The North Carolina Community Development Initiative is seeking a qualified individual/team to serve as a consultant and assist in determining the highest and best use of certain real estate assets of Community-Based Enterprises and Community Development Corporations (CDCs) statewide.
Background
The Initiative is a nonprofit intermediary that provides leadership and capital investment to high-performing community-based enterprises and other partner organizations that create wealth in underserved communities, in order to improve the quality of life for individuals and families throughout North Carolina.
Since 1994, the Initiative has provided funding and technical support to urban and rural community-based enterprises. The funds have been used, in part, to secure professional staff to stimulate commercial development, create jobs and provide housing opportunities in the respective areas. Several CDCs in the portfolio have amassed land slated for development, constructed and/or renovated buildings for business development, thereby adding to the state’s tax base.
In recent years, the national economic decline, unemployment and the “bottom out” of the housing market placed major challenges upon the CDCs to continue to provide a comprehensive strategy for community improvement. While each CDC has developed business plans aimed at either redirecting resources or re-branding the organization, they are also facing financial risks of maintaining or securing the community real estate assets acquired over time. The assets are in the form of vacant land, commercial buildings and single-family housing on scattered sites.
Professional Services Requested
- The Initiative desires to enter into a professional services contract with an individual or firm to provide the following services:
- Review all real estate holdings of the CDC, to include vacant land, rental properties, housing and commercial development (planned or developed)
- Determine estimated real estate value within the CDC marketplace
- Review all partner relationships related to real estate holdings (i.e., Low Income Tax Credits, Limited Liability Corporations, etc.), determining expiration dates and/or financials putting properties at risk
- Provide an “arm chair” condition statement of the real estate holdings, determining highest and best use of each within the market
- Provide real estate cash flow projections, budgeting and financial risks, where warranted
- Develop strategies that will assist the CDC in stabilizing both the organization and the real estate holdings
- Review findings with the CDC leadership
- Release a final report to the Initiative and the CDC, delineating findings and recommendations
Interested parties should submit qualification statements no later than 5:00 p.m. on April 19, 2023. Qualification statements should be 3-5 pages, not including attachments.
Project Timeline
Request for Qualifications released April 2, 2023
Qualification statements due April 19, 2013
Consultant selected and notified April 25, 2013
Begin work as assigned To be negotiated
Qualifications
The Initiative will select one or several individuals or firms whose skills and experience are best suited for the scope of work and community needs, including:
- A recommended approach to be used in the assessments
- Experience in property assessments, market analysis and real estate development
- Demonstrated experience in working with nonprofit organizations
- A general understanding of the context in which the Initiative works as a funder, advocate and lender
- Appropriate licensing and certifications
The qualification statement to the Initiative should include, at a minimum, the following information:
Consultant information
Name of the firm and the individual who would be responsible for the “on the ground” work. Include contact information (phone, email, mailing address, fax).
Statement of qualification
A description of the consultant’s qualifications to successfully complete the project, including resumes. Please explain how the individual/firm meets the qualifications listed above, as well as any other information important to conducting this work. Similar projects will be helpful.
Proposed approach
Provide a description of how you would approach the work, to include on-site visits to the CDC community.
Time and cost estimate
The Initiative is in need of the professional services as soon as possible. Immediate availability (within 30 days) after selection will be helpful. Please provide a brief statement of availability between April and June, 2013. It is anticipated that a total of four CDCs will participate in the first phase of this work. Real estate holdings and other written agreements are estimated at $3 million to $7 million. A final written report with attachments shall be due in five days of assessment completion. Please provide a cost estimate for completing the work outlined in the scope of service. Travel costs and reimbursements should be included in this estimate, if possible.
References
Please list names and contact information of three references familiar with the work and performance of your company.
Submission
Please submit your qualification statement and all requested information to:
Consulting Team
N.C. Community Development Initiative
P. O. Box 98148
Raleigh, North Carolina 27624
Questions should be directed to LaVett Saddler, program officer for innovations, at lsaddler@ncinitiative.org or 919-835-6015.