Title
Approving a Professional Services Agreement with Hayat Brown in the amount of $336,551 for Financial and Transactional Advisor Services associated with the Downtown East Project, and authorizing the City Manager to execute the same.
Summary
This agenda item is a follow up to the December 14, 2021 City Council meeting, where City Council approved the selection of Hayat Brown for P3 Financial and Transactional Advisor Services associated with the Civic Center Project, now referred to as the Downtown East Project. The Public Private Partnership (P3) Financial and Transactional Advisor Services firm will assist the City with the evaluation of opportunities associated with the development of Downtown East that includes a city hall, recreation center and mixed-use development. The proposed project is planned to be located at the northwest corner of Pecan Street and FM 685.
The City of Pflugerville solicited requests for qualifications from firms for services associated with the evaluation of public private partnership (P3) opportunities for the development of the 29-acre tract at the northwest corner of FM 685 and E. Pecan Street. The City received nine (9) Statements of Qualifications (SOQs) on September 20, 2021 which were reviewed, scored, and ranked, based on the evaluation criteria in the RFQ. The City's Selection Committee determined the results of the SOQ scoring and ranking required interviews to further evaluate the team's experience and qualifications. Hayat Brown was selected as the most qualified firm.
Expenditures supporting the Downtown East project were not included in the adopted budget for Fiscal Year 2022 (FY22). Creation of TIRZ 2 could include reimbursement to the General Fund within the forthcoming TIRZ Project and Finance Plan if adopted by Council. The current funding source would be fund balance and will required a budget amendment this fiscal year.
This proposal covers services to ensure the City pursues a realistic deal with a ...
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