Surplus Real Property Sale; 1515 Madison Ave

For Community Development purposes, the City of Covington, KY ("City") Community Development Department solicits Proposals to acquire from the City and redevelop the City-owned vacant commercial parcel at 1515 Madison Avenue Covington Kentucky 41011.

The City invites proposals from qualified, competent, knowledgeable, and experienced providers that professionally perform the services outlined in this Request for Proposal ("RFP"), in compliance with all applicable laws and regulations.

Objectives

The City's redevelopment objectives for this property include:

• Optimize the potential value of City-owned property through its sale, disposal, and redevelopment while promoting high-quality, market-rate or affordable commercial or residential opportunities, including office, retail, or multi-family housing.
• Produce property uses compatible with the character of the surrounding neighborhood and larger community while being both aesthetically attractive and functional.

Land Sale Terms

Proposals shall include the price proposed to acquire the property. The proposed acquisition price will be one of multiple factors considered by the City in its evaluation and consideration of proposals. Contractual award determination, if any, will be 'Highest and Best Use' based.

The City's offer of the property for sale is strictly "as is." [...] Developers are further responsible to verify and affirm clean title of the property.

The City will convey the property via a Quit Claim Deed.

Successful Respondent shall, at its expense, record the Deed in the Kenton County Land Records Office with the Kenton County Clerk within thirty (30) days of closing.

Parcel

• 1515 MADISON AVENUE
• PIDN 055-13-05-017.00

| PIDN | Zoning | Neighborhood | SQ FT (Est) | GIS ACRES |
| --- | --- | --- | --- | --- |
| 055-13-05-017.00 | Auto-Urban Commercial | Westside / Historic West 15th | 4,273 | 0.22 |

Submission

Proposals must be submitted in a sealed envelope plainly marked on the outside "1515 MADISON PROPOSAL RFP261003 - DO NOT OPEN WITH REGULAR MAIL." Proposals must be **physically delivered** to City of Covington, KY, 1st Floor Finance Department Window, 20 West Pike Street, Covington, Kentucky 41011, by **10:30 A.M.** The City does not presently accept competitive offers electronically. Submittals received after this date and time will be considered non-responsive.

Proposal submittals shall consist of three (3) copies: one original, one printed copy, and one digital copy in a single .pdf-formatted file on a USB-drive.

Mandatory Site Tour

Attendance of a pre-Proposal Property / Site Tour is **mandatory**. Proposals received from any entity that did not attend will be rejected from consideration by the City.

Evaluation

Pursuant to KRS 45A.370, the evaluation of Proposals shall be conducted using competitive negotiation. Weights: experience, financial wherewithal and organizational capacity 30; market and financial feasibility 15; proposed purchase price 5; verified source of funds 20; timeline 10; completeness 20.

Insurance

• Commercial General Liability: **$1,000,000** each occurrence, **$2,000,000** general aggregate.
• Professional Liability: **$2,000,000** each occurrence and **$2,000,000** annual aggregate.
• Worker's Compensation per KRS Chapter 342.

All interested parties are required to guarantee their Proposals as an irrevocable offer valid for ninety (90) days after the Proposal due date.