Submission Requirements

Details on the submittal requirements for State Commercial Opportunities

SUBMITTAL REQUIREMENTS

  1. Transmittal Letter (3-Page Limit)

    This component is intended to introduce your team, the team’s structure, and identify the primary point of contact.

    1. Legal name and structure of the submitting organization or consortium.
    2. Name, title, signature, address, phone, and email of the authorized representative for the proposal.
    3. Identification of the Lead Developer (if applicable).
    4. Roles and relationships of all team members to be evaluated. 
  2. Concept Proposal (15-Page Limit)

    This component is intended to provide evaluators with a clear idea of what your team intends to redevelop. The evaluators will review this section heavily.

    1. Identification of the proposed site by Unique ID. In the event that only a portion of a given property is proposed, visually show the portion to be considered.
    2. A detailed explanation of the proposed use for the site. This should include:
      1. Conceptual layout of the site.
      2. Narrative explaining the Proposed uses, activities, and programs for the property. For example, a proposal to redevelop state property for commercial warehousing should describe the size of the buildings, the potential tenants, the number of parking spaces to be developed, potential access routes for trucks, etc.
      3. Narrative describing how the proposed use would benefit the State and/or the local community, including any expected beneficial impacts (economic, community, environmental) due to the project.
  3. Qualifications and Experience (5-Page Limit)

    This component is intended to help evaluators determine that your team has the necessary qualifications and experience to successfully redevelop the site.

    1. Background and qualifications of the project principal and team members. 
      1. Please note that after selection, changes to the team may require State approval and written justification. 
    2. Narrative, with detailed examples, of the team’s delivery of projects of similar scale and complexity over the past 10 years. 
  4. Financial Capacity and Strategy (5-Page Limit)

    This component will be evaluated carefully to determine whether the proposed project is not only financially viable, but likely to succeed. Evaluators will seek to understand how pre-development costs will be addressed, as well as the likelihood that development costs can be covered through the proposed means.

    1. A listing of the estimates related to both pre-development and development costs. 
    2. A clear financing strategy, detailing sources and amounts of capital (equity, debt, etc.) for both pre-development and development costs. 
    3. Analysis of how the project will support local financial sustainability.
    4. Any material assumptions that impact financial feasibility (ex: location of connections for municipal utilities). 
  5. Financial Offering to the State

    This component provides the State with the revenue for the proposed lease or sale. 

    1. Lease Financials – for proposals to lease State property, respondents must include a clear and competitive rent proposal. 
      1. This includes both the revenue to the State and the desired lease term (and any proposed renewal options).
      2. Revenue projections may be based upon any of the following models:
      1. Base Rent: A fixed annual or monthly amount.
      2. Revenue Sharing: A percentage of gross or net revenues.
      3. Hybrid Models: A combination of base rent and revenue sharing.
    2. Sale Financials – for proposals to purchase State property, respondents must include a clear and competitive offer. Such an offer must include the following: 
      1. The proposed purchase price
      2. The proposed conditions to close
      3. The estimated timeframe to close Escrow  
  6. Project Schedule

    This component is intended to provide a reasonable schedule showing the major milestones from award to completion (either close of escrow for a sale or certification of occupancy for a lease).

    1. A detailed timeline outlining all key redevelopment milestones.
    2. A clear and feasible strategy for meeting project timelines, including CEQA and entitlement plans.