Typical RFQ/RFP process steps
Phase I – Request for Qualifications (RFQ)
- Prepare a project plan (and a clear statement of the project plan and objectives).
- 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)
- Draft, review and issue the RFP
- 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
- Letter of Intent signed between University and developer setting forth all major business terms; ground lease drafted and negotiations commenced.
- Project goes to final decision-maker for approval (once significant business issues are sufficiently confirmed).
- Detailed ground lease negotiations completed and documents executed.