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City to secure properties, budget $200K for stabilization and issue RFP for Monmouth block redevelopment
Summary
Staff said the city will quickly secure and stabilize the newly purchased properties, set a conservative $200,000 management budget for the next year, and issue an RFP to solicit redevelopment proposals with hopes of a decision by year-end.
After the vote, staff outlined immediate next steps: secure and stabilize buildings, address roofing and mechanical issues, cap utilities and insurance, and issue an RFP for redevelopment proposals. Staff said the city does not intend to be a long-term landlord and wants to transfer the properties to private developers as soon as feasible.
"Immediately, in very short order, we plan to develop an RFP and get that out as soon as possible. This is not something that we intend to sit on for very long," the presenter said. Staff also presented a baseline management budget of $200,000 for the next year as a conservative, worst-case assumption to cover stabilization and short-term management costs.
Staff said they will evaluate proposals, seek public engagement in reviewing redevelopment options and aim to reach a decision by the end of the year. Follow-up tasks placed in staff implementation notes include securing properties, issuing the RFP and evaluating responses.
Provenance: RFP and stabilization plan discussed in the presentation and reiterated during board Q&A.
