Emerging opportunity: Cali city kickstarts investor search

A city in California is to seek investors to help deliver a redevelopment project, P3 Bulletin has learned.

Credit: City of Dunsmuir

The City Council of Dunsmuir has backed plans to appoint Kosmont Companies as its real estate advisor for its downtown revitalization initiative, with a focus on finding new investors to deliver the plans.

During the council meeting, it was agreed that the focus for the development was to find and bring in investors to help develop and deliver the project.

Kosmont’s submission in response to the council’s request for proposals (RFP) highlighted its credentials of working in public-private partnerships across the US, which was considered to be an important part of the decision to award the advisory contract.

The city council agreed a motion to authorize the City Attorney to review the agreement and for the City Manager to “negotiate and enter into agreement with Kosmont Companies for the Downtown Revitalization CDBG grant in an amount not to exceed $200,000”.

Once that deal has been agreed, Kosmont will work with the council to develop the regeneration plans, before seeking to bring in external private investors to support the program.