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<br />10 <br /> <br />e) Financing contingency plan if assumed financing or subsidy sources are not available. <br />f) Sales price calculations – method for determining initial sales price for homebuyer. <br />Estimated Project Schedule (Milestones) <br />Proposers shall provide a detailed project development schedule through completion that contains time and <br />performance benchmarks. Include all predevelopment activities. The Project schedule shall address all phases of the <br />project including acquisition, entitlements, design, construction, marketing, and qualified below market rate buyer <br />selection. <br />References <br />All the major members of the proposed development team shall provide references, which must include at least <br />two from financial institutions, including lenders, and clients including a public agency from which the developer <br />has received entitlements for a similar development. Please include name of contact, title, address and phone <br />number. <br />PROPOSAL EVALUATION AND SELECTION <br />The City Council of Redwood City has ultimate responsibility for the selection of the preferred Proposer, with the <br />assistance of City staff and consultants as needed. There is no guarantee that the City will select any of the <br />respondents to develop the Project and any Proposals shall be submitted at the Proposer’s sole risk and cost. All <br />Proposals must include the following information. The City of Redwood City reserves the right to reject any <br />Proposals that do not address the following items: <br />Evaluation Criteria <br />In the selection process, emphasis will be placed on understanding of Redwood City’s goals for the project, the <br />directly relevant qualifications and financial capacity of the respondent, and the financial terms being proposed. <br />Submittals will be evaluated based upon the following criteria: <br />· The development concept for the Site that meets the City’s Goals and Objectives including the value of each <br />that are achieved by the development. <br />· A demonstration of creative approaches to development. <br />· Experience of the developer and the developer’s team in the successful construction of projects that include <br />affordable ownership housing. <br />· Economic feasibility of the project, demonstrated ability to finance similar development projects and financial <br />capability of the developer. <br />· Understanding of the regulatory approval process, as reflected in the developer’s advisors and consultant <br />team, business terms and conceptual development schedule. <br />6.1.A. - Page 17