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CRA weighs CBRE review of Center for Arts and Innovation as commissioners press for updated financials
Summary
The CRA heard that CBRE will be hired to review the Center for Arts and Innovation project, including the PCDA and financial terms; commissioners debated deferring landlord-plan approval until updated cost estimates, business plans and a third-party review are complete.
City staff told the CRA on Oct. 7 that the city will contract with CBRE to provide consulting services to review the Center for Arts and Innovation development, including its preconstruction and development agreement and financial terms.
Mr. Brown, the director presenting the report, said CBRE — described in the meeting as a global commercial real estate firm with a public-sector team and a Turner and Townsend cultural-arts specialist on the project team — will review the PCDA, operating-and-maintenance considerations, capital reserves, and financial terms. Brown said the city hopes to have a contractual relationship in place before the Oct. 21 meeting and requested specific input from CBRE prior to that session.
Commissioners pressed staff on timing and scope. Commissioner Wachter said the submitted landlord plans reflect a substantial change in concept and that the CRA lacks updated cost estimates and an updated business plan; he proposed directing staff to prepare a brief amendment to require updated financials and allow the consultant 90 days to review before approval. "So I kind of was surprised when we got this this morning," Wachter said, adding that he would find it difficult to approve new plans without refined financial impact and cost comparisons.
Deputy City Attorney Kaler clarified that Brookfield's approval is required prior to submittal of an IDA application, and Brown confirmed a near-term financial deadline of Oct. 22. Several commissioners, including Singer, urged caution about reopening long-settlement agreement terms but supported conditioning approval on specific thresholds or requiring the consultant's review of financials.
No formal motion to amend the agreement was made at the Oct. 7 meeting. Commissioners agreed to continue discussion and expected additional information when the CRA reconvenes on Oct. 21.
The CRA took no binding vote on the Center project at this session.
