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File #: 23-6184    Name: DIRECTION ON LETTER OF INTEREST/BEST AND FINAL OFFER FOR WELLINGTON GREEN PARK AND AUTHORIZATION TO EXECUTE A PURCHASE AND SALE AGREEMENT FOR WELLINGTON GREEN PARK
Type: Purchasing/Contract
Body: Village Council
Agenda Date: 11/7/2023 Final action:
Title: ITEM: DIRECTION ON LETTER OF INTEREST/BEST AND FINAL OFFER FOR WELLINGTON GREEN PARK AND AUTHORIZATION TO EXECUTE A PURCHASE AND SALE AGREEMENT FOR WELLINGTON GREEN PARK REQUEST: Direction on Letter of Interest/Best and Final Offer for Wellington Green Park and authorization to execute a purchase and sale agreement for Wellington Green Park with the selected proposer.
Attachments: 1. 1. WGP-BAFO-Comparison10052023
Date Action ByActionResultVoteMeeting DetailsVideo
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ITEM: DIRECTION ON LETTER OF INTEREST/BEST AND FINAL OFFER FOR WELLINGTON GREEN PARK AND AUTHORIZATION TO EXECUTE A PURCHASE AND SALE AGREEMENT FOR WELLINGTON GREEN PARK

REQUEST: Direction on Letter of Interest/Best and Final Offer for Wellington Green Park and authorization to execute a purchase and sale agreement for Wellington Green Park with the selected proposer.

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EXPLANATION: On May 30, 2023 the Village Council authorized staff to issue a Letters of Interest (LOI) solicitation seeking firms or individuals interested in purchasing the Wellington Green Park site. On July 24, 2023, the Village received six such proposals. On August 8, 2023, the Council authorized staff to seek Best and Final Offers (BAFO) from all six proposers. On September 27, 2023 we received the best and final offers from each proposer as summarized below:

Proposer
Bainbridge Companies LLC
Brefrank Enterprises, LLC
Blue Road
Dan Enterprises Team LLC
Methods of Compensation and Development Program








A. $11,000,000: 220 units
B. $15,000,000: 300 units
A. $15,000,000
1. 300 units
2. 1,500 seat performing arts center
3. Up to 80,000 sf mixed-use commercial

B. $20,000,000
1. 480 units (30% workforce)
2. 1,500 seat performing arts center
3. Up to 80,000 sf mixed-use commercial
$9,000,000
10% profit sharing of entire project
Taxes and business licenses
180 Units
50,000 sf commercial
Terms
Purchase
Terms not defined in proposal, but expect at finalization of entitlements
* Initial down payment: $5,000,000
* Remainder at time of building permit
A. 10% of the net income of the development during the second and third years (as per expected profit and Loss development, projection, see below around $13.5 Million USD)
B. Cash from sale of lost $ 9,000,000.
C. Taxes from retail and apartments, including a restaurant at the club approximately $ 140,000/ year at current rate of $ 0.1338/100)
Density/Intensity
* 22 - 30 units per acre
* 30-48 dwelling units per acre
* 0.22 FAR...

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