Economic Impact Study
City of Wildwood
Wildwood, MO
The City of Wildwood, Missouri is hereby requesting proposals from economic development and planning firms capable and qualified to conduct an economic impact study for the proposed Main Street extension via the existing, private, Crestview Drive. This extension would connect two (2) existing phases and one (1) planned phase into one new complete Main Street corridor, thus facilitating in the continued commercial growth of this portion of Wildwood Town Center. The selected firm must possess direct and extensive experience in economic impact studies, land use planning and public-private partnership programs. Submittals are welcome from companies competent and capable of meeting the requirements of this Request for Proposals (RFP).
As directed by the City, the selected firm shall carry out all activities required to conduct necessary research and provide a completed economic impact study to the City's Economic Development Committee of City Council. These activities should minimally include discussions with real estate professionals, market analyses of the type of development that could be anticipated at this location, conceptual planning for new development scenarios, calculating an analysis of the new tax revenues to the City (direct and indirect) and developing a cost/benefit summary reflecting the costs of construction for the Main Street extension. This information will then be presented to the Economic Development Committee of the City Council for consideration and direction.
Tasks will include, but are not limited to, the following:
- Interview two (2) real estate professionals to gain direct input regarding the level of development that may be feasible at this location, as facilitated by the Main Street extension.
- Market analysis of the type of new development that could be anticipated in the 20-acre redevelopment area, and the allocation of land uses that could be expected (retail, entertainment, office, hospitality, mixed-use, residential and similar), as recommended by the City's Town Center Regulating Plan.
- Conceptual planning for three (3) possible development scenarios at this location, accommodating different land use mixes to be developed, based on the market analysis completed in #2., above.
- Calculation of immediate tax revenues generated to the City, based on each of the three (3) development scenarios identified in #3, above, including sales taxes (via the St. Louis County sales tax “pool” system and the City's capital improvements sales tax), gross receipts utility taxes, business license fees, etc.
- Estimate of new full-time and part-time jobs to be created, including any contracted positions for construction of the new development, and any associated economic impact associated with these jobs.
- Impact that the new development of this area will have on the City's traffic network, including estimated new annual average daily traffic (AADT) counts for the Main Street extension.
- Estimate of need for increased public safety (police, fire, EMT) to properly protect any new development facilitated by the Main Street extension.
- Calculation of indirect economic impact to be generated to the City via the Main Street Extension, using available IMPLAN modeling tools and/or RIMS/II multipliers.
- Estimate of any revenue which may be generated to the City using public-private partnership programs available to the City, such as Community Improvement Districts (CID), Transportation Development Districts (TDD) and similar.
- Cost-benefit analysis of associated construction costs for the new Main Street extension, including acquisition of the private Crestview Drive roadway (a parcel of ground), acquisition of property fronting Crestview Drive and the construction of a widened roadway, similar to the existing Main Street, which would be weighed against the potential economic benefit to the City of Wildwood from the proposed new development at this location.
- Development of a report documenting the findings and conclusions prepared by the selected firm.
- Presentation of the final report to the City's Economic Development Committee of City Council.
Submission of Qualifications
Provide three (3) copies suitable for photocopying of submittals, or an equivalent quantity of information on a flash drive or via e-mail. Submittals should contain the following information:
- One (1) page letter of interest, which should minimally include a brief description of the firm's qualifications, the primary contact for this project, and clearly identify the professional services the firm can provide in this regard.
- A profile of the firm, including the number of employees, location, and relevant experience working on similar projects in the last two (2) years.
- Describe the firm's experience with local governments or other public agencies in the completion of similar projects.
- A summary of project descriptions for similar efforts performed by the firm within the last two (2) years. Provide name of client (include contact information), description of services provided, key personnel, year the project was completed, and estimated and final costs.
- Disclose any material agreements, relationships, or employment your firm or team members have with any other projects that may create a conflict of interest or the appearance thereof.
- In a separate sealed envelope, please provide an estimate of costs for the anticipated and identified services, which are set forth herein.