Brookfield officials have nailed down the details of the village’s request for bid proposals from potential developers for the Theater Building and the adjacent property that together span 3717-3723 Grand Blvd. Both parcels are now owned by the village government.
At the village board’s Jan. 27 committee of the whole meeting, trustees approved the final draft of the request after having discussed it at meetings since December. Trustees discussed the fine details of the triple bottom line assessment — a three-pronged evaluation of a proposed development’s return on investment in terms of finances, social improvements and sustainability.
Community Development Director Libby Popovic explained that each portion of the assessment will be weighted according to the village board’s priorities and that the assessment itself is one of three criteria for the request alongside financial information and public incentive plans. In the draft presented to trustees, which they later approved, the financial return was weighted at 55% of the overall assessment with the social return at 25% and the environmental return at 20%.
According to the draft, the financial return on investment for a development includes criteria like the amount of property tax revenue projected, the number of jobs created, long-term financial stability and whether the developer plans to purchase the properties outright.
The social return includes whether the development will bring public amenities like seating or gathering places, long-term improvements to public safety and pedestrian access, the inclusion of artistic, historic or cultural elements and the aesthetic of the frontage along Grand Boulevard.
The environmental return considers whether developers plan to build some or all of the development “green,” such as pursuing third-party green certification; make the rooftop ready for potential solar panels; incorporate elements of Brookfield’s sustainability plan or pursue electrification within the building.
Popovic told trustees she chose the weighted percentages for each kind of return based on other bid proposal requests she had seen but that each return could be weighted however the board saw fit.
In response to questions from Trustee Kit Ketchmark and Village President Michael Garvey, Popovic said that nearby businesses experiencing increased traffic due to a new development could count for either the financial or social return on investment for the triple bottom line assessment.
“As part of the financial analysis, the developer or whoever submits [a bid], if they have that information — that’s quantifiable information that’s verified as to what the other sales tax will be for other businesses, [which is] a little more collateral, they can certainly provide it in this section,” she said. “This is a multi-layer analysis that the board would be able to do.”
While Ketchmark questioned whether the chosen percentages were “the right makeup” for the assessment, Trustee Julie Narimatsu emphasized that they are guidelines rather than a strict reflection of the board’s priorities. Narimatsu suggested removing the percentages entirely, which Village Manager Tim Wiberg and Trustee Edward Côté agreed with, but Popovic said she recommended against it.
“All of the [requests for bid proposals] I looked at that actually do include the triple bottom line net do include percentages because it gives a very quantifiable number for an investor to include that as part of their package,” she said. “Any high-level developers would expect it.”
After more discussion about the percentages, Côté made the point that developers seeking clarity on the percentages could just reach out themselves.
“Tim, how long have you been in municipal government?” he asked Wiberg. When the village manager answered “34 years,” Côté asked, “In that 34 years, any developer worth his weight or her weight that is serious about putting something in would call and get clarification on [a bid request], right?”
“Yes,” Wiberg said.
“So, it’s not like they’re going to take this RFP and say, ‘Well, this is all I have to work with, so I’m not going to submit one,’” Côté said. “If they have a question, they’re going to call.”
While the board continued to discuss the fine points of the percentages, no trustee ultimately offered an alternate breakdown to weigh the assessment when Garvey asked for one.
After the board reached a consensus on the request for bids, Garvey thanked Popovic and other village staffers for working out the details.
“I know this has been a hard, long process, and it’s taken a lot of twists when we got the second property, so I appreciate your patience with the board,” he said.
