VMP Exclusive Rights Agreement (4-23-2010) – this agreement is made by the District of Columbia, through the Office of the Deputy Mayor for Planning and Economic Development, with Vision McMillan Partners, LLC. Through this agreement, the Developer has exclusive rights to negotiate for the acquisition and subsequent vertical development of Phase I sites (to be laid out in Land Disposition and Development Agreements (LDA)). It was signed on behalf of DMPED by Valerie Santos, on behalf of the Attorney General for the District by [unclear], and on behalf of VMP LLC by Robert D. Youngentab (EYA Development).
The goals for vertical development of this site, as laid out in the agreement, are: 1) residential townhomes, 2) residential apartment and/or condominiums with retail on the ground floor, 3) medical office buildings with retail on the ground floor, 4) a hotel with ground floor retail, 5) a grocery store, and 6) an anchor retail component in the northeast corner of the site. Phase 1 sites are to be determined within the first 120 days following this agreement and VMP is to submit proposals for acquisition and development within 90 and 120 days following this agreement. Following this 120 days, the District may negotiate acquisition and development of the site with other interested parties. At any time, the District may extend or end the exclusive rights period; however, terminating of that agreement will result in a termination fee of $564,000. There is no exclusive rights agreement for phases II and III of the site development. Those discussions take place as part of the Phase I LDA discussion. The ERA does not give the Developer any right, interest or expectancy in the site nor does it require any financial obligation on the part of the District.
This agreement carries an estimated budget for moving through the HPRB/PUD process of $1,340,000, which aligns to the annual budget allocation by the District to VMP, LLC. In addition, the District agrees to pay VMP, LLC a fee based on a percent of the total land development costs and the product of personnel hourly rates and time spent (this figure is unknown). The District will also finance development of the land to include: 1) backbone common infrastructure (streets, street improvements, utilities (including stormwater management) and lighting), and 2) common area amenities (active open space, historic preservation and landscaping). Developer investment in pre-development expenses shall earn a mutually acceptable fair market return, meaning those costs are deducted from the purchase price of the site as part of land disposition. Any District costs associated with vertical development (e.g. engineering studies) will be added into the purchase price of the site.
VMP Exclusive Rights Agreement – First Amendment (4-13-2011) – this amendment extends the period of exclusive rights from April 2011 to April 23, 2012. It was signed on behalf of DMPED by Victor L. Hoskins, on behalf of the Attorney General for the District by [unclear], and on behalf of VMP LLC by Aakash Thakkar (EYA Development).
VMP Exclusive Rights Agreement – Second Amendment (2-15-2012) – this amendment extends the period of exclusive rights from April 23, 2012 to October 23, 2012 (30 months after initial ERA was executed). It was signed on behalf of DMPED by Victor L. Hoskins, on behalf of the Attorney General for the District by [unclear], and on behalf of VMP LLC by Adam C. Weers (Trammel Crow).
VMP Exclusive Rights Agreement – Third Amendment (7-31-2012) – this amendment extends the period of exclusive rights from October 23, 2012 to July 23, 2013 (39 months after initial ERA was executed). It was signed on behalf of DMPED by Victor L. Hoskins, on behalf of the Attorney General for the District by [unclear], and on behalf of VMP LLC by Brian Allan Jackson (affiliation unknown).
As this exclusivity period has since expired without resolution of an LDA, it would be safe to assume that another amendment to the ERA exists. This ERA amendment is not made publicly available so timeframes for the current agreement are unknown.
(Need to upload current DMPED/VMP contract# DCEB-DMPED-11-C-0023 to govern VMP in its role as master developer on this project)
(Need to upload more specific projections for revenue/expenditures for DC and revenue/expenditure projections for developers – gauge the financial leeway for community amenities on the part of the developer) (No economic analysis performed to reflect the news plans – economic analysis performed in June 2011) (No analysis performed for the projected developer construction costs for the project)
Structural/Geotechncial Engineering Evaluation of the McMillan Filter Site (2000) – according to this study, the current condition of the underground cells on the McMillan site fall into three categories: 1) Type I – unstable/unsafe; 2) Type II – stable, except at edges; and, 3) Type III – stable. This report states that 12 of the 20 cells are either Type II or Type III while 8 cells are Type I. The cost to preserve cell types II and III are: $2,020,000 and $1,790,000, respectively per cell if used for open space; $2,250,000 and $2,020,000, per cell if developing a one-story structure; $2,560,000 and $2,330,000 per cell if developing a four-story structure. The cost to demolish and fill the cells is approximately $1.0 to $1.5 million less per cell; however, the method of fill in described in this report does not mirror the current Vision McMillan Partners plan for demolishing the cells. That cost is currently unknown.
Carmen Lobbying Activity Report for McMillan (July 2013) – taken from the Board of Ethics and Government Accountability, this indicates that Trammell Crow MidAtlantic Development IV, LLC is paying $10,000 a month to the Carmen Group Inc. (not including other expenses) for the sole purpose of lobbying the DC Council on the Vision McMillan Project. Earlier lobbyist activity reports can be found Carmen Lobbying Activity Report for McMillan (January 2013) and Carmen Lobbying Activity Report for McMillan (January 2013 specifies description)
VMP – Fiscal Impact Narrative – this narrative was commissioned by Vision McMillan Partners and developed by the Green Door Advisors. According to this narrative, Washington DC will see a 30-year return of approximately $513 million from this project (the majority of this return will be generated from real property tax and income tax), or roughly $17 million a year. According to this same study, the new development will generate approximately 1,584 permanent jobs of which 679 are to be set aside for DC residents (includes jobs set aside for hotel employment which no longer exists in the master plan). It should be noted that this fiscal impact assessment is out of date and still includes estimates for senior housing (179 of 760 units) along with a hotel (no longer included in the master plan).