ASSEMBLY PLANT UPDATE
One of the most ambitious development projects in recent Richmond History has attracted proposals from a total of five developers, and the Richmond City Council (sitting as the Redevelopment Agency and Reuse Authority) will be making selections within the next two to eight weeks.
After the Disposition and Development Agreement (DDA) with Assembly Plant Partners was terminated in June due to failure to produce some $25 million need to complete the project, competition was reopened. Although the DDA was terminated, the $15 million of Federal FEMA funding was preserved and spent on time for a major start on rehabilitation. Proposals from new developers were due July 7, and a total of six were received, but one was deemed insufficiently responsive to the RFP. The other five purport to have the requisite funding to complete the project and the $1 million non-refundable deposit required to enter into an Exclusive Right to Negotiate agreement. The City Council (Redevelopment Agency) is currently scheduled to interview the remaining five contenders and select one or two for final negotiations at a special meeting on August 4. The five developers are:
For additional information contact:
Rod Satre- Project Manager, Redevelopment Agency at (510) 620-6539.
by Tom Butt
Date: February 16, 2003
Subject: Status Report for Ford Assembly Building (FAB) "Richmond Assembly Plant - Ford Point"
Rehab/Redevelopment - Week of February 10, 2003
The work is progressing at the site with window replacement, seismic improvements to the structural columns and roofing. The new roof is complete on the west wall. Corrugated roof repairs have started. The south elevator reinforcing action is underway. Masonry work for repairs has started with lintel and other stabilizing actions for installation of replacement brick or stabilization of internal brick walls underway. Woodwork repairs in the historic office are underway. Labor makeup is in the range of net 27% Richmond and 37% total local based on data reviewed and processed.
On January 31, 2003 a deadline for a loan commitment passed
and the identified lender has submitted more information as of February
10, 2003 indicating the loan process was continuing for values as was
in the financing plan.
The rolling total for project expenses that are reimbursed is now $10.4 million of which $7.2million has been dispersed. Another $2 million will be disbursed next week, we have received $3.3million in state reimbursements and just over $6 million reimbursement from FEMA arrived early this week. Based on this, we should just meet the March 31 deadline for expending FEMA funds.
There was a Broker's open house on Tuesday that was well received and about 50 business agents attended the luncheon and tour. The developer committed to tenant availability in November of this year.
A presentation to the Marina Bay Neighborhood Council is scheduled for March 12. The Office of the Inspector General will be visiting the City of Richmond staff on February 27 to conduct a self-audit of FEMA on this project.
Key critical path items are: