Financial Consultant Services for Public-Private Partnership

Description

The City of Thousand Oaks Civic Arts Plaza (CAP) is located at 2100 E Thousand Oaks Boulevard, Thousand Oaks, CA, 91362. The CAP contains City Hall, an 1,800 and 400 seat performing arts theatres, small tenant spaces, and various meetings rooms that are open to the public for reservation. In addition, there is a 700+ stall public parking structure on site that provides parking for customers utilizing City Hall and City and tenant staff. The parking structure charges a parking fee for patrons utilizing the theatres for performances.City Council adopted a Downtown Core Master Plan (DCMP) to guide the development of the City’s downtown core along Thousand Oaks Boulevard, of which the CAP, Westside parcel, and Eastside parcel are located.  The DCMP established a vision for the downtown core and identified the initiatives the City should pursue to create an active pedestrian-friendly area.  The City established its Campus Master Plan Project (Project) to develop the CAP and Westside parcel located in the downtown core.  Working with RRM Design Group and informed by public outreach, staff developed a conceptual plan for the development.  The conceptual plan includes the construction of a new City Hall on a portion of the Westside parcel, private development of the Westside parcel, and adaptive reuse of the existing City Hall portion of the CAP with retail, office, and restaurant uses.The City is seeking a financial services consultant to provide strategic, financial and economic analysis and services throughout the term of the Project. The City currently has $35 million in reserves for the Project and anticipates that to increase to $40 million by December 2024. Although the City does have cash set aside, it is anticipated that other financing strategies will need to be employed. This may include a combination of property disposition, including sale and/or lease of City-owned property, issuance of bonds, parking district formatio