10-12-2021 CC RPT 09 - Laserfiche WebLink

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Riverside Alive • Page 2 In September 2019, the City Council approved separate Exclusive Negotiation Agreements (ENA) with the Greens Group and GriffinlSwinnerton with a term of 24 months (to September 17, 2021) with one 6 -month option to extend (to March 17, 2022) at the City Manager's discretion. In May 2020, the City Council directed staff to continue negotiations on a project that may not include a convention center expansion (given the CaIPERS Challenge and COVID-19 economic impacts) and that the City's Chief Financial Officer (CFO) concurs that it will not have a negative impact to the General Fund. In February 2021, GriffinlSwinerton advised staff that the City should consider refinancing the debt associated with the Convention Center, which could result in a reduced cash flow with significant savings that could be applied towards the construction of a new public parking garage. In March 2021, staff, in consultation with Finance's Municipal Advisors, determined that the landscaped gulley (located between the Marriott Hotel and the Convention Center) is part of the Convention Center parcel and could not be sold for private development until such time as the bond has been paid off in October 2033. In April 2021, the City Council awarded a contract to HR&A Advisors, Inc. to assist staff with strategic planning, project vetting, financial analysis, and other matters related to the formulation and execution of the City's first ever potential Public Private Partnership (P3) project. DISCUSSION: HR&A's scope of work included the following: 1) evaluate the revised parking garage project without the Riverside Convention Center expansion and determine whether identified sources of funding align with project costs; 2) identify and assess risks related to each funding source; and 3) recommend next steps for the City to take to advance the project.