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A. Housing units specifically designed to appeal to a diverse demographic, including a substantial number of units to be affordable to low- and/or middle-income households;B. Street-level active uses along Green Street;C. Retention of the Cinemapolis movie theater & a public walkway between Green Street and the Commons;D. At least 450 parking spaces open to the public, of which at least 90 will be available for short-term parking; andE. A conference center.
Developers are not required to include every preferred programmatic element to be considered for selection. Moreover, the IURA will consider alternative development programs that creatively address community housing needs and satisfy existing parking demand and projected parking requirements from the proposed project.
Should a developer seek to acquire only a portion of the site, the scope of the proposed project is expected to be reduced.
A. COVER LETTER: Provide a cover letter describing the interest in the site and summarizing the major points contained in the development proposal.
B. IURA SPONSOR APPLICATION FORM: See accompanying form.
C. TEAM MEMBERS: Identify the team members and the proposed legal entity with whom the Agency would negotiate and contract with. Include the contact person, firm name, address, e-mail, and telephone number of each of the members of the team. Include the lead development firm, architectural firm, property management firm, and other key players or consultants, along with their roles. Please include summary resumes of key personnel (no more than 2 pages per person).
D. RELEVANT EXPERIENCE OF TEAM MEMBERS: Teams should include a Developer and an architectural/design/engineer firm.o Developer: List any residential, commercial, or mixed-use projects developed by the developer within the past five years. Include a summary of these projects by providing a description, total square feet, total site size, location, and current status of the projects. In addition, include a representative photograph of listed projects if complete or an architectural rendering only if the projects are incomplete. o Architect/Design/Engineer Firm: List relevant residential, commercial, parking, or mixed-use projects that have been designed within the past five years. Provide a summary description of each project, detailing the total square feet of project and site, location, current status and client’s name. Include representative photographs of listed projects.
E. URBAN RENEWAL SPONSOR MINIMUM QUALIFICATIONS: Provide information to address developer qualifications: o Financial status and ability of developer to successfully undertake the proposed project;o Legal qualification to operate in the State of New York and to enter into contracts with regard to disposition, use, and development of land; ando Reputation and proof of fair, reputable, and ethical business practices and record devoid of convictions. In addition, provide a list of all properties owned by the Developer for analysis as to compliance with all applicable local laws and regulations, consent agreements, orders of the Director of Code Enforcement, and current status on all taxes, assessments, fees, and penalties due the City. Properties owned by Developer shall include any property for which a Developer, or their partners has an ownership interest of 20% or more. Partners shall include any partners owning 20% or more of the project LLC, Corporation, or project equity.
F. MARKETING: Indicate the approach the developer views as a viable marketing plan for the proposed project and provide examples of how the proposed development will be marketed. Describe briefly the target tenants/purchasers for residential, commercial and other portions of the project.
G. MANAGEMENT: Indicate how the completed project will be managed. Describe if management will be in-house or contracted, and any local connections. Explain the proposed management role, if any, for the City of Ithaca and/or IURA.
H. CONCEPTUAL PROJECT PLAN & DESIGN CONCEPT: The project plan and design concept should include a narrative accompanied by a site plan and graphics, which convey the vision and key identity of the proposed project. The plan should identify the portion of the site sought to be acquired, and existing structures to be retained or rehabilitated. It should also include the location and uses of the proposed structure(s), including basic summary of the number of units by size and use, including dimensions and floor area for commercial tenants. Also include parking location and space count, including the estimated number of parking spaces dedicated for tenant/purchaser use. Also include any areas of the project that invite public access and use. In addition, please complete the attached housing profile form.
Include at least one conceptual elevation and any information about the proposed project quality with regard to design, materials, or energy efficiency. Please indicate any other information the Developer would be seeking from the City or IURA to implement the project.
I. FINANCING PLAN: Provide an estimate of development costs and an outline of the financing strategy. This should include a pro-forma with estimated revenues and expenses, a sources and uses of funds, including estimated debt and equity, and identify key assumptions in the financial analysis. In addition, provide an estimate of pre-development costs prior to issuance of a Building Permit.
Developer should also provide and outline the economic incentives which the developer expects to apply for, if any, and any assumed public subsidies.
J. FINANCIAL CAPACITY: Provide evidence the developer has the ability to secure the funds required to construct the proposed development. Evidence provided should demonstrate the proposer has sufficient uncommitted funds to complete project pre-development and access to funds to satisfy the equity obligation for the development of the project. K. PURCHASE PRICE, INCENTIVES, & SCHEDULE: Provide the purchase price the developer wishes to acquire the Site for. If the purchase price is below a reasonable fair-market value, indicate how the proposed purchase price is necessary for financial feasibility of the project, including the specific metrics and rates utilized to establish financial feasibility.
The developer should also provide a preliminary schedule for the negotiations, planning and design, entitlements and commencement and completion of construction for the finished project. The schedule should recognize the time involved in finalizing the development agreements with Agency.
L. SPECIFIC CONCERNS: Developer shall include the identification of any existing conditions, easements, land use regulations, legal agreements, or development objectives that the developer sees as problematic, and reasons why. Whenever possible, developer shall include examples of how these concerns may be resolved.
M. COMMUNITY BENEFIT IMPACT STATEMENT: Include estimated number of housing units created, including number available to households earning no more than 100% of AMI, projected full-time equivalent of permanent jobs, tax revenue, public parking spaces, any subsidy to facilitate a conference center, public open space, energy performance, and other community benefits that advance adopted plans of the community.
N. APPLICATION FEE: $500 application fee payable to “Ithaca Urban Renewal Agency.”