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CCDC News: Public Meeting Scheduled - Civic Center Complex Financial Peer Review

PUBLIC MEETING SCHEDULED TO DISCUSS

CIVIC CENTER COMPLEX FINANCIAL PEER REVIEW

Ernst & Young analysis to be presented

SAN DIEGO— Centre City Development Corporation (CCDC), on behalf of the City of San Diego, will host a public meeting on Wednesday, March 25 at 5:30 p.m. to present the results of the Civic Center Complex Financial Peer Review conducted by Ernst & Young (EY). The complete EY Peer Review Final Report will be posted on CCDC’s Web site, www.ccdc.com by noon that day.  At the public meeting, representatives from EY and Jones Lang LaSalle (JLL) will discuss the review and answer questions.

          CCDC requested a peer review to determine that each developer proposal was treated equally and fairly. The detailed peer review addresses changing market conditions and numerous financial assumptions made in the analysis of each of the eight occupancy alternatives studied, including the Gerding Edlen redevelopment proposal.

In an effort to save taxpayer dollars and improve operational efficiency, the City of San Diego, working through CCDC, has been evaluating alternatives to minimize the City’s occupancy costs for its 3,000 downtown employees. One approach studied is a possible public-private partnership creating new and more efficient city administration facilities. 

Peer review tasks included: verifying that best practices were employed; comparing financial assumptions with verified market data; and analyzing the detailed financial projections included in the two finalist developer proposals from Hines and Gerding Edlen competing for the possible redevelopment of the Civic Center Complex (including construction of a new City Hall).

Although Hines withdrew from the competition following JLL’s initial financial evaluation, both proposals were reviewed to ensure each developer’s proposal was evaluated fairly and without bias.

To review all analysis and studies completed related to the Civic Center Complex, visit www.ccdc.com and click on Civic Center. 

PUBLIC MEETING DETAILS

WHEN:          Wednesday, March 25, 5:30 p.m.

WHERE:        CCDC Board Room

401 B Street, 4^th floor, San Diego, CA 92101

WHO:             CCDC Chairman Fred Maas

CCDC Vice President Redevelopment Jeff Graham

Ernst & Young Executive Director Steve Klett

JLL Senior Vice President Bob Hunt

                        Gerding Edlen Development Representative Tom Cody

                        Third Party Review Panel Members

                                             - Councilman Carl DeMaio

                                             - City of San Diego Chief Financial Officer Mary Lewis

                                             - San Diego Taxpayers Association Board member Greg Stein

                                             - CCDC Board Treasurer Kim Kilkenny

About Centre City Development Corporation (CCDC)
CCDC is the public, nonprofit corporation created by the City of San Diego in 1975 to staff, plan and implement downtown's redevelopment on behalf of the City's Redevelopment Agency. CCDC offices are located at Wells Fargo Plaza, 401 B Street, Suite 400, in downtown San Diego.

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