The Technical Review Committee met on Monday, October 29th to review and recommend next steps for the two Statements of Qualifications received for the Hynds/Hole (H2) Redevelopment Project.
The meeting began with Alane West, DDA President, reviewing the project vision that was outlined at the beginning of the H2 RFQ/RFP: “Providing the most qualified developer the opportunity to purchase and repurpose a long-vacant historic building, and adjoining contiguous two lots into a unified development. The outcome of this project should increase DDA district density, foot traffic, vitality and parking. This redevelopment project would need to create the infrastructure, environment and activity levels necessary to spur the further revitalization of downtown Cheyenne and to maintain it as a viable, thriving area of residents, commerce and services. The outcome of this project is viewed as a catalyst to help spur additional downtown redevelopment projects.”
Following an in-depth discussion at the meeting, the Technical Review Committee will be reaching out to both project responders to request additional information. The information to be requested will primarily center around financial capacity and how the “Hole” will be addressed (as neither firm made mention of that aspect in their submission). The financial information requested will be submitted in an envelope marked “confidential” and will be reviewed by Technical Review Committee members with extensive experience in project finance.
Responses to this Request for Information will be due at 3 pm on Tuesday, November 12th. Financial experts on the Technical Review Committee will review the information on the 13th and will then provide an update to the full committee.
Following the Technical Review Committee meeting, Ward 1 Councilman Pete Laybourn commented, “It is unfortunate that only two Statements of Qualifications were received and that those two submittals were incomplete, particularly because they lacked specifics including redevelopment of the “Hole”. We’ll see what additional information might be submitted.”
DDA President Alane West said of the project and process, “The DDA is committed a process of due diligence to ensure that the public investment made in the H2 sites results in a project that remains viable 30-plus years from now.”
Members of the Technical Review Committee include: Alane West, DDA President and H2 committee member; Bruce Heimbuck DDA board member and H2 committee member; Dan Holbrook, DDA Board Member and commercial appraiser; Tim Ostic, Branch President, FirsTier Bank; Gregg Jones, Branch President, Jonah Bank; City Councilmen Scott Roybal, Pete Laybourn and Jeff White; Eric Fountain, Mayor Orr’s Chief of Staff; Amy Allen, City Engineer; Lisa Pafford, Interim Planning Director; Chuck West, C.C.I.M., commercial realtor and real estate attorney; Jerry Johnson, Principal of Johnson Economics (johnsoneconomics.com) and real estate economist who has been contracted by DDA to assist with the project; and Vicki Dugger, Executive Director of DDA.
Vicki Dugger, Executive Director of Cheyenne DDA