Section 10-B3206. PROSPECTUS: FORM AND CONTENT

 

3206.1In general, each prospectus shall contain the following sections:

 

(a)Request for Proposals;

 

(b)Parcel and Neighborhood Information;

 

(c)Selection Criteria;

 

(d)Developer Submissions

 

(e)Selection Process;

 

(f)Developer's Kit; and

 

(g) Further information.

 

3206.2The Director may, at his or her discretion, modify the content, of the sections listed in §3206.1 (and described in this section) to take account of relevant site and marketing conditions and legal requirements.

 

3206.3The "Request for Proposals" section shall set forth clearly the site being offered, the general uses to which the site may be put, and other significant information affecting the development of the site.

 

3206.4The "Parcel and Neighborhood Information" section shall include the following:

 

(a)A specific identification of the site being offered, the size of the site, and maximum permitted development;

 

(b)The sales price or lease rate for the site, if established and timing for the establishment of the sales price or lease rate;

 

(c)Whether the land price or lease rate is fixed or whether it shall be competitive (a minimum rate, but no maximum rate); and

 

(d)A summary of the land use controls that apply to site, if any.

 

3206.5Where appropriate, the applicable land use controls shall be attached as part of the supporting materials in the "Parcel and Neighborhood Information" section.

 

3206.6In the "Selection Criteria" section, the following criteria (and other criteria that may be established by the Director) shall be clearly set forth so that prospective developers will clearly understand the factors to be used in evaluation of the proposals:

 

(a)Experience of development team;

 

(b)Financial capacity;

 

(c)Development program proposed for site; (including any special development considerations that will be considered by the Department);

 

(d)Design concept, to the extent applicable, which shall set forth the process by which designs will be reviewed and any special design considerations that will be considered by the Department; and

 

(e)Minority and local participation program, which shall indicate the areas in which participation is sought, and any standards established for the participation.

 

3206.7The "Developer Submission" section shall require the following materials to be submitted in response to an offering:

 

(a)A proposal letter indicating amount and type of deposit (if required). A form letter shall be included as part of the supporting materials;

 

(b)A resume setting forth the previous experience of each member of the development team with developments comparable to that being offered, including specific examples of those developments with their commencement and completion dates. The development team includes the prospective developer, the architect, the legal representative(s), the financial entity and other professional advisors on the project;

 

(c)A completed. HUD Form 6004, Part I - "Redeveloper's Statement for Public Disclosure";

 

(d)A completed Form 6004, Part II - "Redeveloper's Statement of Financial Responsibility," together with current financial statements of the redeveloper or principals of the redeveloper;

 

(e)A statement of proposed financing, which may include development cost budget, amount, and sources of debt and equity financing, as well as a projected income and expense analysis for the proposed development for a period of five (5) years subsequent to initial completion;

 

(f)A narrative description of proposed development, describing magnitude of development, type and location of proposed uses, as well as approximate area for each proposed use, where appropriate;

 

(g)Statements regarding minority and local participation in the planning, ownership and management of proposed development;

 

(h)A design concept drawing and other graphic materials in appropriate detail and scale may be required. These materials shall be in sufficient detail to permit reasonable evaluation of feasibility both in terms of design and financial feasibility of the proposed development; and

 

(i)An indication of the number of copies of submission documents that are required.

 

3206.8The statements submitted under §3206.7(g) regarding minority and local participation shall include the following:

 

(a)Identification of all minorities and women on or expected to be part of the development team;

 

(b)A description of efforts to be made to provide minority and local residents with employment and business opportunities during the life of proposed development; and

 

(c)A description of previous efforts and accomplishments in the hiring of minorities and women in the development process, where applicable.

 

3206.9The "Selection Process" section shall set forth in sufficient detail the sequence of events that will occur from the time the submissions are received by the Department until a Land Disposition Agreement (or Contract For Sale Of Land) is executed. In general this sequence shall consist of the following stages:

 

(a)Stage I: Review of submissions leading to selection by the Director0;

 

(b)Stage II: Refinement of proposals through the Exclusive Right Agreement process or otherwise - which will lead to. final scheduling of public hearing and consideration of final selection; and

 

(c)Stage III: Tender and execution of land disposition agreement.

 

3206.10The "Further Information" section shall include the name, address, and telephone number of the specific person or office to which inquiries should be directed. This section may also set forth any procedures the Department may establish to provide clarification of the submissions.

 

3206.11The "Developer's Kit" section shall list all supporting materials that are to be supplied to a prospective developer. The material shall provide the following:

 

(a)Detailed specific information regarding the development controls that apply to the site;

 

(b)Official maps showing dimensions of site and location of any specific building restrictions (including easements, set-backs, and similar restrictions);

 

(c)Any forms required to be part of the required submission;

 

(d)Any instruction, guidelines, laws and regulations that must be complied with as part of the required submission; and

 

(e)Other information which may assist a prospective developer in the preparation of the required submission.

 

3206.12A reasonable fee may be charged for the information provided in the prospectus or other offering document. This fee shall bear a reasonable relationship to the Department's cost in preparing and assembling the information.

 

source

Final Rulemaking published at 41 DCR 7048, 7054 (October 28, 1994).