The latest brain fart . . . skip going through the RFP process and just pick one without reviewing them all, cuz its shiny.
This offends just about every bone in my body. From the $55M in (presumably) TIF to the process. Here’s the current proposal.
A three page memo here outlines the following recommendations
The Negotiating Team recommends the Board of Estimate’s concurrence in the following findings and next steps:
1. The four RFP responses received on May 1, 2015 be considered complete and in compliance with the RFP requirements.
2. The potential relocation of Exact Sciences Corporate Headquarters and Research Facility in downtown Madison is an unprecedented extraordinary opportunity for the City. Since Exact Science’s timeline for its siting decisions is accelerated and the City’s review schedule should be adjusted to address this opportunity.
3. The Negotiating Team immediately engage JDS Development LLC/Exact Sciences in an exclusive negotiation of a preliminary
development agreement and report back to the Board of Estimates with a report and draft preliminary reement by its June 29th mreting.
4. The Board of Estimates report their actions to the next Common Council meeting on May 19th with a recommendation that the Common Council affirm the actions set forth in this memorandum.
5. If directed by the Board of Estimates on June 29th, the Negotiating Team continue the exclusive negotiation with JDS
Development/Exact Sciences over a final development agreement and report back with a report and final development agreement at its August 24th meeting, to be followed by Common Council action.
6. To the extent a preliminary agreement can’t be concluded in time for the June 29th Board of Estimates meeting and Exact Sciences has not extended that deadline, the Negotiating Team then initiate a review of the remaining three proposals.
7. The Negotiating Team provide interim reports for the Board of Estimates at its June 8, July 13 and July 27 meetings in addition to the report back dates of June 29 and August 24.
8. The City schedule a date for JDS Development/Exact Sciences to publicly present its proposal to the City’s elected officials and the community
Here’s a description of their project:
JDS Development, LLC, a joint venture of the Hammes Company of Madison, WI and Majestic Realty of Los Angeles CA, proposes 580,200 square feet of development including a 250,000 square foot Corporate Headquarters and Research Facility on Block 88 and an additional 107,000 of office expansion space on Block 105 for Exact Sciences of Madison, WI. An additional 65,500 square feet for a food hall, health and wellness facility, lobby, conference center and broadcast studio/digital media center is proposed on Block 88. The proposal envisions this component would be publicly
funded. A 210 to 250 room hotel and 16,700 square feet of retail, restaurant, lobby, and bicycle center are proposed for Block 105. A 1,410 to 1,540 stall parking facility is proposed primarily on Block 105 to replace the Government East public parking facility and to serve the new development. The total project cost is estimated to be $186.4 to $203.2 million. The estimated cost of the proposed public elements of the project is $55.6 to $65.5 million. No public financing for the other private components of the project is proposed.
I’m interested in what the other developer would come up with to include the Exact Sciences proposal in their project and what that might cost. They offered.
It will be interesting to see how the council handles this tonight.
