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Evaluation of project feasibility is limited at this time because <br />the proposed projects have not reached the stage of having firm <br />tenant committments or financial committments. Evaluation of <br />project feasibility therefore, must rely heavily upon the overall <br />reasonableness of the proposed projects and the track records of <br />the developer. Both projects are very similar in their scope <br />and content and seem to be realistic. The hotel market study <br />sponsored by the City and the initial investigation by Kraus- <br />Anderson to line up a major hotel chain for its project seem to <br />indicate that this component of the development proposal is <br />feasible. Much of the office development could be supported by <br />the groups and individuals which have made proposals to provide <br />space for themselves throughout the process of preparing the <br />downtown development plan and selecting a downtown developer. While <br />some interest in .a restaurant and retail-space has been expressed <br />during the planning process, both of these areas of development <br />seem less secure than the others. Retail development and <br />especially restaurant development potential could be substantially <br />increased by a committment of the hotel and office projects. The <br />elderly housing project proposed by Commercial Guarantee Fund <br />seems unlikely at this time considering the availability of funds <br />for these types of projects. Kraus-Anderson Company would appear <br />to have a clear edge over Commercial Guarantee Fund with regards <br />to its experience in the development field. It has the majority <br />of skills it would need to carry out this project within its. <br />companies itself and has undertaken projects similar to this in <br />terms of size, financing, type and mix of uses in other parts of <br />the metropolitan area. Kraus-Anderson has been in the development <br />construction business for a number of years and has a wel l <br />established track record both in successful projects and ability <br />to get financing. Kraus-Anderson Company has also been involved <br />in pursuing development opportunities throughout the development <br />of the downtown development district plan .and has developed a <br />rapport with the City and an understanding of the problems and <br />conditions inherent to the downtown area. Commercial Guarantee. <br />Fund in contrast has relatively little experience in direct <br />development and is relying primarily on pulling together a team <br />of firms to carry out the project. The individuals and companies <br />within the Commercial Guarantee Fund group have had development <br />experience, however, the group itself has only been in existence <br />a short period of time. <br />Conclusion <br />The many advantages inherent in selecting a master developer <br />suggest that this is the appropriate course of action for the City <br />to take. The willingness of either of the master developer <br />proposers to work with the smaller development proposors further <br />enhances that approach for the community. The specific master <br />developer with whom the City concludes a Joint Planning Agreement <br />with is a more difficult decision to make considering the <br />similarity of the proposals and the impossibility of obtaining <br />specific cost and development committment information at this <br />stage of the development process. Development experience, <br />quality of previous work, financial capabilities, and a chemistry <br />-5- <br />