Typical RFQ/RFP process steps

Phase I – Request for Qualifications (RFQ)

  1. Prepare a project plan (and a clear statement of the project plan and objectives).
  2. Schedule, draft, review and issue the RFQ.
    • Q&A conference for prospective developers (optional).
    • Phase I (RFQ) responses received and reviewed.
    • Selection and notification to developers short-listed for Phase II (RFP).

Phase II – Request for Proposals (RFP)

  1. Draft, review and issue the RFP
  2. Phase II responses received, reviewed
    • References checked and developer team due diligence performed.
    • Developer presentations (all Phase II respondents).
    • Selection of the preferred developer.

Phase III – Formal negotiations begin on ground lease terms

  1. Letter of Intent signed between University and developer setting forth all major business terms; ground lease drafted and negotiations commenced.
  2. Project goes to final decision-maker for approval (once significant business issues are sufficiently confirmed).
  3. Detailed ground lease negotiations completed and documents executed.