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1022-Marketplace Advisors/DavidMarketplace Advisors, Inc. Real Estate Consultants Snecializin¢ in Town Centers Page l June 15, 2004 Mr. Al Chieshaber, Jr. Via Fax # (407) 330 -5616 City Manager & US Mail City of Sanford 300 N. Park Ave., Rut. 203 Sanford, FL 32771 Re: DOWNTOWN SANFORD REDEVELOPMENT — Consulting Services Dear Mr. Al Chieshaber, Jr: It was a pleasure meeting with your Community Redevelopment Agency, Mayor Brady Lessard and Commissioner Kevin Hipes to discuss some of the services that Marketplace Advisors, Inc. could provide the CRA in helping facilitate the redevelopment of downtown Sanford. As the Orlando urban area continues to grow and evolve the competitive dynamics of the marketplace are causing areas of our community to reevaluate their market position. I would be honored to work with the CRA on the analysis of this downtown market to determine the opportunities available to the City of Sanford. Downtown Sanford has some great assets with Lake Monroe, the historic downtown and your Riverwalk redevelopment. The timing is right for Downtown Sanford's Renaissance! Dominant Town Center Uses lPotwidal Town Center Anchors/ P.O. Box 941120, Maitland, FL 32794 -1120 2200 Lucien Way. Suite 350. Maitland. FL 32751- dmarksAcfl.rr.com E -mail 9 Lic. Real Estate Broker 0 N r-I s N z 0 N 407.599.0007 Direct 407.661.1999 Fax 407.694.7040 Cell Source: Marketplace Advisom Inc. KA," nAh .s i., Marketplace Advisors, Inc. Real Estate Consultants Specializing in Town Centers Page 2 Marketplace Advisors is pleased to submit this proposal to provide ongoing consulting services and to evaluate the commercial and residential potential for the redevelopment of downtown Sanford. These services will include approximately 15 hours per month of consulting services concerning the downtown redevelopment and a marketing study to evaluate the following: determination of the trade area, an analysis of the trade area's demographics, computer modeling to determine the commercial demand for the trade. This study will include a preliminary verbal presentation and a final written summary report. SCOPE OF SERVICES The following scope of services is divided into ten (10) tasks. During this process, progress meetings /conference calls will be scheduled to update you on our preliminary conclusions and the direction of the study. TASK 1 MONTHLY CONSULTING SERVICES Marketplace Advisor will provide consulting services to meet with the City of Sanford to discuss issues as they relate to the redevelopment of downtown Sanford. Marketplace Advisors will provide approximately 15 hours per month of consulting services to the City of Sanford in addition to the following Tasks. Marketplace Advisors will be available to attend planning and development meetings as directed by staff. TASK 2 DISTRICT & CONCEPT ANALYSIS Evaluate the property's characteristics, such as location, size, exposure and its relationship to the Orlando MSA. Describe the proposed market position for downtown Sanford. Trade Area Analysis S 9AMdatlMM ITV MIS 0m.,� T�fy Iliylob -eIYM P.O. Box 941120, Maitland, FL 32794 -1120 dmarksna cfl.rr.com E -mail V Lucien Wa , Suite 350, Maitland, FL 32751 -7019 Lic. Real Estate Broker 99.0007 Direct 407.661.1999 Fax 407.694.7040 Cel Marketplace Advisors, Inc. Real Estate Consultants Specializing in Town Centers Page 3 TASK 3 TRADE AREA ANALYSIS Define the trade area for downtown Sanford based on the existing and proposed uses for the area. Marketplace Advisors will examine economic, social, political, and technological conditions in the environment to identify trends, particularly those that represent opportunities and threats to downtown Sanford's redevelopment. TASK 4 CONSUMER DEMAND ANALYSIS Evaluate the consumer demand within the trade area for commercial uses. Determine the Customers' needs, motives, and potential uses for the project. Demographic factors such, as population, age, income, family lifecycle and lifestyle will be evaluated. Marketplace Advisors will use computer models to develop estimates and projections of the consumer demand for commercial establishments such as retail, restaurant, entertainment, medical, office, and hotel facilities. Marketplace Advisors will also conduct a preliminary analysis of the potential residential demand for the redevelopment of downtown Sanford. Marketplace Advisors will evaluate other communities that are similar to the subject property to help calibrate demand potential for downtown Sanford. Town Center DNA Analysis P.O. Box 941120, Maitland, FL 32794 -1120 dmarks(a cfl.rr.com E -mail 2200 Lucien Way, Suite 350, Maitland, FL 32751 -7019 Lie. Real Estate Broker 07.599.0007 Direct 407.661.1999 Fax 407.694.7040 Cell Marketplace Advisors, Inc. Real Estate Consultants Snecializine in Town Centers Page 4 TASK 5 COMPETITIVE SUPPLY ANALYSIS Conduct a review of the competitive areas within downtown Sanford's trade area. This review will include major competitors' estimate market share, strategies, strength and weaknesses. TASK 6 MAJOR PROPERTY OWNER'S ASSESSMENT Marketplace Advisors will meet with the major property owner's representatives within the redevelopment area to obtain their assessment of the market and it's potential. TASK 7 DOWNTOWN SANFORD'S REDEVELOPMENT' MARKET POTENTIAL Compare the trade area's consumer demand and competitive supply to determine the market potential for downtown Sanford. Evaluate /Select to determine what market offers the most opportunity for downtown Sanford in terms of sales potential, competitors, growth rates and the property owner's long -term goals. Positioning — Marketplace Advisors will make suggestions on how downtown Sanford's redevelopment should be positioned in the market, especially in relation to competing projects. TASK 8 CONCEPT EVALUATIONS AND MARKETING STRATEGY Marketplace Advisors will evaluate the proposed redevelopment plans to create alternative redevelopment scenarios as warranted based on the preceding market analysis. These scenarios will be evaluated and ranked in terms of their potential benefits and risks. Based on the recommended development scenario(s), Marketplace Advisors will propose a marketing strategy that addresses downtown Sanford's commercial and residential market potential. TASK 9 DEVELOPER INCENTIVES Marketplace Advisors will interview at least six developers to discuss development opportunities in downtown Sanford. During the course of the interview, Marketplace Advisors with discuss what role the developers would expect for the City of Sanford and what type of incentives, if any, would provide the City of Sanford with the greatest amount of develop impact in the downtown area. P.O. Box 941120, Maitland, FL 32794 -1120 dmarks(a)cfl.rr.com E -mail 220=410 en Wa , Suite 350, Maitland, FL 32751 -7019 Lic. Real Estate Broker 07007 Direct 407.661.1999 Fax 407.694.7040 CeI Marketplace Advisors, Inc. Real Estate Consultants Specializing in Town Centers Page 5 Types of Town Centers • Residential Single & Mulli-Family, Neighborhood Sen nor • Employment OMce, Mul i- Family, Support Services • Leisure Fashion Apo" and Home Accessories Entenainmenr Theatre, Restaumn%. Nigh Clubs, Fashion Resort Second Homes, Hreb, Raefraares, Speciany Shops • Urban Combination of Residential. Employment and Leisure Uses Source: Marketplace Advisors_ Inc. 0IFITIY 111[1 X lU : n 111" A brief letter report documenting the study's objectives, important assumptions and the study's conclusions will be completed. The report will also contain appropriate tables and graphics to help convey the content of the letter report. FEES AND TIMETABLE Once we have received your authorization to proceed, Marketplace Advisors can complete Tasks 2 — 9 in approximately ten (10) weeks, with an additional two weeks for the summary report (Task 10). Marketplace Advisors' fees for this study are broken down as follows, including all miscellaneous expenses for compiling this report: Task 1: Monthly Consulting Services (Monthly Fee) $2,000 Tasks 2 — 9: District & Concept Analysis, Trade Area Analysis, Demand Analysis, Competitive Supply Analysis, Property Owner's Assessment, Market Potential, Concept Evaluation and Marketing Strategy, and Developer Incentives: (One Time Fee) $14.500 Task 10: Summary Report: $0 Travel Expenses: Principal shall reimburse Marketplace Advisors for related travel expense up to: N/A P.O. Box 941120, Maitland, FL 32794-1120 dmarks(i4cffmcom E -mail 2200 Lucien Way, Suite 350, Maitland, FL 32751 -7019 Lic. Real Estate Broker 407.599.0007 Direct 407.661.1999 Fax 407.694.7040 Cell Marketplace Advisors, Inc. Real Estate Cnnsnttnntc Q*wri alivinn in Tn., ! o �e Page 6 You may authorize us to proceed with only Task I at this time by sio in the under a separate agreement. The monthly consulting services (Task 1) of this agreement shall remain in effect for a period of twelve (12) months from the date hereof. Either party may terminate Task 1 of this agreement at any time without penalty by giving the other party written notice, in which event the term of Task I shall cease thirty (30) days subsequent to the date termination notice is received by the other party. The person signing this agreement for the City of Sanford warrants that he has full authority to enter into this agreement on behalf of the City of Sanford. Since the projections and recommendations in the proposed study are based on estirnates and assumptions that are subject to uncertainty and variation, Marketplace Advisors, Inc. does not warrant or represent them as results that will actually be achieved. We look forward to the opportunity to work with you on this study. If you have and questions or require revisions in this proposal, please do not hesitate to call myself at (407) 599 -0007. Best regards, J/ '0 0w ; David W. Marks President Marketplace Advisors, Inc Authorization to Proceed: Its: Date: �t?X \Q 2l 2CSJ� N e-4 x a. rl N z ti v 0 N P.O. Box 941120, Maitland, FL 32794 -1120 dmarks(a),effmcom E -mail 2200 Lucien Way, Suite 350, Maitland, FL 32751 -7019 Lie. Real Estate Broker 07.599.0007 Direct 407.661.1999 Fax 407.694.7040 Ce1 Marketplace Advisors, Inc. Real Fstate Cnnanitantc Ctwcialivinn :n Tn., t --+e«. June 15, 2004 " � JUN 18 [UU4 Page l Mr. Al Grieshaber, Jr. City Manager City of Sanford 300 N. Park Ave., Rm. 203 Sanford, FL 32771 FU Via Fa x # (407) 330 -5616 S Mail Re: DOWNTOWN SANFORD REDEVELOPMENT — Consulting Services Dear Mr. Al Grieshaber, Jr: We look forward to working with you and the City of Sanford on the redevelopment of downtown Sanford. I think there is great opportunity in front of us. Attached is a revised agreement that only authorizing Task 1 (see page 46), if all is in order please sign and return a copy, also please process the $2,000 retainer for the first months consulting services. If you have any questions please do not hesitate to call myself at (407) 599 -0007. Best reeg rds, ,el ' X�4' David W. Marks President Marketplace Advisors Inc N r°d cv T er 0 N P.O. Box 941120, Maitland, FL 32794 -1120 dmarks(&cfl.rr.com E -mail 2200 Lucien Way, Suite 350, Maitland, FL 32751 -7019 Lie. Real Estate Broker 07.599.0007 Direct 407.661.1999 Fax 407.694.7040 Cell Office of the Cit Clerh Janet R. Dougherty, CMC Cit of ,Sanford, P.O. Box 1788 • 32772 -1788 • (407) 330 -560E June 25, 2004 Mr. David W. Marks President Marketplace Advisors, Inc. P.O. Box 941120 Maitland, FL 32794 -1120 Dear Mr. Marks: Florida • (407) 330 -5606 Facsimile Enclosed please find items pertaining to your contract with the City of Sanford for Downtown Sanford Redevelopment Consulting Services. The items are: Executed copy of said contract dated June 21, 2004, and Check #84324 in amount of $2,000.00, for the first month retainer. If you have any questions, please do not hesitate to call me. Sincerely, Janet R. Dougherty, CMC City Clerk id Enclosures as noted. IIII ��7 e 1'riendlt� ciPt/ Marketplace Advisors, Inc. Real Estate Consultants Specializing in Town Centers Page I June 15, 2004 Mr. Al Grieshaber, Jr. Via Fax # (407) 330 -5616 City Manager City of Sanford & US Mail 300 N. Park Ave., Rm. 203 Sanford, FL 32771 Re: DOWNTOWN SANFORD REDEVELOPMENT — Consulting Services Dear Mr. Al Grieshaber, Jr: It was a pleasure meeting with your Community Redevelopment Agency, Mayor Brady Lessard and Commissioner Kevin Hipes to discuss some of the services that Marketplace Advisors, Inc. could provide the CRA in helping facilitate the redevelopment of downtown Sanford. As the Orlando urban area continues to grow and evolve the competitive dynamics of the marketplace are causing areas of our community to reevaluate their market position. I would be honored to work with the CRA on the analysis of this downtown market to determine the opportunities available to the City of Sanford. Downtown Sanford has some great assets with Lake Monroe, the historic downtown and your River redevelopment. The timing is right for Downtown Sanford's Renaissance! Dominant Town Center Uses (Potential Town Center Anchors) N ri x N z a ti v 0 0 N P.O. Box 941120, Maitland, FL 32794-1120 dmarks(a)cfl.rr.com E -mail 2200 Lucien Way, Suite 350, Maitland, FL 32751 -7019 Lic. Real Estate Broker 07.599.0007 Direct 407.661.1999 Fax 407.694.7040 Cel Source: Marketplace Advisors, Inc. n, „�.��... Ad, 1.. Marketplace Advisors, Inc. Real Estate Consultants Specializing in Town Centers Page 2 Marketplace Advisors is pleased to submit this proposal to provide ongoing consulting services and to evaluate the commercial and residential potential for the redevelopment of downtown Sanford. These services will include approximately 15 hours per month of consulting services concerning the downtown redevelopment and a marketing study to evaluate the following: determination of the trade area, an analysis of the trade area's demographics, computer modeling to determine the commercial demand for the trade. This study will include a preliminary verbal presentation and a final written summary report. SCOPE OF SERVICES The following scope of services is divided into ten (10) tasks. During this process, progress meetings /conference calls will be scheduled to update you on our preliminary conclusions and the direction of the study. TASK 1 MONTHLY CONSULTING SERVICES Marketplace Advisor will provide consulting services to meet with the City of Sanford to discuss issues as they relate to the redevelopment of downtown Sanford. Marketplace Advisors will provide approximately 15 hours per month of consulting services to the City of Sanford in addition to the following Tasks. Marketplace Advisors will be available to attend planning and development meetings as directed by staff. TASK 2 DISTRICT & CONCEPT ANALYSIS Evaluate the property's characteristics, such as location, size, exposure and its relationship to the Orlando MSA. Describe the proposed market position for downtown Sanford. Trade Area Analysis P.O. Box 941120, Maitland, FL 32794-1120 22 00 Lucien Way, Suite 07 5 99.0007 Dire FL 32751 -7019 dmarksC&cll.rr.com E -mail Lic. Real Estate Broker 407.661.1999 Fax Mar lace Advisors, Inc. Real Estate Page 3 TASK 3 TRADE AREA ANALYSIS in Town Centers Define the trade area for downtown Sanford based on the existing and proposed uses for the area. Marketplace Advisors will examine economic, social, political, and technological conditions in the environment to identify trends, particularly those that represent opportunities and threats to downtown Sanford's redevelopment. TASK 4 CONSUMER DEMAND ANALYSIS Evaluate the consumer demand within the trade area for commercial uses. Determine the Customers' needs, motives, and potential uses for the project. Demographic factors such, as population, age, income, family lifecyle and lifestyle will be evaluated. Marketplace Advisors will use computer models to develop estimates and projections of the consumer demand for commercial establishments such as retail, restaurant, entertainment, medical, office, and hotel facilities. Marketplace Advisors will also conduct a preliminary analysis of the potential residential demand for the redevelopment of downtown Sanford. Marketplace Advisors will evaluate other communities that are similar to the subject property to help calibrate demand potential for downtown Sanford. Town Center DNA Analysis P.O. Box 941120, Maitland, FL 32794-1120 2200 Lucien Way, Suite 350 Maitland, FL 3 275 1 -7019 M ., M,,, I., dmarks(d)cfl.rr.com E -mail Lie. Real Estate Broker — 7. 599.0007 Dir 407.661.1999 Fax 407.694. 7040 CPS Marketplace Advisors, Inc. Real Estate Consultants Specializing in Town Centers Page 4 TASK 5 COMPETITIVE SUPPLY ANALYSIS Conduct a review of the competitive areas within downtown Sanford's trade area. This review will include major competitors' estimate market share, strategies, strength and weaknesses. TASK 6 MAJOR PROPERTY OWNER'S ASSESSMENT Marketplace Advisors will meet with the major property owner's representatives within the redevelopment area to obtain their assessment of the market and it's potential. TASK 7 DOWNTOWN SANFORD'S REDEVELOPMENT' MARKET POTENTIAL Compare the trade area's consumer demand and competitive supply to determine the market potential for downtown Sanford. Evaluate /Select to determine what market offers the most opportunity for downtown Sanford in terms of sales potential, competitors, growth rates and the property owner's long -term goals. Positioning — Marketplace Advisors will make suggestions on how downtown Sanford's redevelopment should be positioned in the market, especially in relation to competing projects. TASK 8 CONCEPT EVALUATIONS AND MARKETING STRATEGY Marketplace Advisors will evaluate the proposed redevelopment plans to create alternative redevelopment scenarios as warranted based on the preceding market analysis. These scenarios will be evaluated and ranked in terms of their potential benefits and risks. Based on the recommended development scenario(s), Marketplace Advisors will propose a marketing strategy that addresses downtown Sanford's commercial and residential market potential. TASK 9 DEVELOPER INCENTIVES Marketplace Advisors will interview at least six developers to discuss development opportunities in downtown Sanford. During the course of the interview, Marketplace Advisors with discuss what role the developers would expect for the City of Sanford and what type of incentives, if any, would provide the City of Sanford with the greatest amount of develop impact in the downtown area. P.O. Box 941120, Maitland, FL 32794-1120 dmarks(ikffmcom E -mail V Lucien Wa , Suite 350, Maitland, FL 32751 -7019 Lic. Real Estate Broker 99.0007 Direct 407.661.1999 Fax 407.6947040 Cel Marketplace Advisors, Inc. Real Estate Consultants Soecializine in Town Centers Page 5 Types of Town Centers rvoe er Teen Cents Os,admaataneua a Residential single R Multi- Family, Neighborhood services a Employment Oltim, Multi- Family, support Services a Leisure Fashon Apparel and Hone Aoo ssones Enlenarvnent 7Malre, Restaurants. Ngla Clubs, Fashion Resort Sacatl Hones, Hotels, Restaunv0s, Specialty Slaps a Urban Canbinat on of Residential, Employment and Lassie Uses Source: Marketplace Advisors. Inc. TASK 10 SUMMARY REPORT A brief letter report documenting the study's objectives, important assumptions and the study's conclusions will be completed. The report will also contain appropriate tables and graphics to help convey the content of the letter report. FEES AND TIMETABLE Once we have received your authorization to proceed, Marketplace Advisors can complete Tasks 2 — 9 in approximately ten (10) weeks, with an additional two weeks for the summary report (Task 10). Marketplace Advisors' fees for this study are broken down as follows, including all miscellaneous expenses for compiling this report: Task 1: Monthly Consulting Services (Monthly Fee) $ 2.000 Tasks 2 — 9: District & Concept Analysis, Trade Area Analysis, Demand Analysis, Competitive Supply Analysis, Property Owner's Assessment, Market Potential, Concept Evaluation and Marketing Strategy, and Developer Incentives: (One Time Fee) $14,500 Task 10: Summary Report: $0 Travel Expenses: Principal shall reimburse Marketplace Advisors for related travel expense up to: N/A P.O. Box 941120, Maitland, FL 32794-1120 dmarks(c)ctl.rr.com E -mail 2200 Lucien Way, Suite 350, Maitland FL 32751 -7019 Lie. R eal Estate Broker 07.599.0007 Direct 407.661.1999 Fax 46j 7040 Cell F MUketglace Advisors, Inc. Real Estate Consultants Specializing in Town Centers Page 6 You may authorize us to proceed with only Task 1 at this time by signing in the space provide below and returning a copy of this letter to us with a $2,000 retainer for the first months consulting services. Tasks 2 -10 can be only authorized later under a separate agreement. The monthly consulting services (Task 1) of this agreement shall remain in effect for a period of twelve (12) months from the date hereof. Either party may terminate Task 1 of this agreement at any time without penalty by giving the other party written notice, in which event the term of Task 1 shall cease thirty (30) days subsequent to the date termination notice is received by the other party. The person signing this agreement for the City of Sanford warrants that he has full authority to enter into this agreement on behalf of the City of Sanford. Since the projections and recommendations in the proposed study are based on estimates and assumptions that are subject to uncertainty and variation, Marketplace Advisors, Inc. does not warrant or represent them as results that will actually be achieved. We look forward to the opportunity to work with you on this study. If you have and questions or require revisions in this proposal, please do not hesitate to call myself at (407) 599 -0007. Best regards, J )_4�z ' W� David W. Marks President Marketplace Advisors, Inc ec o - N rl 0. N a ti a 0 N Authorization to Proceed: Its: Date: P.O. Box 941120, Maitland, PL 32794-1120 dmarks(a)cfl.rr.com E -mail 22 00 Lucien Way, Suite 350, Mait EL 32751 -7019 Li c_. Real Estate Broker 407.599.0007 Direct 407.661.1999 Pax 407.694.7040 Cel