Okay, I read the agenda item report. All the council will vote on today, is approving the list of Qualified Bidders selected by the city staff. It will not commit the city to actually doing any bidding yet.
It will allow staff to proceed to a three-step process leading to an RFP (bid solicitation). City will have to spend more money. If approved, city staff will interview all the finalists, work with the qualified bidders to develop a term sheet that a new lease would be based on. Once the city has a term sheet, then they would ask for bids. Council would have to vote to approve the term sheet and the give the approval and go-ahead for the RFP.
So we are talking about a few months, minimum, before we actually get to sending out An RFP for actual bids.
However, the plan is for the city to send the NBA a term sheet showing all potential sources of financing and the expected amounts from those sources, by March 1st. Presumably this would use the developed estimates of the amount that will be received from the parking lease, along with how much is coming from other sources, including AEG and the team/league.
So it would indeed seem that the council vote on the term sheet the city will provide to the league will indeed be the critical vote. At that point they will pretty much proposing an amount of the financing will come from a parking lease, pretty much commiting them to going through with the parking RFP.
So tonight's vote is not going to be as big as I'd hoped, but it is still important, just to keep them moving on this source of financing, because they've pretty much accepting a parking lease as the most viable source for a significant amount of money upfront.
It seems projections are for the city council to vote on the city's term sheet to the NBA, to be February 28th. We could not be cutting it any closer and it's not as fully committed money as would be nice to have at this point. And the not yet committed funds are the biggest chunk of the financing.
I wish it could be a rock solid term sheet, with all sources of financing approved. At some point they have to have a solution to the teams' loan to the city and how they will back fill the parking revenue the city now gets, to keep the general funds whole. There two things are big deal killers, if no answer is found.