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UNDERTAKE A MARKET STUY FOR DOWNTOWN CLEARWATER CONTRACT THIS CONTRACT, entered into this 18th day of April, 2005, by and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CLEARWATER, a Florida Redevelopment Agency, hereinafter referred to as "CRA, " P.O. Box 4748, Clearwater, Florida 33758 and Lambert Advisory, L.C., a Florida Limited Liability Company, hereinafter referred to as "Lambert Advisory," 2601 South Bayshore Drive, Suite #300D, Miami, Florida 33133. WHEREAS, the CRA requested professional services to undertake a Market Study for Downtown Clearwater; and WHEREAS, Lambert Advisory agrees to prepare an economic and market analysis, identify opportunities related to special events and promotions for downtown, develop a detailed strategy of potential short-term redevelopment opportunities for downtown and prepare a final document in electronic format; NOW THEREFORE, CRA and Lambert Advisory do hereby incorporate all terms and conditions in Exhibit "A" attached hereto and mutually agree as follows: 1. SCOPE OF PROJECT. Lambert Advisory agrees to provide professional services under the terms and conditions described in Exhibit "A." 2. TIME OF PERFORMANCE. This Contract shall commence on April 18, 2005 and terminate on October 31,2005. 3. COMPENSATION. The CRA will pay Lambert Advisory a sum not to exceed $35,000, inclusive of all reasonable and necessary direct expenses. The CRA may, from time to time, require changes in the scope of the project of Lambert Advisory to be performed hereunder. Such changes, including any increase or decrease in the amount of Lambert Advisory's compensation and changes in the terms of this Contract which are mutually agreed upon by and between CRA and Lambert Advisory shall be effective when incorporated in written amendment to this Contract. 4. METHOD OF PAYMENT. Lambert Advisory's invoices shall be submitted to the CRA for approval for payment on a monthly basis. The CRA agrees to pay after approval under the terms of the Florida Prompt Payment Act F.S. 218.70. The CRA's performance and obligation to pay under this Contract is contingent upon an annual appropriation of the CRA's budget. 5. NOTICES AND CHANGES OF ADDRESS. Any notice required or permitted to be given by the provisions of this Contract shall be conclusively deemed to have been received by a party hereto on the date it is hand delivered to such party at the address indicated below (or at such other address as such party shall specify to the other party in writing), or if sent by registered or certified mail (postage prepaid) on the fifth (5th) business day after the day on which such notice is mailed and properly addressed. Page 2 of 5 Lambert Advisory, L.C. Paul M. Lambert Managing Principal 2601 S. Bayshore Dr, Ste #3000 Miami, Florida 33133 Telephone: 305-860-3715 Facsimile: 305-860-3777 CRA of Clearwater Geraldine Campos CRA Interim Executive Director P.O. Box 4748 Clearwater, Florida 33758 Telephone: 727-562-4023 Facsimile: 727-562-4075 6. TERMINATION OF CONTRACT. The CRA at its sole discretion may terminate this Contract by giving Lambert Advisory a ten (10) day written notice of its election to do so and by specifying the effective date of such termination. Lambert Advisory shall be paid for its services through the effective date of such termination. Further, if Lambert Advisory shall fail to fulfill any of its obligations hereunder, this Contract shall be in default, the CRA may terminate the Contract, and Lambert Advisory shall be paid only for work completed. 7 . INDEMNIFICATION AND INSURANCE. Lambert Advisory agrees to protect, defend, indemnify and hold the CRA and its officers, employees and agents free and harmless from and against any and all losses, penalties, damages, settlements, costs, charges, professional fees or other expenses or liabilities of every kind and character arising out of or due to any negligent act or omission of Lambert Advisory or its employees in connection with or arising directly or indirectly out of this Agreement and/or the Lambert Advisory shall procure and maintain during the life of this Agreement professional liability insurance. This provision shall survive the termination of this Agreement. Page 3 of 5 Lambert Advisory agrees to comply with all terms, provisions, and requirements contained in Exhibit "B" attached hereto and made a part hereof as if said document were fully set forth at length herein. 8. PROPRIETARY MATERIALS. Upon termination of this Contract, Lambert Advisory shall transfer, assign and make available to CRA or its representatives all property and materials in Lambert Advisory's possession belonging to or paid for by the CRA. 9. INTERESTS OF PARTIES. Lambert Advisory covenants that its officers, employees and shareholders have no interest and shall not acquire any interest, direct or indirect, which would conflict in any manner or degree with the performance and/or provision of services required under the terms and conditions of this Contract. 10. CONFORMANCE WITH LAWS. Lambert Advisory agrees to comply with all applicable federal, state and local laws during the life of this Contract. 11. ATTORNEY FEES. In the event that either party seeks to enforce this Contract through attorneys at law, then the parties agree that each party shall bear its own attorney fees and costs. 12. GOVERNING LAW AND VENUE. The laws of the State of Florida shall govern this Contract, and any action brought by either party shall lie in Pinellas County, Florida. Page 4 of 5 IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the date set forth above. COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CLEARWATER, FLORIDA By: -=I~ ~ ~nk V. Hibbard Chairperson Approved as to form: ,~2J~ Bry D. Ruff Assistant City Attorney Attest: STATE OF FLORIDA COUNTY OF PINELLAS The foregoing instrument was acknowledged before me this t-tL day of ~ ' 2005, by FRANK V. HIBBARD and CYNTHIA E. GOUDEAU, Chalrpe on and City Clerk, respectively, of the Community Redevelopment Agency of the City of Clearwater, Florida. The are personally known to me or have produced valid Florida drivers' licenses as identification (Seal) Print Name: K-.l \ lc.rM.Pc..r- Officer/Secretary LAMBEVVISORY, L.C. BY:~} (J /~ Pa Lambert Ma ager Attest: ~L LYNETTE DUClUE-sANTANA . ~ -'f.\ MY COMMISSION * 00 313537 . . EXPIRES: July 1, 2007 IlGndIcl ThIll NotaIy PIlbIIc Underwritets Page 5 of 5 260 I South Bayshore Drive, Suite 300 D Miami, FL 33133 USA ph 3058603715 fx 305 860 3777 Ms. Geraldine Campos City of Clearwater 112 S. Osceola Avenue Clearwater, FL 33706 April 7, 2005 Re: Downtown Clearwater Market Study Dear Ms. Campos: Lambert Advisory, in conjunction with PRG Real Estate Research, is pleased to submit this proposal to support the City of Clearwater/Community Redevelopment Agency (CRA) with a Market Study for Downtown Clearwater. In conjunction with our response to RFP#11-05 dated February 28, 2005, this letter outlines: 1.) Scope of Services; 2.) Meetings and Presentations; 3.) Fees and Payment Schedule; 4.) Optional Services; and, 5.) Other Terms and Conditions. I.) ScoDe of Services The scope of work outlined below highlights the primary tasks in completing the Downtown Clearwater Market Study. A schedule/timeline for commencing and completing each task is included within the attached Gantt Chart. Task 1: Notice to Proceed/Kick-Off The project will commence under the direction of the City of Clearwater/CRA, whereby Client and Consultant members will ultimately define the work plan. We envision a comprehensive area and site tour as well as introductory meetings with appropriate City officials and staff, and other community stakeholders and leaders that may have a positive impact on the overall plan. In addition, we will take this time to gather and review existing economic and demographic reports and statistics, planning studies, existing condition assessments, building and business inventory reports, and/or market profiles and surveys provided by the City. EXHIBIT "A" Downtown Clearwater Market Study Page 2 Task 2: Economic and Market Analysis We will analyze pertinent economic, demographic, and market factors that impact land use, business expansion, and space utilization within the Downtown area which could contribute to the overall redevelopment planning process. This analysis will focus on key economic and real estate issues such as market demand and supply conditions and includes a trade area analysis of retail/entertainment, office, and residential demand. The goal is to provide a comprehensive understanding of market conditions in downtown Clearwater, as well as surrounding neighborhoods. Specifically, we will identify those local/regional trends that a redevelopment plan may leverage to encourage investment locally. Accordingly, we will organize and analyze the research in an effort to identify the highest and best use for development of key sites within downtown that may be key catalyst for short-term opportunities. The information and data collection will be based upon both primary field research and secondary sources such as published data from government, non-profit, and private industry sources as well as additional data and information provided by the City. Demand Conditions Our analysis of demand conditions will include detailed economic and demographic trend and forecast analysis, as well as an overview of key industries and cluster identification based upon a very detailed analysis of Florida ES-202 statistical reports at the three and four digit classification levels for the past five years. The analysis will detail: - Population and population characteristic trends and projections, specifically focusing upon age cohorts; - Employment trends and labor force characteristics; Conduct direct interviews with some of the area's major employers and business development groups to further understand the area's propensity for employment growth; - Analyze household trends and develop projections; - Office employment trends in surrounding areas and employee daily expenditure patterns; - Visitor growth trends and profile and expenditure patterns; - Define downtown's Trade Area, with estimates of drive times pre- and post capital improvements; - analyze expenditure patterns by retail good; and, - Traffic patterns and trends along the major thoroughfares. Downtown Clearwater Market Study Page 3 Supplv Conditions The supply conditions analysis includes an overview of existing conditions for the primary real estate uses and business clusters that will potential growth, including: retail/entertainment, housing (for sale and rental), and office. Based upon primary field research conducted through surveys and interviews, we will provide a competitive and comparative analysis of existing and proposed projects by real estate use, to identify: - Size of retail and/or entertainment center, office building, and residential project; - Major tenants in the case of commercial space; - Age and condition of development; - Sales/Rental and occupancy rates in comparable/competitive housing; - Sales per square foot in retail space; - Mix of tenants, customer profile and amenities; - Distance of competitive projects from the core redevelopment area; - Current zoning criteria, its relation to current land uses, and its influence in the level of success of existing businesses; and, - Other pertinent information including an overview of planned projects considered to impact the redevelopment plan. !tis important to stress that our desktop research conducted for this analysis will be supported by a strong field-based effort. Only after matching our desktop analysis with fieldwork will we understand the direction of the market for each particular use and specific geographic areas. Lambert Advisorv Retail Trade Model Specific to retain/entertainment opportunities in downtown Clearwater, we will develop a detailed retail trade model which estimates the total demand for retail space by category for the area on a five to ten year projection basis. The model will estimate net new demand from local residents, workers, and visitors and will compare this to the existing competitive retail stock in the area. Driving the model is a significant amount of fieldwork to determine the current mix of retail in the area and how competitive retail will impact any proposed development. Market Conclusions Based upon the findings from the supply and demand analysis and general understanding of the community and its residents, we will be able to clearly understand how to focus retail and office business expansion as well as housing development. As part of our market conclusions we will begin to assess what sites or nodes within the downtown area could contribute to the overall value of a redevelopment plan. Importantly, we will create a general phasing plan for the downtown area to broadly define where prospective Downtown Clearwater Market Study Page 4 investment (both public and/or private) should be targeted to meet underlying market trends. Task 3: Marketing Initiatives As part of our economic and market analysis, we will identify opportunities related to special events and promotions for Downtown Clearwater. This marketing effort is considered to serve two rolls: 1.) identify events and related activities that will directly support existing businesses and stakeholders; and, 2.) consider promotional activities that will heighten the awareness of Downtown Clearwater's future vision and planning effort. To assess the most effective event and marketing programs for downtown Clearwater, we will benchmark other downtown communities that we have worked with, and/or other communities, to provide the City with a general profile of potential of space needs, target audience, funding/cost parameters, and other related characteristics that related to effective events and promotions. Task 4: Redevelopment Opportunities/Preliminary Programs Based upon the collection and analysis of information from the economic and market evaluation, we will develop a detailed strategy of potential short-term (1 to 5 years) redevelopment opportunities for Downtown Clearwater. The strategy will recognize the goal of capitalizing on development opportunities including mixed-use development programs. Notably, an important component to the success of a long-term vision for Downtown Clearwater is housing development, both market rate and affordable. In terms of identifying strategic sites that should be targeted for short-term and long-term development redevelopment, including those locations that the City/CRA has noted, as well as other potential properties, the market study will help answer critical questions, including: ~ What is the highest and best use of the prospective site(s)? Outside of a direct property valuation, is there a viable strategic program that both maximizes the site's value, as well as creating value and incentive for investment within the surrounding area? How could other surrounding properties, if owned or controlled by the City (or other public agency), add value to the overall development program? ~ What liabilities need to be addressed before certain redevelopment programs can be employed and how does the City address those liabilities? What liabilities exist which must be addressed before redevelopment can actually occur? What is the strategy for addressing these liabilities? Downtown Clearwater Market Study Page 5 ~ What type of entity should be the principal developer of the Property? The goal is to optimize the redevelopment plan through a developer primarily familiar with housing, commercial or mixed use development. As the program(s) for redeveloping downtown sites emerges, the opportunity to link the redevelopment options to physical planning options may be addressed. To this extent, we will be able to provide comprehensive insight into issues such as: ~ How do we continue to strengthen Downtown Clearwater's identity? Upon evaluation of certain architectural and design attributes within each area, we may provide recommendations as to how to make use of existing features to market the program. ~ How do we effectively integrate various sites with their surrounding Land Uses? The success of a community often times depends on an adequate mix of land uses. We will help to identify (through Aerial photography and maps) strengths and weaknesses in the existing mix of surrounding uses and its corresponding impact on the redevelopment opportunity. ~ Is there an opportunity to improve pedestrian mobility and create sense of place? An inventory and relationship analysis of existing access routes, public transportation, landscape features, and activity centers may be conducted in order to understand how to better implement the necessary improvements. We feel strongly that an important part of the market study will be to focus intently on short-term opportunities (1 to 5 years). We will also prepare a long-term development vision for certain sites/areas that will most likely be integrated into the overall plan during the 5 to 10+ year timeframe. These opportunities will be evaluated in a similar manner as the prospective short- term programs; however, one focus will be on providing the City/CRA with a program to help property owner(s) and/or the public understand how important these particular sites will be to the long-term vision in hopes of preempting any development that is not in the best interest of the community. Task 5: Downtown Market Study (Report) Based upon the economic and market findings, marketing and community outreach, redevelopment opportunities (short-term and long-term), the final step to the Market Study will be to prepare a final document (report) that includes all research, analysis, and conclusions. Accordingly, the document will be completed in electronic format for presentation on the City of Clearwater web-site. Downtown Clearwater Market Study Page 6 II. Meetinas and Presentations Based upon the scope of services outlined herein, and considering timing and budget parameters, we recommend the following meetings/presentations: 1.) The first meeting comprises the "kick-off" meeting detailed in Task 1 above. As we identify the date for the "kick-off" meeting (assumed to be immediately after contract execution), we should coordinate the list of participants so that appropriate Management and Staff from the City/CRA and/or community will be available. The goal of this "kick- off" meeting will be to finalize the work plan, collect information and data to ensure Lambert has all updated published economic, planning and related documentation from the City/CRA, formally introduce the consulting team to the geographic boundaries of Downtown and surrounding areas, and establish lines of communication. 2.) We propose the second meeting to be a presentation (referred to as Presentation 1) to the City/CRA (Board) approximately 45 days after project commencement. This presentation will include a comprehensive overview of market research, analysis and findings associated with Task II above(which will be completed by this point), as well as provide preliminary insight into both the Marketing Initiatives (Task III) and Redevelopment Opportunities/Preliminary Programs (Task IV). We believe that the format of this presentation should allow for open dialogue, especially as it relates to formulating strategic redevelopment efforts. 3.) The final presentation will be made to the City/CRA (Board) and will focus intently on Redevelopment Opportunities/Preliminary Programs and proposed Marketing Initiatives. This final presentation will be the last opportunity for feedback from the City/CRA prior to the delivery of the Downtown Market Study report. This presentation will most likely occur fifteen to thirty days following the first presentation, with the Market Study report provided fifteen days after the second presentation. III. Fees and Pavment Schedule As stipulated within the RFP, Lambert Advisory agrees to the total fee of $35,000 for the Downtown Clearwater Market Study. The fee stated herein includes out of pocket or ancillary expenses such as travel costs (including air and subsistence in the field), automobile costs, printing costs, long distance telephone, postage and courier, and photocopying. We propose to invoice the City of Clearwater as follows: $12,000 upon the 30th day following project commencement, $12,000 upon the 60th day Downtown Clearwater Market Study Page 7 following project commencement, and the balance due upon project completion. If, at some point during the course of the work, a decision is made to discontinue, our fee will be based upon the actual professional time expended to date. IV. ODuonalServkes One of the primary goals of the Downtown Clearwater Market Study is intended for the City/CRA (and community) to use as a guideline for visioning both short- and long-term redevelopment strategies. However, the practicality of a strategic plan is marginalized unless the plan is methodically set into "action." This often times proves to be a difficult task by virtue of the fact that some areas in and immediately around downtown are faced with a number of barriers that could serve to minimize, or simply negate, the redevelopment effort. Therefore, Lambert Advisory is prepared to identify critical issues and introduce various options that may be available to "bridge the gap" between opportunity and impediment and, most importantly, create a plan that is acceptable and desirable to the community. To this extent, Lambert is prepared to assist the City/CRA with a comprehensive and detailed project-by-project evaluation to better understand and support prospective investment in a single (or multiple) program. This includes various design, operating, and/or financial services such as: 1.)Physical Plan/Design and Cost Estimates - Considering the physical features and market potential of a prospective redevelopment site, it may be recommended to prepare preliminary site plans and design layouts, with associated hard and soft costs estimates. Initially, this may be very "high-profile" in nature, primarily to provide a benchmark for design and cost parameters. The City may choose its own planning and/or design firm, or Lambert Advisory can help in this process. 2.) Market Performance and Operating Estimates - Utilizing the market demand and pricing estimates determined within the Downtown Market Study, as well as industry operating benchmarks, we will prepare a projected statement of operations through development stabilization for a single use, or mixed-use development program. This includes development phasing, absorption and lease "ramp-up," marketing/lease-up costs, and other related operating estimates. 3.) Financial/"Gap" Analysis - Based upon the market performance and operating estimates for each specific development, we will assist in assembling statements of projected cash flow (before depreciation, amortization and income taxes). The statement of Project Cash Flow Downtown Clearwater Market Study Page 8 will be assembled based upon certain assumptions concluded within the cost and operating estimates summarized above, notably: ~ cash flow from operations developed by Lambert Advisory; ~ timing and amount of development costs (as provided by the planning and engineering specialists); ~ hypothetical financing structures developed by Lambert that will consider local, State and/or federal grants, conventional mortgage-backed financing instruments, and/or other sources of financing that may be obtained for public, private or joint- development program. The results of the financial analysis will help to determine investment returns from a specific development, residual land value and potential capital and non-capital "gaps" in the development of each project. 4.) Capital Investment and Risk/Return Analysis - From the results of the Financial/"Gap" analysis, Lambert will assist in the evaluation of "risk and return" that the City/CRA will need to address related to its level of capital participation for each specific project. To this extent, we will provide a multitude of participation alternatives that the City will use as the basis for the final investment decisions. 5.) Assistance with the preparation and selection process related to RFP's for Developers/Owners - We will assist the City/CRA in developing RFP/RFQ's to identify development partners and/or comparative for incentives. This assistance will include preparation of the RFP based upon the market, physical and financial parameters previously developed to ensure that the City/CRA gets the greatest return in development and financial terms given its investment. 6.) Deal Negotiation Support - We will assist the City, and its legal representative, negotiate finalized agreements with any joint- development partners. Importantly, these optional services are intended to provide the City/CRA with an understanding of some of the services and analyses that may help effectuate initiatives identified in the Downtown Market Study. The City/CRA may elect to undertake certain optional services at any point during the study, or after the study is complete. Optional Services is not included as part of the Downtown Clearwater Market Study; as such, pricing for these services will be done immediately upon request. Downtown Clearwater Market Study Page 9 v. Other Terms and Conditions Our studies, reports and analyses are subject to the following restrictions and conditions: · Lambert Advisory has no obligation to update our findings and conclusions for changes in market conditions which occur subsequent to our work. Any such changes in market conditions may affect the validity of our estimates. · Documents we prepare are based upon assumptions and estimates which are subject to uncertainly and variation. These estimates are often based on data obtained in interviews with third parties, and such data are not always completely reliable. In addition, we make assumptions as to the future behavior of consumers and the general economy which are highly uncertain. Therefore, while our estimates will be conscientiously prepared on the basis of our experience and the data available to us, we make no warranty of any kind that occupancy, rates, revenues, or other related projections will, in fact, be achieved. We hope this letter correctly addresses your needs. If you have any questions regarding the scope of work or business arrangements, please call me at (305) 860-3715. We thank you for the opportunity to present this proposal and look forward to working with you on this exciting assignment Very truly yours, 'l2A).LT Paul M. Lambert Managing Principal THE PROPOSAL AND ITS TERMS AND CONDITIONS ARE ACCEPTED IN ITS ENTIRETY BY: NAME AND TITLE: COMPANY: SIGNATURE: DATE: Downtown Clearwater Market Study Page 10 ATTACHMENT >. " ::J - UJ c _ o a> :;:0 ..ll:: ~ ~ :; Co 1;; :IE ~ ~ ~ ua>1;; .Eo~ .... C'll ~ 0 a> -5 ~O a> (3 c J: ~ U .s UJ c ~ o c o ..... ..II: ~ Q) ..II: CD ~ IX) ..II: CD ~ .... ..II: ~ CD ..II: CIl ~ II) ..II: CD ~ 'It ..II: CD ~ C"'l ..II: ~ ('II ..II: ~ -- - ..... ..II: CD ~ -LL .... 0 ..II: CD ~ l(l 'tl I- CD CD ~ 0.. 0 ... CD I.) .. 0 z ..... ..II: l(l I- III ~ IV C Qj oe( 'tl j ~ .. CIl IV " ::i Cll 'tl~ t=~ f6.Q ~I~.Q U:g~~~ 'E l5 '5 'S; 13 OUC1;lC C 0<1;0 o"ut::u WI.) 1ij~.8Q) E 8: -t!: .. CIl :::J ~ Cll ~OU)-1:!: III Cll I- 'tl C Cll ~ III g CD .. III CD '2 E !; :::l IV ~ t::~ III ~~ :::l C ... CD tI) .2 > ~I~ Qj~ .. 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