The RFP, released in early May with a stringent timeline of responses due by month end, outlines a comprehensive seven-phase work program to be completed by February the following year. It requires the appointed consultants to begin by analyzing the EDC’s financial and operational objectives before moving on to study likely investment markets, develop a financial pro forma spanning five to ten years and finally advising the EDC on the best possible course of action.
Since its inception in 2020, the EDC has been tasked with utilizing city-owned assets in innovative ways to achieve specific community goals such as affordable housing, creative space conservation and creation, and improving childcare access. The entity has been managing a few minor real estate assets linked with the city’s cultural trust, despite not having control over significant revenue-generating city properties.
David Colligan, EDC’s chief operating officer, voiced concerns over the entity’s lack of ownership of key properties that would enable them to issue bonds for undertaking other projects benefiting the community. This action is similar to those taken by other EDCs in cities like Atlanta and New York.
Now, aiming to stimulate property acquisition and evaluate the EDC’s role further, the consultant solicitation process has been launched. This is particularly significant in the wake of the tax increment reinvestment zone for the South Central Waterfront District, previously managed by the EDC, being affected by court verdicts.
Colligan affirmed that possession of property unlocks access to federal funding and federally backed programs, which are instrumental in accelerating project development. Conveying property over to an EDC enhances the scope of leveraging these programs for public property.
In parallel with this endeavor, the EDC is also keeping an eye on the selection process between two proposals vying to handle the redevelopment of Blocks 16 and 18 on East 11th Street. Currently, conversations with new City Manager T.C. Broadnax are expected to engage other city leaders with the EDC in harnessing its inherent flexibility and wide-reaching mission.
As an organization functioning under a 501(c)(3) status, EDC has the power to manage philanthropic giving as well as investors while overseeing city assets, rendering it a unique hybrid entity with the potential to greatly influence future public-private partnership deals.
In the immediate future, forming alliances with regional foundations is given top priority that could pave the way for funding from prominent national organizations aligning with EDC’s goals. Colligan mentioned a record surpass of their fundraising goal for 2023 and anticipates the same success for 2024. He concluded optimistically, “We really want to be able to focus on those national philanthropic contributors that can help us to, again, leverage those public networks.”
