City shortlists Towne Centre RFP respondents and council authorizes start of bonding process

City planning staff updated the Planning Commission March 5 on the Towne Centre redevelopment procurement: the request for proposals (RFP) closed with seven responses, staff narrowed that field to a shortlist and is scheduling interviews with finalists as part of the process of selecting a preferred development partner.

In addition, staff said the City Council voted the previous night to authorize the beginning of the bonding process to support Towne Centre infrastructure, with a tentative target to issue bonds near the end of the fiscal year (late May–June). Staff described the bond authorization as the start of the financing timeline; council retained final decisions about bond issuance timing and structure.

‘‘We got 7 responses and that list is public and posted on the website. We reviewed those responses and have narrowed that down to a a a short list and are now in the process of scheduling, city interviews with the what we would call the finalist,’’ a city staff member said. Staff said interviews with shortlisted teams will inform the city’s selection of a development partner.

During commission discussion a commissioner asked whether the bond would be a ‘‘geo bond’’ backed by property tax; a staff member confirmed that the council chose that option and that such bonds are backed by property tax and typically have lower interest rates. No further action was required of the planning commission at the March 5 work session on this item.

Staff said the city’s procurement and financing steps are intended to move Towne Centre planning toward a development partner selection and eventual project implementation; interview scheduling and final bond decisions remain to be completed in coming months.