3. Timing/Scheduling. Provided we implement the “next steps” outlined
below, the most likely scenario is that the City receives a conditional
commitment of a sub-allocation in May/June of 2019. This would allow for
a financial closing and commencement of construction in the fall of 2019.
4. Next Steps. Here are the most critical steps that the City must take in order
to meet the ultimate objective of a construction start in the fall of 2019.
a. Prepare Detailed Proposal. In order to respond to requests of CDEs
and to properly highlight the economic development benefits of the
proposed project we are in the process of developing a
comprehensive project proposal and narrative. This document is
about 80% complete and will be circulated to CDEs in early October.
b. Confirm Budget. The strength of this project is that the non-NMTC
financing (i.e. the bond issue) is already committed. That will
certainly be a positive element as CDEs review our proposal.
However, the weakness is that we have not confirmed the
construction cost; and a CDE will not close on a deal until there is a
Guaranteed Maximum Price (“GMP”) contract executed with a
General Contractor or Construction Manager. Therefore, it is
absolutely imperative that the City procure both
architect/engineering services and a Construction Manager as soon
as possible. \t is my understanding this process is underway, but
needs to move quicker.
c. Overview Briefing — At a Steering Committee meeting in the near
future a presentation providing a high level overview of how the
NMTC program works and briefing on how the deal should be
structured.
d. Select Lessee/Operator —A 3 party operating entity will be
responsible for all aspects of operations, including attracting and
staging performances, ticket sales, paying artists and/or show
