EXECUTIVE (HARBISON & CHOPPIN)
7. Approval of Oceanside Investor Vine Hill Lease
Oceanside Investors is a joint venture that is interested in leasing 1.65 acres of Vine Hill from MDHA to expand its parking availability for its commercial lessees. The lease is under HUD review as per the applicable RAD Use Agreement, but approval is anticipated. The rental income of approximately $76,000 per year would benefit the residents at Vine Hill Homes and Vine Hill Towers. The initial lease term is five years, with two five-year renewal options. The lease is cancelable by MDHA. MDHA currently does not have redevelopment plans for the proposed lease premises.
RECAPITALIZATION (HARBISON & DELLINGER)
8. Approval of Construction Manager at Risk Services for Red Oak Townhomes
Board approval to negotiate a fee and enter into a contract with R. G. Anderson Company, Inc. to provide Construction Manager at Risk services for the construction of Red Oak Townhomes is requested. There are two phases to this contract, preconstruction and construction, with preconstruction services at a cost of $25,000. A guaranteed maximum price (GMP) amendment is required to continue the construction phase; approval will be requested once the GMP has been established. Based on specific criteria, the evaluation committee reviewed and discussed the only proposal received, being from R.G. Anderson, and concluded R.G. Anderson is qualified and responsible to perform this service. Funding for the preconstruction services will be from Metro 2018 CSP authorizations. The Architect estimated GMP for the project is $13.5 million.
Published On: October 4, 2019