANALYSIS
PROJECT TASKS & COSTS
VILLAGE OF NORTH PALM BEACH & TOWN OF LAKE PARK - TWIN CITY MALL SITE
ECONOMIC & REAL ESTATE MARKET ANALYSIS AND & FINANCIAL FEASIBILITY ANALYSIS
PROJECT TASK FEE
Phase 1 Economic & Real Estate Market Analysis
1-1
Project Initiation / Site Reconaissance
3,888
1-2
Stakeholder Interviews
6,564
1-3
Demographic & Economic Profile
4,688
1-4
Real Estate & Market Conditions
8,288
1-5
Market / Development Potentials
8,832
1-6
Project Memorandum
7,447
1-7
Multi -jurisdictional Review of Findings
6,988
1-8
Public Presentations
5,720
Data Purchase Costs (ESRI, Costar, STR)
2,625
SUB -TOTAL (TASKS 1-1 THROUGH 1-8)
55,040
Phase 2
Financial Feasibilty Analysis (of Developer Responses)
2-1
Financial Feasibility Analysis 23,753
2-2
Multi -jurisdictional Review of Findings & Project Memorandum 10,188
Data Purchase Costs (RS Means) 439
SUB -TOTAL (TASKS 2-1 & 2-2) 34,380
0 M
i1m,
Phase II -B
Financial Feasibility Presentations
2-3 Public Presentations
6,920
SUB -TOTAL (TASK 2-3)
6,920
TOTAL (ALL TASKS)
96,340
17
ATTACHMENT C
ECONOMIC & REAL ESTATE MARKET ANALYSIS
AND FINANCIAL FEASIBILITY ANALYSIS
ESTIMATED PROJECT TIMELINE
VILLAGE OF NORTH PALM BEACH & TOWN OF LAKE PARK - TWIN CITY MALL SITE
ECONOMIC & REAL ESTATE MARKET ANALYSIS AND & FINANCIAL FEASIBILITY ANALYSIS
PROJECT TASK
# MONTHS
1
2
3
4
5
6
7
8
9
10
11
12
Phase 1
Economic & Real Estate Market Analysis
1-1
Project Initiation / Site Reconaissance
1-2
Stakeholder Interviews
1-3
Demographic & Economic Profile
1-4
Real Estate & Market Conditions
1-S
Market/ Development Potentials
1-7
Project Memorandum
1-8
Multi -jurisdictional Review of Findings
1-6
Public Presentations (Phase 1)
Phase 2
Financial Feasibilty Analysis (of Developer Responses)
2-1
Financial Feasibility Analysis
2-2
Multi -jurisdictional Review of Findings & Project Memorandum
2-3
Public Presentations (Phase 2)
Ld