Pre-Development
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Pre-development
One of the key elements for any successful project relates to the experience and efforts during the pre-development period. This phase is activated by securing the funds necessary to aggressively attack the pre-development phase and bring the project to funding.
Ivy P3 Group (“Ivy P3”) provides the following pre-development services to our clients:
- To coordinate, along with the Development team, the creation, review and approval of certain legal documents between the public partner and coordinating private partner
- To facilitate a development schedule for project development and delivery
- To facilitate meetings between the public partners and the design team
- Coordinate with necessary legal team(s) the document process
- To facilitate the submittal of information, structure overview and selection process for the accompanying finance team members
- To facilitate the review and ultimate selection of a proposed 501c3 nonprofit to participate in the transaction and project
- To assist the Development team with the tracking, coordination, and adherence to the Pre-Development Budget
- To assist the Development team with a 10-year proforma projection given the most up-to-date programming
- Work closely with selected Architect and General Contractor to provide initial Massing Plan and Programming and coordinate design efforts with budget practices
- Assist with the creation and drafting of other finance related document, including the Design-Build construction contract
- To coordinate, along with the Development team, an independent, third party market study
- To coordinate the necessary local ordinances, permits and building code required by the public partner(s) and/or State agencies
- To coordinate the creation, review and approval of the multiple legal documents involving several of the parties
- To coordinate the information and documentation, including but not limitedto the below:
- Economic impact study
- Programming/schematic design
- Budget projections
- Employment projections
- Parties involved in the project
- To schedule and conduct weekly meetings, updates and presentations to the public partner, including but not limited to:
- Programming and project updates
- Budget updates
- Schedule
- Real estate related issues (i.e. utilities, site work, easements, etc.)
- To coordinate, along with the selected Operator, the project programming and design and ensure we are meeting desired operational layout, needs of the Operator, etc.
- Would include weekly standing meeting to discuss these elements with Architect
- To coordinate and based on the programming and design elements, that the General Contractor is reviewing and updating budget estimates that fit within our desired construction budgets
- Would include weekly standing meeting to discuss current budget estimates with the GC
- Assist with the completion of a fundable project budget, evidenced by the GC’s submittal of a Guaranteed Maximum Price (“GMP”) contract, acceptable to Operator standards
- To coordinate, along with the Development team, the allocation of budget dollar allowances for certain spaces (including but not limited to the following below), not fully designed at the time of the Design-Build GMP:
- Food and beverage outlets
- Ancillary facility requirements
- Additional amenities
- Public space
- External signage
- To coordinate, along with the Development team and the selected financing team members, certain components for the proposed structure, including but not limited to the following:
- Negotiations with 501c3 nonprofit (Borrower)
- Legal review with Bond Counsel(s)
- Modeling proformas, projections, sensitivities, etc.
- Documentation supporting the currently negotiated tax incentives both at the State and local level
- Preparation of all bond documents
- Preparation of an Investor Net Roadshow Presentation
- Detailed and specific Q&A sessions with potential investors
- Coordination of a financing timeline and participant list
- Conduct site visits
- Preparation for bond funding and next steps leading to Construction Phase