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DFI Proposes Pre-Development Services for Acme-McCrary Site

$94,600 flat fee to City (total fee $104,100; 1% of project costs as development services fee)Asheboro Housing AuthorityUNC SCHOOL OF GOVERNMENT DEVELOPMENT FINANCE INITIATIVEApril 6, 2023

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Description

The UNC School of Government’s Development Finance Initiative has proposed a $94,600 pre-development consulting engagement, plus a 1% development services fee, to help Asheboro attract a private partner for redevelopment of the former Acme-McCrary mill site. The nine-month scope includes market and financial analysis, solicitation of developers, and support through financing close.

Contract Details

Contract Amount

$94,600 flat fee to City (total fee $104,100; 1% of project costs as development services fee)

Vendor

UNC SCHOOL OF GOVERNMENT DEVELOPMENT FINANCE INITIATIVE

Agency

Asheboro Housing Authority, NC

Contract Type

CONSULTING

Document Date

April 6, 2023

Contract Term

Estimated 9 months for pre-development Activities 1-8; ongoing through developer financing close for Activities 9-13

Renewal Info

Fee payable in two installments of $47,300; scope includes potential future Development Services Fee of 1% of total project costs if a development agreement is executed.

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