CECD POSSIBLE ESSAY MATERIAL: REAL, FINANCE, BRE

Real Estate Development and Reuses Objectives: - Answer-1. Understanding of the development process; 2. A familiarity with the policies and programs that state, local, and public private economic development organizations and agencies can use to encourage and help finance development; 3. An understanding of how to analyze cash flow and income statements, and how to assess project feasibility; 4. Knowledge of site analysis and land assembly; 5. A familiarity with current environmental rules and regulations; 6. An understanding of regulatory constraints and incentives; 7. An understanding of the process to solicit and select a developer. When working with a Consultant and Developer an EDO will enroll a selection panel: - Answer-Often in conducting a search for a consultant or a developer, an EDO will enroll a selection panel representing various stakeholders to review candidate qualifications, analyze project proposals, and recommend a preferred consultant. These selection panels come in all sizes and configurations. Members of the board of the EDO may perform this function, community leaders may sit on selection panels, or sometimes there is a panel with a host of diverse perspectives represented. In some cases the city council or town board becomes the selection panel. The critical issue in forming the selection panel is avoiding a lopsided panel in favor of the project and representative of only a narrow and limiting perspective. Homework needs to be done in providing in-depth education about the project, clear guidelines about the process, and decision making procedures. Selection panels need staff - that is, some person who can serve as staff to the panel: coordinating, arranging, communicating, etc. This requires a great deal of work . If the decision is made to hire a consultant, the development agency should c1early identify the problem and determine what the consultant's end product should be. Before approaching a consultant, the agency should define the following: - Answer-• Goals and objectives of the consulting product; • Process for finding and selecting consultants • Problems, challenges, and issues that need consulting support; • Technical, administrative and political constraints; • Role of the agency in the consulting effort; • Budget and schedule for consulting services; • Work tasks to be accomplished;