Authority says one RFP response received for hotel/entertainment district; project, financing to be refined

The Fargo Authority reported Tuesday that it received a single response to its request for proposals for a hotel/entertainment district: Krauss Anderson. The presiding officer said the Authority held a kickoff meeting that included Arley, NDSU representatives and consultant Blue Rose to frame next steps for the selection committee.

The presiding officer said staff are preparing the Authority's response to the selection committee along with an operating and financial component. During the update the chair stated a project-size figure: "The project is coming in around that $6,567,000,000 dollar range," and warned members that the Authority's rough estimate of a permanent-fund drawdown would be in the $25 million to $30 million range if the site selection moves forward. The meeting record shows those figures were given to the board during the oral update; staff did not provide detailed backup during the session.

Blake Nelson earlier briefed committees on capital projects and noted the Authority's permanent/escrow balance is about $48.1 million; he and staff discussed investment returns for a recent short period in the context of available funds for capital drawdown. Board members were told more rigorous meetings are scheduled over the coming month to develop a selection-committee package and refined budget assumptions.

No formal decision was made during the meeting; staff said they will continue work on the RFP response and financial materials for the selection committee and will return with more detail.