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Proposal for Highest and Best Use Study <br /> -V A-&i ,A- <br /> Mr. Scot Wrighton W. <br /> Page 2 <br /> We are available to prepare a market feasibility study on any of the components to be <br /> included in the renovation or expansion. Our market feasibility study will give a detailed <br /> financial analysis of the selected components. We are also available to prepare a market <br /> study for a proposed hotel to be developed adjacent or connected to the Civic Center at a <br /> future time. A hotel study is not part of this professional engagement. We will provide a fee <br /> quote for this service at the completion of the highest and best use study once we <br /> understand which components merit further study. We will also connect the city to possible <br /> developers who may be interested in partnering with Decatur to achieve the highest and <br /> best use repurposing of the Civic Center Property. <br /> SCOPE OF WORK <br /> Before beginning our study, we will confer with you to determine the exact scope of the <br /> project and address specific issues or requests you may have. We will identify any <br /> confidentiality issues in connection with the project. In preparing the assignment,our scope <br /> of work will include: <br /> Fieldwork and Data Collection: <br /> • Review the overall business objectives and goals for the proposed redevelopment of <br /> the entire Civic Center property and site <br /> • Discuss the potential development concepts, including sizes and level of investment. <br /> Defining the proposed scope of the concept will serve as a basis for refining the <br /> potential market for the project and provide a framework of assumptions for use in <br /> our analysis, although this may vary based on the nature of the highest and best use <br /> analysis. <br /> • Review previous market research and information about identified concepts for the <br /> subject, including its highest and best use. <br /> • Review our previous work and relationships in the submarket of the subject site <br /> • Review historical performance information concerning the subject property, including <br /> number of events by month, five-year financial history, usage levels, etc. <br /> • Review subject data, such as development budgets, financial forecasts, architectural <br /> plans, tax &zoning information, etc. <br /> • David Sangree, MAI, CPA, ISHC;and additional staff from our office as required will <br /> travel to the subject market for an inspection of the subject, neighborhood tour, and <br /> meetings with the client <br /> • Meet with the Civic Center steering committee comprised of Civic Center user groups <br /> and facilities management staff before (via video call) and during the onsite visit(via <br /> in-person meeting if possible) <br /> • Visit comparable properties related to the types of amenities and attractions that we <br /> will be recommending for the subject property to understand their performance <br /> levels, facilities, features, and user reviews <br /> • Interview owners or managers of competitive hotel, conference center, sporting <br /> venue, entertainment venue, and other comparable properties <br /> HOTIT& Aiwisors 1 &LA <br />