10-28-15 Meeting of the La Porte Development Corporation Board of Directors

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Request for Proposals for a Multi-Use Civic Center in La Porte, Texas The City of La Porte does not have a multi-use civic center. Therefore, the La Porte Development Corporation (LPDC) wishes to entertain an opportunity to construct a multi-use civic center on 7.5 acres of property on Galveston Bay that is owned by the City of La Porte and adjacent to Sylvan Beach, Sylvan Beach Park, the Sylvan Beach Pavilion, and Seabreeze Park. The facility would be available for use by the citizens of La Porte, businesses of La Porte, and visitors from other communities. Operation and management of the facility will be either wholly operated and managed by the City or contract with a private, third party operator. Feasibility Requirements Market Feasibility StudyFinancial Feasibility Study The selected consultant will conduct both a and for the proposed project. Market Feasibility Study The Market Feasibility Study will identify the level of demand in the market for a proposed conference center or multi-use civic center considering a minimum of the following factors: Existing supply of competing conference centers in the market, Anticipated supply of competing conference centers in the market, Existing market demand for this multi-use civic center, Anticipated market demand for this multi-use civic center, An analysis of the types of uses for which this center should be designed to maximize both its use and its potential to generate a profit, and Identification of prospective categories of users. Financial Feasibility Study The Financial Feasibility Study will identify and/or determine, at a minimum, the following: Total Cost to construct the proposed facility, Annual cost to operate and maintain the proposed facility, Annual cost to service the debt for terms of 20, 25, and 30 years, and A recommended rental structure and rental rate per hour that will be necessary to cover the cost of the project under each of the following scenarios for 20, 25, and 30 year terms: (1)Total Cost , which includes all costs for construction, debt service, operations and management, and maintenance, but excludes the cost of the project studies. (2)Operations and Management , which excludes all costs for construction, debt service, maintenance, and the cost of the project studies. 1