Bid Detail

23-068 - Invitation for Bid: Financial Feasibility Assessment for Sports Tourism and Recreational Complex

End date: Tuesday November 22, 2022 at 2 p.m.

The City of Springfield is requesting proposals to execute a financial feasibility assessment for a multi-use sports tourism and recreational complex to be sited in the City of Springfield.

The project is being funded by the City to help inform the community of the potential opportunity, tourism and local revenue impact, and costs associated with a development of this scale.

Details of the opportunity:

Objective:

The City of Springfield, Massachusetts is seeking proposals from qualified consulting firms or consulting teams in developing a financial feasibility assessment for a new sports tourism and recreational complex in Springfield.

This new facility is intended to stimulate to the maximum degree possible new regional tourism spending and provide the city with a premiere sports and recreational asset that is recognized in the entire New England sports venue marketplace.

Such facility may also include multi-family market rate housing and accessory retail, as well as structured parking. The proposed facility is intended to compliment visitor traffic to the regional sports attractions such as the Basketball Hall of Fame in Springfield and the Volleyball Hall of Fame in Holyoke among other regional sports related venues.

A previous study has determined both the scale and demand for such a regional facility and is attached to this request as Appendix A.

Background
The City has committed municipal funding to execute this project. There is a maximum commitment in this opportunity of $40,000 inclusive of all project expenses.

The City seeks to bring more vitality to Springfield by attracting major youth sports and recreational events along with the associated demand in the hospitality sector including hotel room nights, as well as restaurant and retail spending.

Scope of Services

The selected consultant will build off of the work completed in Phase I to develop the full assessment of financial feasibility for the project. Upon completion the City will have a detailed understanding of:

• The full cost of development, including the construction and operational start-up costs
• The detailed five-year financial performance of the facility
• The 20-year financial outlook for the facility
• The detailed five-year economic impact of the facility
• The 20-year economic impact outlook for the facility

Step 1: Detailed Financial Forecast (Pro Forma)

In this step, the consultant will complete in-depth research/analysis to produce a 5-year cash flow forecast and a 20-year financial outlook. The Consultant’s pro forma documents are to be detailed, institutional-grade financial forecasts that can be used to support project decision-making and financing.

The pro forma will provide insight into the financial potential of the project and will include projections related to construction and start-up costs, revenues/expenses by product/program, net income, facility utilization, and more. The pro forma will provide detailed financial projections related to and based on:

• The proposed business model
• Realistic and/or recommended debt-to-equity mix and debt service
• Right-sized program spaces and space requirements
• Construction and start-up costs based on recent, comparable projects
• Recommended parking
• Revenue by product/program
• Direct/variable costs (Cost of Goods Sold)
• Facility and operating expenses
• Management and staffing model
• Utilization Projections

Step 2: Economic Impact Analysis

The Consultant will project the economic impact of the facility on an annual basis. Economic impact is to be reflective of the new off-site spending that will occur in the market as a result of tournaments and events held at the facility. This information will be used to project the level of economic activity from out-of-town visitors who would not otherwise be in the market, but for the events that will be held at the facility.

The results, primarily quantified in room nights generated and direct spending, will be used to better understand the overall economic impact that the venue will have on the local lodging, dining, retail, entertainment, and transportation industries as well as on the tax base of the municipalities directly benefiting from the new spending associated with the proposed venue.

The City is seeking to have this work completed in eight weeks with the start dated being recognized as the contract execution date.

SCHEDULE

The anticipated schedule, which is in the discretion of the City, is as follows:

November 1, 2022: IFB Available
November 15, 2022: Question period closes at 4 P.M.
November 17, 2022: Answers to submitted questions distributed to all registered proposers
November 22, 2022: Proposals due in Office of Procurement on or before 2:00 PM (EST)
Nov./Dec., 2022: Selection and recommendation
Nov./Dec., 2022: City reviews recommendation for final approval
December, 2022: Successful awards advance to contract

SUBMISSION REQUIREMENTS

SUBMISSION

Proposers should provide one (1) original and five (5) copies to:

Lauren Stabilo, Chief Procurement Officer, Office of Procurement, 36 Court Street, Room 307, Springfield MA 01103, or call 413.787.6284.

COMPLETE SUBMISSION PROPOSALS MUST BE RECEIVED BY November 22, 2022 at 2:00 P.M. to:
LAUREN STABILO, CHIEF PROCUREMENT OFFICER
SPRINGFIELD PROCUREMENT OFFICE
36 COURT STREET, CITY HALL 3RD FLOOR
SPRINGFIELD, MASSACHUSETTS 01103

Bids are due by 2:00 pm on the closing date listed above. No proposals will be accepted after the closing time. Proposals may be delivered to the Office of Procurement at the address listed above between the hours of 8:15AM and 4:00 PM Monday through Friday, excluding holidays observed by the City, except date due submission. Proposers are responsible for informing any commercial delivery services of all delivery requirements, and for assuring that all necessary information appears on the outer wrapper of the package as directed. The City will not accept electronic or telegraphic proposals.

The submission package proposal must be submitted as follows:


Failure to submit hard copies to the Procurement Office may deem your proposal unresponsive.

If at the time of the scheduled IFB opening, City Hall or the Office of Procurement is closed due to uncontrolled events such as fire or building evacuation, the IFB opening will be postponed until 2:00 PM on the next normal business day. IFB’S will be accepted until that date and time.


In order to provide prompt answers to questions, the City requests that all proposers submit written questions to the Office of Procurement at City Hall, not later than November 15, 2022 at 4:00 PM. Questions may be faxed or emailed. The Office of Procurement fax number is (413) 787-6295 or Email Lauren Stabilo, CPO at lstabilo@springfieldcityhall.com


The City will compile written answers which will be emailed to all Proposers who requested a copy of the IFB though the Office of Procurement by end of day, November 17, 2022.

To maintain a fair and impartial competitive process, the City can only answer written questions. Please avoid private communication with any City employees regarding the subject matter from the release date through the final selection and approval of awardees. Proposers who initiate private communication or attempt to violate the process outlined herein may be disqualified.

The City of Springfield supports the goal of twenty percent minority and women participation in all contracts. No questions will be answered unless received by the Chief Procurement Officer at least 7 days prior to the expiration of the time set for submitting bids or proposals. The Chief Procurement Officer reserves the right to waive any informality in and to reject any or all bids if it is in the public interest to do so.


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