What is an Invitation to Negotiate?
An Invitation to Negotiate (ITN) process is similar to a Request for Proposal (RFP) process that is commonly used in government procurement departments across the country. However, ITNs provide additional flexibility and benefit to bring out the desired community attributes of an agreement by negotiating with multiple bidders to frame an arrangement that is most suitable for the intended outcomes. This means that LURA will issue an ITN document that outlines goals, expectations, and intended outcomes for the property with clear response requirements for bidders to articulate their vision for the property with preliminary financial information. Then, LURA will be able to work with bidders to refine their ideas and financial modeling to both enhance the outcome and conduct due diligence on its financial validity.
Based on the type of responses from the ITN, LURA intends to conduct further community engagement through LURA Listens to help assess the proposals and inform its negotiations. LURA intends to reach a level of confidence through this process that a successful bidder can be selected and enter into development agreement negotiations to close the sale of 760 Baseline.