The city invites responses from partners with experience in developing, operating, or renovating existing structures for cultural uses such as museums, performing arts, interactive exhibits, or a planetarium. The city welcomes concepts that include restaurants or cafes as secondary uses.
This private-public partnership will be structured as a long-term ground lease between the successful respondent(s) and the city.
Respondent teams must clearly and completely address each of the following areas in response to be eligible for selection:
1. Cover Letter. Responding teams should prepare a cover letter summarizing the proposed concept(s) and the experience of the assembled team. This letter should also identify the primary contact person for the respondent organization.
2. Development and Operational Plan. Teams should include a description of their vision for redeveloping the site or sites. At a minimum, respondents must include the following:
a. Project Narrative. Respondents should describe the concept, the approximate or estimated square footage (which can be expressed as a range), and one or more renders, illustrations or diagrams to assist in articulating the concept. The inclusion of visual representations is required. The narrative should also indicate the manner or goals for integration with or compatible synergy with Coachman Park and the Hilton Tapestry.
b. Design and Construction Responsibility. The city encourages responses that propose a reverse build-to-suit, in which the tenant selects and hires the design and construction professionals. The city’s role will be limited to permitting and reasonable design approval. However, the city will consider a proposal contemplating a city-led, build-to-suit if the tenant agrees to appropriate contractual provisions that protect the city’s investment. Respondents should specify their preference regarding build-to-suit or reverse build-to-suit.
c. Estimated Project Schedule. Respondents should estimate or indicate their preferences and goals in terms of the timeframe in which to renovate the Main Library and commencement of a ground lease.
d. Operational Plan. Respondents should describe their approach to staffing and operating the facility within a publicly owned building.
e. Requested Lease Term. The City Charter authorizes ground leases up to sixty-five (65) years in duration, with an opportunity to renew for up to thirty (30) additional years. The requested term, including renewal options if requested, should be specified in the development plan.
3. Financial Plan. Teams should provide detailed pro forma cash flow projecting the first decade (10 years) of operation. The pro forma must include, at a minimum:
a. Private Capital. The city seeks a strong and financially stable partner that is able and willing through equity, private donations, or tenant issued debt to invest in the leased premises. The respondent’s maximum capital contribution, which should be separate from the proposed monthly lease amount and any operating expenses, should be identified in this category, as well as the source of funds supporting the capital contribution.
b. Projected Revenues. Respondents will be allowed to charge admission at market rates to the public and retain all revenues. Recognizing that tickets can be customized, the respondent should nevertheless estimate the total revenue expected from ticket sales and the estimated number of tickets the respondent reasonably expects to sell per year.
c. Monthly Lease Payable to the City. The fixed amount, including annual escalation, the respondent offers to pay the city in exchange for leasing the requested premises.
d. Operating Expenses. The estimated cost to the tenant in operating the premises for the intended usage. All expenses should be estimated by and identified by category, e.g. utilities in one category and staffing in another.
e. Conditional Public Funding Sources & Use of Incentives. If public funding is requested, this description should include an estimate of the total dollars requested and the purpose(s) to which those dollars will be applied. Any additional or indirect incentives should also be specified here.
f. Construction Costs. Respondents should include a professional conceptual estimate of all construction and interior redesign costs.
NOTE: Museums and other institutions will retain creative control of all artwork.