Cost_Formula-reward_average_cost_for_RFP.docx

This file contains a cost formula methodology document related to a Request for Proposals issued by the City of New Haven's Economic Development Administration for the redevelopment of the former Quinnipiac Real World STEM School site in New Haven, Connecticut. The RFP seeks project proposals, including qualifications and conceptual plans, for the adaptive reuse or redevelopment of the property located at 460 Lexington Avenue (also known as 805 Quinnipiac Avenue) and 3-5 Runo Terrace in the Fair Haven Heights neighborhood. The City is seeking a qualified respondent capable of planning and executing a project that transforms the site into a vibrant, community-serving asset aligned with the City's legislative priorities, which include creating quality jobs, enhancing public safety, developing affordable housing, and advancing health equity and environmental justice. The City will consider long-term lease and sale options as well as mixed-use proposals, provided the respondent presents a unified vision and organization with a single lead developer.

The cost evaluation methodology outlined in the document uses a "Reward Low Cost" scoring formula that allocates points based on the proportion of the lowest proposal cost to each individual submission's cost. Under this system, the lowest cost proposal receives 100 percent of available points, while higher-cost proposals receive proportionally fewer points calculated by dividing the lowest cost by the proposal cost and multiplying by the total available points (e.g., 30 points maximum). The selected respondent will be expected to secure public approvals, demonstrate market viability, and include community and stakeholder involvement in the project delivery process. The document does not specify submission deadlines, award dates, or contract terms, as it focuses solely on the cost evaluation methodology rather than complete RFP specifications.