December 16, 2025
Community Development
DATE: December 16, 2025
TO: Mayor Martinez and Members of the City Council
FROM:
Lina Velasco, Director of Community Development Dept.
Jesus M. Morales, Housing Manager
Subject:
On-Call Financial and Economic Analyses Services
FINANCIAL IMPACT: The payment limit for each contract shall not exceed $500,000 per firm for one year. The cost associated with preparing financial and economic analyses related to real property negotiations will be charged to developers to
facilitate and fast track applicant pro forma review and evaluation, and or to specific grants, and Department
budgets based on services contracted
PREVIOUS COUNCIL
ACTION:
None.
STATEMENT OF THE
ISSUE:
City staff is requesting authorization to enter into standing contracts for as-needed financial and economic analyses related to real property negotiations and proposed
residential and commercial developments.
RECOMMENDED ACTION:
ADOPT a resolution authorizing contracts for on-call
financial and economic analyses services, for an amount not to exceed $500,000 per vendor for a three-year term, with an option to extend the contract term for up to two, one-year extensions, to provide services for several
departments, including Community Development,
Economic Development, Finance, Port of Richmond, and
Richmond Housing Authority – Community Development
Department (Lina Velasco/Jesus M. Morales 510-620-
6706).
DISCUSSION:
AGENDA
REPORT
December 16, 2025
On August 25, 2025, the Community Development in collaboration with several other City Departments issued a Request for Qualifications (RFQ) for On-Call Financial and Economic Analyses consultants. The RFQ was posted on the City's BidsOnline System, and 648 vendors were notified (Attachment 1). Of the firms notified, 40 downloaded the RFQ, and 13 responded. The responses were reviewed by a panel comprising staff from Community Development, Finance, Economic Development, and the Port.
The RFQ was downloaded, and responses were submitted by 13 financial services firms that have provided similar services to the City of Richmond or other local and regional cities. The firms are experienced around market feasibility and analysis specific to commercial and residential scenarios and redevelopment, including pro forma analysis of various redevelopments (such as housing), feasibility analyses based on specific market conditions and likely opportunities, and other miscellaneous economic and financial analyses. Several firms are currently providing financial consulting services to the City on a variety of major developments: Terminal One, 12th and Macdonald, and Miraflores. Prior contracts are exceeding the initial contract amounts and it is essential to keep the proposed developments on track by ensuring the financial services consultants are readily available to assist City staff with the marketing feasibility and/or financial analysis including pro forma analysis related to commercial and residential development scenarios and redevelopment, and on-going real property negotiations. Having these highly experienced firms on call will allow for timely and well vetted financial and economic analysis on complex development proposals to inform the City’s real property negotiations.
The thirteen responding firms are recommended for approval of on-call contract services (Attachment 2). The firms are:
1. RSG, Inc.
2. ECOnorthwest
3. BAE Urban Economics, Inc.
4. The Concourse Group LLC
5. PFM Financial Advisors LLC
6. Economic & Planning System, Inc. (EPS)
7. Jones Lang LaSalle Americas, Inc.
8. Land Econ Group
9. Infrastructure Advisors LLC
10. Century Urban, LC
11. LeSar Development Consultants
12. NELB Consultants, LLC
13. Hoffman Strategy Group
Each service contract will be for an amount not-to-exceed $500,000 over a three-year term, from January 1, 2026, through December 31, 2028, with an option to extend the contracts for up to two, one-year extensions (Attachment 3). On-call financial services contracts will assist the Housing Division in completing timely review of complex financial development proformas. Other Departments will be able to contract for financial services as needed without having to issue individual RFQs which can be time-
December 16, 2025
consuming. In addition, having on-call contracts will save City staff time needed to bid work on a project-by-project basis. This is critical in completing timely real property negotiations.
DOCUMENTS ATTACHED:
Attachment 1 – BidsOnLine Report
Attachment 2 – Matrix
Attachment 3 – Resolution for On-Call Financial and Economic Analyses Services