It was noted in the meeting that there were many moving parts of this project that need to align with each other before more information could be given.
“Without knowing what potential funding we might get contributed from a private partner that’s a question mark on the funding plan,” Frank said. The report noted that having a private partner would reduce the overall funding required from other sources. “Contracted private management by the partner would also involve annual financial implications, such as revenue sharing, management fees, guaranteed revenue levels, and incentives for high performance that are expected to form part of the contract negotiations with the preferred proponent following the ,” the report read.
“As we gain more information, we can get closer to a decision about whether this project is feasible under the principles that we are gradually laying out here,” Coun. Hilary Gough said.In the end, the committee did go with the final option. As administration now moves forward to get an Owner’s Representative to help with creating procurement documents, the city stressed that additional decisions regarding a governance relationship will need to be finalized as the request for proposal continues.
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