BAE Urban Economicsbae urban economics
bae urban economics
bae urban economics
1.1 COVER LETTER
March 23, 2026
City of La Quinta
Attn: Oscar Mojica, Deputy City Clerk
78495 Calle Tampico La Quinta, CA
92253
Tel: (760) 777- 7123
Re: Cover Letter
Dear Mr. Mojica:
BAE Urban Economics, Inc. ("BAE") is pleased to submit this Statement of Qualifications to
provide on -call economic development consulting services to the City of La Quinta. This
submittal outlines BAE's expertise in providing economic development consulting services
such as economic development strategies, infrastructure financing strategies, impact fee
studies, real estate market and feasibility studies, and more.
BAE is especially well -suited to serve in this role. We are a long-established, award -winning
consulting firm with a national presence and deep local roots. With a long-established office in
Los Angeles which would serve the project, headquarters in Berkeley, and offices in
Sacramento, Portland, Atlanta, and Washington, DC, our broad footprint enables us to apply
cutting -edge best practices while maintaining a strong understanding of regional markets and
policy landscapes.
Our team has prepared numerous economic development analyses, market studies, and
financial feasibility analyses. We are known for combining rigorous data analysis with insight
into broader economic and development trends, allowing us to anticipate challenges, identify
strategic opportunities, and deliver actionable guidance.
BAE is a recognized leader in fiscal and economic impact analysis, having completed more
than 100 such studies for individual projects and long-range plans. We bring meticulous
attention to detail to our analyses, ensuring realistic projections of impacts on local revenues
and service costs. Our studies often inform public -private negotiations and have helped
secure monetary and in -kind contributions from developers to support community goals and
ensure fiscally positive outcomes.
San Francisco Sacramento Los Angeles Washington DC Atlanta New York City
www.bael.com
Our projects have included market analyses of Palm Desert and other Coachella Valley
communities. We welcome the opportunity to support the City of La Quinta on upcoming
consulting engagements. All information and pricing provided in the proposal is valid for at
least ninety (90) days. Any individual who will perform work for the City is free of any conflict of
interest.
Sincerely,
Paul Peninger
Principal
Table of Contents
1.1 COVER LETTER....
1
1.2 FIRM BACKGROUND, STATEMENT OF QUALIFICATIONS, AND EXPERIENCE ......................1
1(a)(b)(c) Firm Background.........................................................................................................1
1(d) Resumes...............................................................................................................................2
1(e) Firm Ownership.................................................................................................................. 10
1(f) Subsidiary Status............................................................................................................... 10
1(g)(h) Experience and Qualifications...................................................................................... 10
2. REFERENCES......................................................................................................................19
3. FEE SCHEDULE....................................................................................................................20
4. LIST OF COMPLIMENTARY OF SERVICES AND CORRESPONDING PRICES .........................20
5. STAFFING AND PROJECT ORGANIZATION...
21
6. SUBCONTRACTING SERVICES.............................................................................................22
7. DISCLOSURES.....................................................................................................................22
8. EXPLANATION OF METHODOLOGY......................................................................................23
9. ACKNOWLEDGEMENT OF INSURANCE REQUIREMENTS......................................................1
10. NON -COLLUSION AFFADAVIT....................
11. ACKNOWLEDGEMENT OF ADDENDA .......
MR
1
1.2 FIRM BACKGROUND, STATEMENT OF
QUALIFICATIONS, AND EXPERIENCE
1(a)(b)(c) Firm Background
BAE Urban Economics, Inc. is an award -winning, national urban economics and real estate
consultancy. Since 1986, we have completed more than 2,700 client engagements for public
agencies, non-profit organizations, financial institutions, and real estate investors and
developers. All our work is led by seasoned professionals, who are responsible for project
direction and quality control.
BAE's services and practice areas include:
• Economic Development and Revitalization
• Market and Financial Feasibility Analyses
• Impact Fee Analysis
• Fiscal Impacts and Economic Benefits Analyses
• Public -Private Partnership (P3) Structuring and Negotiation Support
• Park Operations and Public Facilities
• Equitable Development and TOD
• Affordable and Workforce Housing
• Public Finance
BAE's passion about the "triple bottom -line" of sustainable economics, equity, and
environment makes us unique among urban economists. We believe that there are practical
solutions to urban issues which will achieve this triple bottom -line, and that consideration of
environmental impacts and social benefits as well as financial returns result in the best value
for our clients.
Our company has practiced this same philosophy since our inception, with intentional
investments in our staff and workplaces to foster creativity and a commitment to excellence.
We have pioneered the use of survey research to target urban housing products, created
innovative GIS tools for smart growth planning, and provided real estate advisory services to
some of the nation's largest revitalization and sustainable development efforts.
The BAE difference shows - we have earned more awards for excellence than any other firm in
our field and our clients have retained us repeatedly over our 39-year history, the entire course
of which BAE has provided economic development consulting services. BAE has 21 staff
members across seven offices, including San Francisco, Atlanta, Washington DC, Los Angeles,
Sacramento, and Portland OR. BAE is also certified as an MBE/DBE/SBE by public agencies.
Taxpayer Identification Number: 94-3185917
1
1(d) Resumes
Please see the following pages for the resumes of BAE's key team members, including
information on fields of expertise and relevant projects.
Sherry Okun-Rudnak
Principal
pr
01
:ducation
Master of Arts, Economics,
California State University,
Sacramento
Bachelor of Arts,
Economics, Georgia State
University
Affiliations
American Planning
Association
University of Southern
California
Urban Land Institute
US Green Building
Council, LEED AP
Professional Experience
Sherry Okun-Rudnak leads projects across
BAE offices. She specializes in providing
economic development support, market
studies, financial feasibility analyses,
economic impacts analyses, and development
advisory services to BAE's clients.
Sherry works with a wide variety of public
agencies across the U.S. She currently
advises the City of Los Angeles on real estate
development and LA Metro on joint
development opportunities. She is also
helping Fulton County, GA engage the
development community through competitive
solicitation to redevelop five blighted hotels
along the Fulton Industrial Boulevard corridor.
Submittals for the first parcels are under
review to become productive industrial uses.
Sherry also leads a range of plan and project
engagements on the topics of commercial
development, residential development, hotel
impacts, transit -oriented development,
employment, jobs/housing balance, recycling
policies, and the arts. She recently completed
an Equitable TOD analysis for the
Metropolitan Atlanta Rapid Transit Authority
(MARTA) which included a market analysis
and development feasibility testing to promote
development policies that support job creation
and minimize residential displacement.
Sherry is a member of the Urban Land
Institute's Urban Revitalization Product
Council. She has lectured on real estate
market analysis for the ULI Real Estate
School and is an Adjunct Instructor for the
University of Southern California's Sol Price
School of Policy Studies.
Long Beach Civic Center P3
Long Beach, CA
Market Analysis
Land Valuation
Feasibility Analysis
RFQ/P Development and Evaluation
Negotiation Support
Thrive 2055: Chattanooga
Regional Economic Development
Blueprint
Chattanooga, TN
Regional Economic Development
Plan (16 counties), cluster
analysis focused on
manufacturing, Creative Industry,
Tourism sector focus
South Fulton Economic
Development Strategic Plan
South Fulton, GA
Market Analysis
Feasibility Testing
Fulton Industrial Blvd Advisory
Services
Fulton County, GA
Market Analysis
Market Sounding
RFP Development and Evaluation
NASA Ames Economic Impact
Analysis
Moffett Field, California
Economic Impact Analysis
Aaron Barker
Associate Principal
Master of City Planning,
University of Southern
California
Professional Experience
Aaron provides economic development and
real estate advisory expertise for a wide
range of jurisdictions across California.
Aaron most recently led work on the East San
Gabriel Valley's Economic Development
Element. As part of this effort, he analyzed
local industry and employment data, as well
as market and real estate conditions to assist
the County in creating sustainable economic
development goals.
Aaron brings a strong professional
Bachelor of Arts, background in feasibility testing, land -use
International Studies, planning, and economic development for
University of Washington Specific Plans. Aaron played a key role in
supporting the economic development
strategy for City of Anaheim's Beach
Boulevard Specific Plan, as well as testing
the feasibility of land use alternatives for the
Western/Slauson industrial area.
He recently led BAE's assignment to evaluate
the potential to maintain commercial and
industrial uses along the LA Metro Orange
Line. For this assignment, he reviewed
confidential firm -level employment data to
evaluate which industries were growing and
how their land use needs were changing.
Prior to joining BAE, Aaron worked for the
Office of LA Mayor Eric Garcetti in the
Infrastructure Services department, providing
research and analysis to assess the potential
for leveraging EIFDs to fund improvements in
green infrastructure and affordable housing.
Aaron is an active member of the Urban
Land Institute, and has served as co-chair of
the Roundtable Committee for Urban
Marketplace.
East San Gabriel Valley
Economic Development
Element
Los Angeles County, CA
Economic Development
Strategy
West Carson TOD Specific
Plan
Los Angeles County, CA
Economic Development
Strategy
Market Analysis
Opportunity Site Evaluation
Feasibility Analysis
Western/Slauson
Industrial Hub Study
Los Angeles, CA
Industry and Employment
Analysis
Business Inventory
Anaheim Beach Boulevard
Specific Plan
Anaheim, CA
Economic Development
Strategy
Market Analysis
Opportunity Sites Evaluation
Redondo Beach General
Plan Update
Supportable Demand
Analysis
Revitalization Strategy
Pro Forma Analysis
Land Use Alternatives
Transit Neighborhoods
Plan (TNP) Market Analysis
Los Angeles, CA
Employment Analysis
Feasibility Analysis
Public Benefits Feasibility
City of Los Angeles
Affordable Housing
Linkage Fee Nexus Study
Los Angeles, CA
Linkage Fees
Building Permit Analysis
Market Conditions Evaluation
Metro Boyle Heights
Development Advisory
Los Angeles, CA
Development Feasibility
Solicitation and Evaluation
Negotiation Support
4
Paul Peninger, MCP
Principal -in -Charge
Education
Master of City Planning
University of California,
Berkeley
BA, Politics, University of
California Santa Cruz
Affiliations
Urban Land Institute
American Planning
Association
LAI Land Economics
Society
Teaching
Urban Economics,
Department of City and
Regional Planning, UC
Berkeley
Land Economics and
Market Analysis,
Master's Program in Real
Estate Development and
Design
Professional Experiencr
LA Civic Center Real Estate
Strategy
Paul is an urban economist and planner
Los Angeles, CA
specializing in real estate development
Site Analysis
feasibility analysis, community economic
Market Analysis
development and commercial revitalization
Affordable Housing Financial
strategies.
Analysis
Feasibility Testing
Cash Flow Analysis
Throughout his nearly 30-year career as a
Alternative Financing
consultant, teacher, policy advocate and
community development finance professional,
Whiteman Airport Reuse
Paul has maintained a strong commitment to
Analysis
building equitable and sustainable
Los Angeles County, CA
communities and has successfully led or
Site Analysis
participated in hundreds of plans, strategies,
Market Analysis + Highest and
policy studies, and implementation projects in
Best Use Analysis
diverse communities across the country.
Community and Stakeholder
Outreach
Paul has led or participated in numerous Treasure Island Commercial
economic development strategies in California Revitalization Strategy
and nationally, including recently in the Los San Francisco, CA
Angeles Area and the Bay Area.
Commercial Real Estate Market
Analysis
He has been an appointed lecturer in land
Revitalization Strategy
economics for the Master of Urban Design
Development
program at the University of California,
Stakeholder Outreach
Berkeley since 2002, and currently teaches
Metro Joint Development
the core course on real estate economics and
Negotiation Support
market analysis for Berkeley's graduate
LA Metro
program in Real Estate Development and
Financial Analysis
Design (MRED+D).
Feasibility Testing
Negotiation Support
A native of California, Paul has lived and
worked in Latin America and is fluent in
General Hospital Reuse
Spanish.
Feasibility Analysis"
County of Los Angeles, CA
Residential and Commercial
Real Estate Market Analysis
Alternatives and Strategy
Development
Community and Stakeholder
Outreach
Community Economic
Development
*Performed at AECOM
David Shiver, MCP, MBA
Principal
Education
Master of City Planning
Master of Business
Administration,
University of California,
Berkeley
BA in Public Affairs,
University of Chicago
Affiliations
Urban Land Institute
American Planning
Association
San Francisco Planning
and Research
Lecturer
California State
University, San Jose,
Department of Urban and
Regional Planning,
Market Analysis,
Appraisal, & Finance of
Real Estate Development
UC Berkeley, Master in
Real Estate Development
+ Design, Real Estate
Market Analysis
Professional Experience
David has more than 30 years of economic
development and real estate market analysis
experience. His experience includes preparing
residential and commercial market studies,
market rent surveys, project and prototypical
mixed -use project financial analyses,
community benefit studies, fiscal impact studies,
economic benefit studies, lease analyses,
highest and best use studies, developer
solicitations, and P3 term sheets/negotiations.
Over the past 24 years, David has served as
Principal -in -Charge for BAE's real estate
advisory services to NASA Ames for the initial
concept planning and subsequent
implementation of the multiple award -winning
NASA Research Park at Moffett Field,
California. He has served as the lead real
estate advisor for NASA's landmark long-term
leases to Google, Inc. ($146M, 42 acres;
office/R&D/housing; $1.1 B,1,000-acre airfield
and hangars) as well to Carnegie Mellon
University (historic rehabilitation for west coast
campus) and UC Berkeley's 32-acre Berkeley
Space Center (new construction).
David's long-term real estate advisory work with
NASA and the National Park Service has led to
NASA Research Park and Golden Gate
National Recreation Area being recognized
internationally as successful examples of
innovative public private partnerships.
David has made numerous presentations of his
work to public bodies and professional
associations, including CoreNet Global,
American Planning Association, American
Defense Communities, Advisory Council for
Historic Preservation, Nishiyama Bunko
(Osaka), National Trust for Historic
Preservation, and Society of Military Engineers.
2021-2024 Economic
Development Strategic Plan
U pdate
San Carlos, California
EDAC outreach and surrey
Downtown District/industrial Arts
District
Industry Analysis
Napa Riverl-ine Vision Plan
Napa, CA
Governance Analysis
Economic Development
Opportunities
Funding Strategy
Sunnyvale Economic
Development Strategy Study
Sunnyvale, CA
Demographic & Economic
Analysis
Business Stakeholder Outreach
ED Workplan
ConnectMenlo GPU
Community Benefits Program
Development
Menlo Park, CA
Pro -forma Analysis
Community Benefits Program
Formulation & Implementation
Support
Presidio of San
Francisco/Golden Gate
National Recreation Area
San Francisco, California
Base Conversion (Residential &
Commercial Mixed Use)
Budget and Financial Pro
Formas
Historic Preservation
Commercial and Residential
Market and Financial Analysis
Commercial leasing support
Ground lease negotiations
Special Events Programming
Restaurant Feasibility Analysis
0
Jacob Richey, AICP
Senior Associate/Project Manager
Education
Master of Urban
Planning, University of
Southern California,
Los Angeles, CA
Bachelor of Arts,
Government,
Georgetown University,
Washington, D.C.
Certifications
Professional Experience
Jacob Richey is a Senior Associate at BAE's Los
Angeles office with strong experience in data
analytics, pro forma analysis, demographic
analysis, policy research, and GIS mapping.
At BAE, Jacob has completed numerous projects
including housing element updates, real estate
market studies, stakeholder outreach, economic
development strategies, and geospatial analyses.
Jacob worked with SCAG and Metrolink on the
Station Area Housing Development Implementation
Plan, analyzing the feasibility of developing market
rate and mixed -income housing across nine
Metrolink station areas to boost regional
connectivity and housing production throughout
Southern California. On the East San Fernando
Valley Light Rail Corridor Market Study project,
Jacob is working with the City of Los Angeles to
shape land use policies in anticipation of Metro's
light rail expansion. He is currently working with the
San Diego Housing Commission (SDHC) to
conduct an study on the rising development costs of
affordable housing.
American Institute of For the Slauson Corridor Transit Neighborhood
Certified Planners Plan (TNP) Market Study, Jacob gauged the
(AICP) Certified buildout potential of sites along the corridor, as well
as their financial feasibility. Jacob played a key role
in creating a building permit dataset for the City of
LA Inclusionary Housing Study, which was used to
assess the state of affordable housing production in
the city, as well as the feasibility of new
development. For LA Metro Joint Development
Advisory Services, Jacob conducted interviews with
the affordable housing finance community to help
Metro assess the competitiveness of proposed
developments near Duarte station.
Jacob holds a Bachelor of Arts in Government from
Georgetown University and is a Georgetown
Entrepreneurship Fellow. He recently earned a
Master of Urban Planning degree at the University
of Southern California.
CSUSB Real Estate
Advisory
Palm Desert
Demographic Analysis,
Developer Outreach, and
Feasibility Analysis
SCAG/Metrolink Station
Area Housing Development
Implementation Plan
Southern California Assoc.
of Governments (SCAG)
Market Study and Financial
Feasibility Analysis
East San Gabriel Valley
Economic Development
Element
Los Angeles County, CA
Economic Development
Strategy
City of LA
Inclusionary Housing
Study — Phase 1
City of Los Angeles
Demographic Analysis,
Permit Dataset
Creation, Mapping, and
Market Study
City of LA Slauson Corridor
TNP Market Study
City of Los Angeles
Buildout Potential and
Feasibility Analysis
East San Fernando Valley
Light Rail Corridor Market
Study
City of Los Angeles
Demographic Analysis,
Market Study, Policy
Research, Mapping,
and Feasibility Analysis
Olivia El-Sadr Davis, MCP
Associate
Education
Master of City Planning,
UC Berkeley
Bachelor of Arts,
Economics and Art
History, New York
University
Professional Experience
Bay Area 2050+ Housing
Needs & Revenue Forecast
Olivia EI-Sadr Davis is an Associate in
Association of Bay Area
BAE's Berkeley office, and brings a
Governments
background in qualitative and quantitative
Affordable Housing Funding
research, geospatial analysis, housing,
and Financing
and design.
Stakeholder Engagement
Olivia provides research and analytical
Parkline Fiscal Impact
support for BAE's Northern California,
Analysis
City of Menlo Park
Southern California, and Pacific Northwest
Revenue and Expenditures
consulting assignments. Projects at BAE
Fiscal Impact Analysis
have included affordable housing
investment strategies, real estate market
530 Sansome Real Estate
studies, economic background analysis for
Advisory Services
Specific Plans, economic development
City and County of San
strategies, and demographic profiles for
Francisco
Fiscal Impact Analysis Peer
clients in the Bay Area, Central Valley, and
Review
Seattle.
Developer Pro Forma Review
Prior to joining BAE, Olivia worked for the Specific Plan Technical
Terner Center for Housing Innovation, Assistance
where she contributed to a landscape
City of Seattle
assessment of California's homelessness
Real Estate Market Analysis
programs for the State Legislature and
Housing Needs Assessment
Governor Newsom. For the study, she
Development Trend Analysis
conducted stakeholder interviews with
Coyote Point Park
local government leaders and service
Restaurant Analysis
providers, and synthesized findings into
San Mateo County
written deliverables for the statewide
Market Analysis
report. She also worked as a Fellow
Pro Forma Feasibility
focusing on housing tech at the Terner
Operator Solicitation
Innovation Labs, an accelerator for early-
Vacaville Peabody -Allison
stage ventures focused on improving the
Specific Plan
housing market and making it more
City of Vacaville, CA
affordable and fairer.
Market Analysis, Affordable
Housing and Anti -
As a graduate student, Olivia specialized
Displacement Strategy (in
in affordable housing, community
progress)
development, and urban design, focusing
her research on how policy change
Solano Rail Hub Residential
impacts the built environment.
Cluster PlanSolano
Transportation Authority
Market Analysis (in progress)
8
William Saalsaa
Analyst
Professional Experience
General Plan Update
William Saalsaa is an Analyst in BAE's Berkeley
City of Los Altos, CA
office, and brings a background in geospatial
Demographic/Economic
analysis, housing, and land use.
Analysis, Real Estate
Will provides research and analytical support for
Market Analysis, Fiscal
BAE's Northern California, Southern California,
Conditions, Growth
and Pacific Northwest consulting assignments.
Projections
Projects at BAE have included fiscal impact
Sites Reservoir Fiscal
Education
analyses, real estate market studies, economic
Impact Analysis
Bachelor of
background analysis for general plans, and
Colusa County, CA
Business
demographic profiles for clients in the Bay Area,
Demographic Research,
Administration,
Southern California, and the Pacific Northwest.
Geospatial Analysis
Economics,
University of
Prior to joining BAE, Will worked for Mintier
Vancouver Active
Portland
Harnish, where he helped prepare general
Ground Floor Study
plans, zoning codes, and design standards for
Vancouver, WA
several jurisdictions throughout California.
Demographic/Economic
Will holds a bachelor's degree in economics
Analysis, Real Estate
with a minor in sustainability from the University
Market Analysis
of Portland, where he specialized in
environmental economics and policy.
Vancouver Historic
Trust Redevelopment
Analysis
Vancouver, WA
Demographic/Economic
Analysis, Real Estate
Market Analysis
UC Davis Apartment
Survey
City of Davis, CA
Community Outreach,
Data Collection,
Residential Market
Analysis
g
1(e) Firm Ownership
BAE Urban Economics is a California corporation, with headquarters in Berkeley, CA. The
address of our headquarters is 2030 Addison Street, Suite 640, Berkeley, CA 94704. BAE is a
certified Minority -Owned Business (MBE). The following breakdown describes the shareholder
ownership of the firm:
Matthew Kowta
51.0%
David Shiver
25.1%
Sherry Okun-Rudnak
10.0%
Mary Burkholder
4.2%
Stephanie Hagar
4.2%
Aaron Nousaine
4.2%
Paul Peninger
1.5%
1(f) Subsidiary Status
BAE Urban Economics is not under the ownership of a parent company
1(g)(h) Experience and Qualifications
The following are relevant qualifications, including with municipal clients, that showcase BAE's
expertise and experience:
10
Palm Desert Campus P3 Market Analysis
California State University, San Bernardino CA
California State University San Bernardino ("CSUSB") engaged BAE to study public -private
partnership opportunities at both its main campus and new 169-acre Palm Desert Campus in
the Coachella Valley. The Palm Desert campus occupies a key location in the Coachella Valley
and CSUSB wanted to evaluate supportable uses that would have the potential to generate
revenue for the campus.
BAE prepared a detailed market analysis for residential and commercial uses, including for -
sale and rental residential, retail, office, hotel, and industrial uses. The analysis included
demographic and economic trends to indicate overall support for new development. For each
use, BAE collected and analyzed data for key market metrics such as occupancy, pricing,
absorption, and deliveries. Further, BAE described and evaluated the existing inventory and
identified national and regional development trends and their impact on the site's
marketability. The analysis identified pipeline projects and evaluated their competitiveness in
relation to the CSUSB site. The study concluded with recommended uses and P3 next steps.
11
Long Beach Civic Center Development Advisory Services
City of Long Beach, CA
BAE provided P3 development advisory services to the City of Long Beach for redevelopment
of its Civic Center complex. The site, served by the Metro Blue Line, is strategically located in
downtown Long Beach. Initially developed in the 1970s, the existing Civic Center was a
functionally obsolete 16-acre complex spanning three city blocks, with a structurally deficient
City Hall, Main Library, Lincoln Park, and a former federal courthouse. A primary objective of
redeveloping the Civic Center site was to obtain a state -of -the art City Hall and Main Library, a
revitalized Lincoln Park, and new private development to catalyze a key opportunity site.
BAE was part of a team that provided development advisory services to the City of Long Beach.
BAE led the real estate project components, including evaluation of financial and development
opportunities of a lease -leaseback transaction with prospective bidders. BAE was
instrumental in moving the process from an initial Request for Qualifications to a short list of
eligible teams through the Request for Proposals. BAE assisted in drafting the RFP, focusing
on the requirements for non-public real estate projects. Two development team submittals
were received from the detailed RFP. BAE evaluated each team's composition, track record,
deal terms, and related financial and business requests. After selection of the preferred team,
BAE supported negotiations culminating in a Developer Agreement that was approved by the
City of Long Beach in 2016. BAE also provided additional economics development services
related to this project, including evaluating the fiscal impacts of residential, commercial, and
hotel uses at the site to the City's General Fund. This award -winning project opened in April
2019.
12
Economic Development Element for the West San Gabriel Valley Area Plan
(WSGVAP)
Los Angeles County, CA
uFOWiAk"
BAE served on the consulting team for Los Angeles County Planning's effort to update the
West San Gabriel Valley Plan (WSGVAP), one of 11 planning areas in unincorporated Los
Angeles County. WGSVAP covers communities such as South San Gabriel, East San Gabriel -
East Pasadena, Altadena, La Crescenta-Montrose, and others. BAE was specifically
responsible for preparing the Economic Development Element of the Area Plan in support of
the County's goals that seek to grow the WSGV into an active regional hub with diverse options
for jobs, housing, shopping, and services. In addition to the Economic Development Element
itself, BAE also prepared the Economic Development Opportunities background brief analyzing
various industrial sectors and actionable development strategies to incentivize growth and
investments in job centers, the Market and Real Estate Conditions background brief assessing
market conditions and commercial corridors across a variety of product types, and a
Gentrification/Displacement Risk background brief. LA County Planning presented to the
Board of the WSGVAP in December 2024.
13
Downtown Los Angeles Economic Development Opportunities
Community Redevelopment Agency of Los Angeles
/11Ir1
T w^.• l
Downtown Los Angeles has emerged in recent years as a vibrant, eclectic mix of office and
condo towers, clothing merchandising, innovative nightlife, arts and cultural venues, and
mixed -use entertainment projects. Yet, several revitalization issues remained, including
forging a more coherent identity, improving local circulation and walkability, stimulating quality
job -generation, and balancing land uses with a citywide industrial preservation policy.
Working closely with CRA/LA and City Planning staff, BAE analyzed existing conditions and
economic trends including emerging industry sectors, occupational and labor force
characteristics, and the impacts of land use regulations on attraction and retention of
businesses. Our work also included an extensive series of focus groups organized by industry
sector or stakeholder interest, as well as over 40 individual stakeholder interviews. The study
focused on approaches to enhance the dynamic mix of businesses and cultural organizations
located downtown, including world -class music and theater, the Fashion District, historic
Spring Street, the proposed streetcar corridor, Broadway (home of original movie theaters for
Hollywood), and a myriad of specialty manufacturers, food industry companies, and
entertainment/dining entrepreneurs.
14
Walnut Creek Economic Development Strategy
City of Walnut Creek, CA
BAE was engaged to assist the City of Walnut Creek in a range of socio-economic, financial,
and fiscal impact analysis and planning services in support of the City's General Plan Update
process.
Walnut Creek is considered one of the state's most successfully urbanized newer
communities. Developed primarily from the 1950s through 1970s, the City has more than
60,000 residents and a diverse base of employment in finance, banking, retail, entertainment,
and R & D. During recent decades, downtown Walnut Creek has transformed from a suburban
mall -style retail environment to a renowned open-air, pedestrian -oriented Main Street
environment. Today, Walnut Creek serves as a major regional shopping destination, and
boasts a regional performing arts venue and a thriving arts community.
BAE worked with a standing Economic Development Commission comprised of major business
owners, the Chamber of Commerce, education leaders, developers, and citizens, to formulate
the City's first Economic Development Plan. Although the community has a strong economic
base, sections of the city suffered from outdated strip centers, obsolete business parks, and
underutilized sites at the BART station and along major commercial corridors. BAE conducted
a comprehensive background study of the local economy, including detailed analysis of firm -
by -firm employment patterns and interviews with three dozen business leaders across all firm
sizes and industry categories. BAE also worked closely with an ad hoc subcommittee of auto
dealers, many of whom lead the state in sales volumes, but are constrained by their outdated
facilities and locations. BAE also developed financial pro formas for prototype projects at
various densities to illustrate the need for refined zoning regulations and reduced parking
requirements. BAE also provided extensive fiscal impact analysis of the General Plan Land
Use Element prepared by other consultants, and supported development of a unique two-year
budget forecasting tool to monitor fundingfor capital improvements.
15
Menlo Park Real Estate and Economic Analysis Services
City of Menlo Park, CA
AW
Since 2008, BAE has provided economic analysis support related to major projects and
planning initiatives in Menlo Park, including:
Community Benefits Analyses. BAE has evaluated approximately a dozen proposed
development projects in Menlo Park to assess their potential for supporting community
benefits and estimate the value of developers' proposed contributions. This includes
evaluating community benefits for several developments in Menlo Park's Bayfront area, such
as the 59-acre Willow Village project, with a community amenities package valued at over
$250 million. Under the City's Downtown Specific Plan, developers can build at higher
densities in exchange for providing public benefits. BAE has conducted financial pro forma
analyses for office, hotel, retail, residential, and mixed -use projects seeking a public benefit
density bonus to assess the increase in developer profit and its relation to public benefit
contributions. These analyses have helped City Council and staff in evaluating proposed
contributions, often leading to higher community benefits.
Fiscal Impact Analyses. BAE has conducted approximately 20 fiscal impact analyses for
citywide planning efforts and major projects, including the Menlo Park 5th and 6th Cycle
Housing Element Updates, two Facebook Campus expansions, multiple office, life sciences,
and residential developments, and the Willow Village mixed -use project. The Willow Village
development includes 1.6 million square feet of office space, 1,730 residential units, a hotel,
200,000 square feet of retail space, and public parks. These analyses have been used by City
staff, the public, and local decision -making bodies to inform planning efforts, evaluate specific
projects, and determine financial contribution requirements for development agreements
associated with major projects.
Housing Needs Assessments. BAE has conducted housing needs assessments for proposed
developments in Menlo Park, including a 230,000-square-foot R&D project and a 432-unit
residential development. These assessments estimated the number of workers by income
level generated by each project and the affordable housing units needed. The analyses also
evaluated indirect and induced housing needs resulting from new businesses and workers
spending in the local economy, supporting additional job growth, and assessed the local
housing market's capacity to absorb the total housing demand.
16
South San Francisco Real Estate Advisory Services
City of South San Francisco
BAE has held an on -call economic consulting services contract with the City of South San
Francisco for several years. Through this contract, BAE has provided the City with flexible,
short -turnaround analyses as needed to support multiple City initiatives. These have included:
Library Reuse Analysis. BAE provided an assessment of the potential reuse value of a City -
owned library building for residential development for office development, for comparison with
estimated costs to refurbish the space for a city sponsored childcare facility. BAE analyzed the
potential value of the property for adaptive reuse for private offices and for clearing the site for
residential development.
COVID-19 Emergency Business Loan Fund Underwriting. BAE is helping the City implement an
emergency loan program to assist businesses facing short-term difficulty due to the
coronavirus epidemic, using CDBG funds. BAE provided input on eligibility criteria, loan
application materials, and loan underwriting.
Pro Forma Analysis of Municipal Services Building and Burl Burl Shopping Center. BAE
prepared an analysis of the potential economic benefits of potential joint development of a
city -owned site and adjacent commercial site, including estimating potential land values.
Community Benefits Pro Forma Review. BAE's assessment of the potential for the proposed
2.7 million square foot Southline Project to provide community benefits pursuant to a
development agreement with the City of South San Francisco for primarily office and life
science uses.
Health Peak Properties Vantage Campus Community Benefits Analysis. BAE conducted a
review of a proposed community benefits package for a proposed 1.6 million square foot life
sciences project, which was required to provide at least $16.6 million in community benefits.
In addition to the value of the proposed community benefits, BAE conducted a review of
additional entitlements that the project applicant requested. BAE's analysis informed
17
negotiations between the City and the development team as part of the development
agreement process.
Civic Center P3 Analysis. BAE helped the City evaluate the pros and cons and financial viability
of utilizing a P3 delivery method for development of parking facilities to serve civic buildings.
BAE researched comparable civic center public -private partnerships, highlighted key financial
and risk considerations for a traditional design -bid -build approach versus various P3
approaches, and prepared preliminary financial analyses to evaluate cost implications to the
City for developing various components using P3 approaches.
Teacher Housing Feasibility Study. BAE prepared an analysis of the potential feasibility of an
affordable housing project with preference for South San Francisco Unified School District
teachers to be financed by the Low -Income Housing Tax Credit (LIHTC) four percent program
and regional funding in addition to a permanent mortgage leveraged by the project's rental
revenue.
Affordable Housing Contribution Peer Review. BAE conducted a peer review of a developer pro
forma to inform the City's discussions with the developer regarding the provision of City
funding for the project's affordable housing component which was designed to satisfy required
affordable housing mitigations for multiple projects.
18
2. REFERENCES
The following are four references from projects featured in the Qualifications section. Please
find project descriptions in the Qualifications section:
California State University San Bernardino
Dr. Samuel Sudhakar
Chief Financial Officer
(909) 537-5130
ssudhakar@csusb.edu
Key Staff: David Shiver, Jacob Richey
Project Final Year: 2024
City of Long Beach
Amy Bodek
(formerly City of Long Beach) Director Los Angeles County Planning Department
213-974-6401
abodek@planning.lacount . ov
Key Staff: Sherry Okun-Rudnak, Aaron Barker
Project Final Year: 2019
City of Menlo Park
Kyle T. Perata
Assistant Community Development Director
(650) 330-6721
ktperata@menlopark.gov
Key Staff: David Shiver, Olivia EI-Sadr Davis
Project Final Year: Present
City of South San Francisco
Nell Selander
Director, Economic & Community Development Department
(650) 829-6613
nell.selander@ssf.net
Key Staff: David Shiver
Project Final Year: 2018
19
3. FEE SCHEDULE
4. LIST OF COMPLIMENTARY OF SERVICES AND
CORRESPONDING PRICES
BAE contracts either on a fixed fee or on time and materials not to exceed basis. Contracts
based on time and materials are subject to hourly fees for BAE professional staff. These rates
are subject to revision on or after January 1, 2027. BAE acknowledges that the annual
increases will not exceed 5 percent or the current year's Consumer Price Index (CPI) increase
for the Los Angeles Area, whichever is lower.
BAE's hourly rates for calendar year 2026 are as follows:
Principal
$320-350/hour
Associate Principal
$305/hour
Director
$295/hour
Vice President
$290/hour
Senior Associate
$230/hour
Associate
$180/hou r
Senior Analyst
$140/hour
Analyst
$125/hour
Miscellaneous expenses such as data purchase, travel, and document production are passed
through to the client with no markup.
Data charges are as follows if needed:
Data Source
Purpose
Price
CoStar
Real estate market research
$1,500
IMPLAN
Economic impact analysis
$3,500
Core Logic/ListSource
Real estate transaction research
$100
ESRI Business Analyst
Demographic and firm -level data
$0.10 per credit
20
5. STAFFING AND PROJECT ORGANIZATION
Paul Peninger Other Principal Based
Principal Principal -in -Charge on Experience
Relevant to Task
Jacob Richey Olivia El-Sadr
Associate Sr. Associate Davis
Project Manager Associate
Analyst Will Saalsaa
Analyst
BAE anticipates that Paul Peninger, as Principal -in -Charge will be responsible for quality
control, scoping, and high-level project coordination. Other BAE principals may be called upon
as technical advisors relevant to requested work. For each project, Paul will identify project
goals in coordination with City staff, establish BAE's overall approach, oversee BAE's staff
team, prepare key elements of BAE's analysis and written deliverables as needed, and review
all work products to ensure quality control. Jacob Richey, a Senior Associate based in
Southern California, will act as day-to-day Project Manager, responsible for coordinating data
analysis, organizing meetings, technical writing, and delegating work as appropriate to Olivia
El-Sadr Davis, an Associate, and Will SaalSaa, the project's Analyst. Staff resumes can be
found in Section 1 of this document.
21
6. SUBCONTRACTING SERVICES
BAE has not partnered with any subcontractors for this effort
7. DISCLOSURES
BAE has no significant prior or ongoing agreement failure, any civil or criminal litigation or
investigation pending, which involved BAE or in which BAE has been judged guilty or liable
within the last five (5) years.
22
8. EXPLANATION OF METHODOLOGY
BAE provides a full suite of economic development and feasibility analysis consulting services
to assist the City of La Quinta in reviewing proposed development projects and evaluating City
policies and programs to address key challenges and capitalize on key opportunities. This
section provides general information on BAE's approach to various projects that may be
included in the service areas in the City's Request for Qualifications. The following matrix
provides general information on typical project components, deliverables, and timelines. We
understand that the City of La Quinta may have specific needs for individual projects and we
are committed to coordinating with the City to meet the City's needs on project components,
deliverables, and schedule, allowing for potential variation from a typical project.
23
Service Description
Scope of Services A
Typical Components
Typical Deliverables
E
Typical Timelines
Economic Development Strategic Plans. BAE prepares economic
• Assemble and analyze demographic,
• Economic
• Six to nine
development strategic plans, downtown revitalization plans, retail
economic, and/or real estate market
development reports
months,
analysis, industrial land demand studies, innovation district plans, and
data
and/or presentations
depending on
tourism studies in support of local and regional initiatives to grow,
• Conduct cluster analysis composed
• Presentations to City
the level of
sustain, and expand economic vitality. BAE's approach to economic
of location quotient calculation and
Council, other elected
public outreach
development is to formulate actionable recommendations based on
shift share analysis of economic
and appointed bodies,
and involvement
insightful data analysis, deep understanding of underlying economic
sectors
stakeholders, and the
of an economic
and consumer trends, and thoughtful input from employers,
• Prepare tables and figures to
general public (as
development
policymakers, community members, and other stakeholders.
illustrate findings
needed)
commission
• Public outreach and meetings with
and/or City
stakeholders
Council
• Identify key findings and
economic
development
recommendations
subcommittee
Real Estate Market Data and Analysis. BAE offers real estate market
• Assemble and analyze demographic,
• Market analysis report
• Eight to 12
data and analysis expertise in support of general plans, subarea plans,
economic, and/or real estate market
and/or presentation
weeks
corridor studies, TOD plans, highest and best use studies, and
data
• Presentations to City
infrastructure financing plans, frequently working with multidisciplinary
• Prepare tables and figures to
Council, other elected
teams of planners, architects, and civil engineers. BAE's expertise
illustrate findings
and appointed bodies,
extends across a wide range of land uses, including residential,
• Conduct developer and stakeholder
stakeholders, and the
office/R&D, retail, hospitality, and industrial/warehouse. Through our
interviews
general public (as
robust research -driven real estate market data and analysis, BAE
• Identify of key findings and
needed)
provides its clients with timely and relevant information to inform land
recommendations
use decision -making. BAE will apply this approach to any real estate
market analysis that the City requires, from evaluating the market for
residential, commercial, or mixed -use development on City -owned sites
to identifying potential uses for major planning efforts.
24
Service Description
••- of Services
Typical Components
Typical Deliverables
Typical Timelines
Financial Feasibility and Pro Forma Studies. BAE will provide the City
a Prepare development pro forma
• Financial feasibility
• Four to eight
with financial feasibility analyses to identify opportunities and
models for financial feasibility
analysis
weeks for
challenges for new development, from proposed individual projects to
testing
memorandum,
standard
major land use plans. BAE provides financial feasibility and pro forma
• Research and identify key
report, or
analyses of the
analyses in support of highest and best use studies, community
assumptions for financial feasibility
presentation
financial
benefit programs, inclusionary housing and in -lieu fee programs,
modeling, including developer
• Financial feasibility
feasibility of
developer proposal reviews, public asset lease vs. sell disposition
interviews and reviewing public and
analysis section of a
potential
studies, and value capture studies. As part of its financial feasibility
subscription -based data sources
larger report or
developments
and pro forma practice, BAE models the anticipated economic
. Identify key findings and
presentation
• Three to six
performance of a development project, utilizing real estate market
recommendations
• Presentations to City
months or more
research, construction costs, permitting and impact fee costs, and real
Council, other elected
for more
estate developer and investor investment goals and testing the
and appointed
complex policy
sensitivity of pro forma results given changes in key market, cost, and
bodies, stakeholders,
studies (e.g.,
financial variables.
and the general
inclusionary
public (as needed)
housing and in -
lieu fee policy
studies
Community Benefits Analyses. BAE will provide the City with
• Prepare development pro forma
• Community benefits
• Four to eight
comprehensive analysis to support community benefits from new
models and/or review developer pro
analysis
weeks for a
development, whether the City is considering the establishment of new
forma models to evaluate the
memorandum, report,
typical analysis
community benefits programs, evaluating the contributions that a
financial feasibility of possible
or presentation
of a potential
specific project should make, or identifying the value of community
community benefits contributions
• Stakeholder interview
community
benefits packages proposed by developers. Our public sector clients
. Assess the value of proposed
or focus groups (as
benefits project
have used our expertise to establish and implement new community
community benefits packages
needed)
from a proposed
benefits programs, as well as to negotiate for additional community
• Identify any gaps between the
• Presentations to City
development
benefits from development projects. Our approach incorporates a
desired value of a proposed
Council, other elected
project
value capture perspective, recognizing that local governments create
community benefits package and a
and appointed
• Two to six
value by implementing zoning changes and offering development
proposed community benefits
bodies, stakeholders,
months for a
incentives, and that this added value can often support community
package (when relevant)
and the general
study to inform
benefits contributions.
• Develop key terms for new
public (as needed)
the creation of a
community benefits programs (when
new community
relevant)
benefits
program
25
Service Description
Typical Components
Typical Deliverables
Typical Timelines
Fiscal Impact and Economic Benefits Studies. BAE prepares
• Prepare a fiscal impact analysis
• Fiscal and/or
• Six to ten weeks
comprehensive fiscal impact and economic benefit studies to help City
model to evaluate the impact that
economic impact
staff and decision makers understand the fiscal and economic
new development will have on local
analysis
implications of land use decisions. Our fiscal impact models will be
revenues and expenditures, based
memorandum, report,
tailored to the City's specific set of revenues and service expenditures.
on the characteristics of the
or presentation
Local government agencies have used our fiscal impact studies to
development that would occur due
• Presentations to City
inform negotiations for community benefits from proposed
to proposed project or plan (for fiscal
Council, other elected
development projects, resulting in monetary and in -kind community
impact analyses)
and appointed
benefits contributions from development projects. Our economic
• Review the proposed project or plan
bodies, stakeholders,
impact studies estimate how a proposed development project or new
to identify inputs for IMPLAN and
and the general
set of land uses will contribute to direct, indirect, and induced job
conduct an analysis using the
public (as needed)
generation in the local economy, including using the widely -accepted
IMPLAN software model (for
IMPLAN input-output model for California and its constituent cities and
economic impact analyses)
counties.
• Prepare tables and figures to
illustrate fiscal or economic impacts
• Prepare a description of the
methodology and key findings
26
Service Description
Typical Components
Typical Deliverables
Typical Timelines
Real Estate Advisory Public Private Partnerships. BAE supports public-
. Identify the City's goals, priorities,
• Draft and final
• Varies by project
private partnership (P3) collaborations between its public clients and
and success metrics to ensure our
RFP/RFQ documents
private developers by offering P3 structuring, RFQ/P developer
analysis is responsive to public
for developer
solicitations, developer proposal evaluations, and term sheet and
interests
solicitations
agreement negotiations for a variety of P3 projects, including
• Evaluate the subject property, such
• Reports, memoranda,
development agreements, ground lease and sale disposition
as location, access, zoning, and
and presentations,
agreements, and master development agreements. BAE will provide
topography
including scoring of
the City with real estate advisory services to achieve successful
• Assess the development partner,
developer proposals
outcomes that minimize the City's risk, provide fair returns to both the
including financial capacity and
• Participation in
public and private sector, and avoid impairing development project
development track record, to
meetings with
feasibility. BAE could provide the City with a range of services related
determine their ability to deliver a
potential
to public -private partnerships, from assisting the City with RFQ/P
successful project
development partners
developer solicitations and developer proposal evaluations for City-
• Evaluate market feasibility, to verify
to assist in developer
owned sites to supporting the City in negotiating deal terms for
that proposed land uses and project
selection and/or
development agreements for major development applications.
scale are supported by current and
negotiate deal terms
projected market demand
• Presentations to City
• Evaluate financial feasibility based
Council, other elected
on current capital market conditions
and appointed
• Sensitivity testing using alternative
bodies, stakeholders,
pro forma scenarios to evaluate how
and the general
changes in key assumptions —such
public (as needed)
as construction costs, lease rates, or
financing terms —affect project
viability
• Identify clear and actionable findings
27
9. ACKNOWLEDGEMENT OF INSURANCE
REQUIREMENTS
10. NON -COLLUSION AFFADAVIT
11. ACKNOWLEDGEMENT OF ADDENDA
I_Air_[91:I►yiI:I►Ii+%
INSURANCE REQUIREMENTS ACKNOWLEDGEMENT
Must be executed by proposer and submitted with the proposal
I, Sherry Okun-Rudnak (name) hereby acknowledge and confirm that
BAE Urban Economics, Inc. (name of company) has reviewed
the City's indemnification and minimum insurance requirements as listed in Exhibits E and
F of the City's Agreement for Contract Services (Attachment 1); and declare that insurance
certificates and endorsements verifying compliance will be provided if an agreement is awarded.
am Principal of BAE Urban Economics, Inc.
(Title) (Company)
Commercial General Liability (at least as broad as ISO CG 0001):
❑ $1,000,000 per occurrence/$2,000,000 aggregate OR
❑ $2,000,000 per occurrence/$4,000,000 aggregate
❑ $5,000,000 per occurrence/$5,000,000 aggregate
Must include the following endorsements:
General Liability Additional Insured
General Liability Primary and Non-contributory
Commercial Automobile Liability (at least as broad as ISO CA 0001):
® $1,000,000 combined single limit for bodily injury and property damage
® Auto Liability Additional Insured
Workers' Compensation (per statutory requirements):
® Statutory Limits / Employer's Liability $1,000,000 per accident or disease
Must include the following endorsements:
Workers' Compensation Endorsement with Waiver of Subrogation; OR
Workers' Compensation Declaration of Sole Proprietor (if applicable)
Professional Liability (Errors and Omissions):
® Errors and Omissions liability insurance with a limit of not less than $1,000,000 per claim
Cyber Liability
❑ $1,000,000 per occurrence/$2,000,000 aggregate
Page 9 of 11
ATTACHMENT 3
NON -COLLUSION AFFIDAVIT FORM
Must be executed by proposer and submitted with the proposal
1, Sherry Okun-Rudnak (name) hereby declare as follows:
am Principal of BAE Urban Economics, Inc.
(Title) (Company)
the party making the foregoing proposal, that the proposal is not made in the interest of, or on behalf
of, any undisclosed person, partnership, company, association, organization, or corporation; that the
proposal is genuine and not collusive or sham; that the proposer has not directly or indirectly induced
or solicited any other proposer to put in a false or sham proposal, and has not directly or indirectly
colluded, conspired, connived, or agreed with any proposer or anyone else to put in a sham proposal,
or that anyone shall refrain from proposing; that the proposer has not in any manner, directly or
indirectly, sought by agreement, communication, or conference with anyone to fix the proposal price of
the proposer or any other proposer, or to fix any overhead, profit, or cost element of the proposal price,
or of that of any other proposer, or to secure any advantage against the public body awarding the
agreement of anyone interested in the proposed agreement; that all statements contained in the
proposal are true; and, further, that the proposer has not, directly or indirectly, submitted his or her
proposal price or any breakdown thereof, or the contents thereof, or divulged information or data relative
hereto, or paid, and will not pay, any fee to any corporation, partnership, company, association,
organization, proposal depository, or to any member or agent thereof to effectuate a collusive or sham
proposal.
declare under penalty of perjury under the laws of the State of California that the foregoing is true and
correct. �o.� U
Proposer Signature: s "," ' r kadn4k
Proposer Name:
Proposer Title:
Company Name:
Address:
Sherry Okun-Rudnak
Principal
BAE Urban Economics, Inc.
2030 Addison Street, Suite 640, Berkeley, CA 94704
Page 10 of 11
,4a aiKra
/_1if_[41:I►Ti14►kIV,
ACKNOWLEDGEMENT OF RECEIPT OF ADDENDA
Must be executed by proposer and submitted with the proposal;
If no addenda has been issued, mark "N/A" under Addendum No. indicating
Not Applicable and sign
ADDENDUM NO. SIGNATURE INDICATING RECEIPT
N/A S ry kbv)n4k
Page 11 of 11