Saturday, August 7, 2010
Updated Response, p 5
action is taken, TCC can move TNCM into their new home in time. If immediate action is not taken, TNCM will be forced to exercise one of their other relocation options, possibly pulling out of downtown Chelsea.
Recommended Action Plan:
• DDA leases the Former Longworth Complex to The Chelsea Connection LLC for a nominal monthly fee, with a modest security deposit of $1000. This will afford TCC to begin necessary stabilization, selective interior demolition, and design of renovations necessary to move the New Chelsea Market into the first floor of the Mack Building as outlined above. TCC will assume responsibility for utilities, maintenance and security of the facility, including insurance. Target: Complete short-term lease agreement by 7-23-10.
• DDA and TCC negotiate final terms on sale of property to TCC. Target: Complete sales agreement and execute sale by 9-1-10
• TCC will negotiate final terms and conditions with The New Chelsea Market, subject to successful closing by TCC. Target for completion: 8-1-10.
• TCC will develop their operating structure and terms for venture capital and in-kind investments. Target for completion: 8-1-10 draft, 8-15-10 final
• TCC will immediately mount a venture capital campaign and finalize commercial financing to raise the balance of funds necessary to complete the sale and phase 3 renovations. (See Phasing Plan) Target for completion: 9-1-10.
• TCC will develop and maintain a critical path project schedule to ensure timely move of The New Chelsea Market, and completion of the overall project.
Recommended Motions at 7-15-10 DDA Meeting:
• …that the Chelsea DDA negotiate terms and conditions to sell the Former Longworth Plating Site to the Chelsea Connection LLC for the sum of $200,000.
• … that the DDA lease the Former Longworth Plating Site to The Chelsea Connection, LLC, with terms and conditions to be negotiated by 7-23-10.
Summary
This Updated Initial Response is our third proposal to the RFP DDA-001. Hopefully, the third time will be the charm, and we (you, the DDA and The Chelsea Connection, LLC) can forge a productive relationship.
Recommended Action Plan:
• DDA leases the Former Longworth Complex to The Chelsea Connection LLC for a nominal monthly fee, with a modest security deposit of $1000. This will afford TCC to begin necessary stabilization, selective interior demolition, and design of renovations necessary to move the New Chelsea Market into the first floor of the Mack Building as outlined above. TCC will assume responsibility for utilities, maintenance and security of the facility, including insurance. Target: Complete short-term lease agreement by 7-23-10.
• DDA and TCC negotiate final terms on sale of property to TCC. Target: Complete sales agreement and execute sale by 9-1-10
• TCC will negotiate final terms and conditions with The New Chelsea Market, subject to successful closing by TCC. Target for completion: 8-1-10.
• TCC will develop their operating structure and terms for venture capital and in-kind investments. Target for completion: 8-1-10 draft, 8-15-10 final
• TCC will immediately mount a venture capital campaign and finalize commercial financing to raise the balance of funds necessary to complete the sale and phase 3 renovations. (See Phasing Plan) Target for completion: 9-1-10.
• TCC will develop and maintain a critical path project schedule to ensure timely move of The New Chelsea Market, and completion of the overall project.
Recommended Motions at 7-15-10 DDA Meeting:
• …that the Chelsea DDA negotiate terms and conditions to sell the Former Longworth Plating Site to the Chelsea Connection LLC for the sum of $200,000.
• … that the DDA lease the Former Longworth Plating Site to The Chelsea Connection, LLC, with terms and conditions to be negotiated by 7-23-10.
Summary
This Updated Initial Response is our third proposal to the RFP DDA-001. Hopefully, the third time will be the charm, and we (you, the DDA and The Chelsea Connection, LLC) can forge a productive relationship.
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