Algonquin College is seeking responses to this Request for Expression of Interest and Qualification (“RFEIQ”) with the intention of identifying a private sector party(s) that has interest in entering into a transaction with the College to monetize its student residence facilities and assume the long term management, maintenance and operation of the student residences at the Ottawa Campus in Ottawa, Ontario.
The College will retain its ownership interest in the lands upon which the residence facilities are situated.
This RFEIQ is intended to facilitate the College’s ability to pre-qualify Proponents based upon their ability to enter into a transaction to monetize the residence facilities, develop, capably operate and maintain a financially sustainable business model and deliver a quality of student care that aligns with Algonquin College’s Vision, Mission and Values. Once the proposals have been evaluated, it is the intention of the College to pre-qualify one or more Proponents who have achieved the highest pre-qualification scores and proceed with the issuance of a directed Request for Proposal.
Broadly, the College will require a contractual relationship with the successful Proponent to include the following:
- Consideration - The College is prepared to negotiate timing and related financial terms. It is anticipated that the consideration will take into the account the land value and the growth opportunity expected in the area over the duration of the tenure.
- Property Management - The College will require the successful Proponent to enter into a long term property management agreement that ensures the quality of student care and aligns with the College’s vision, mission and values, as described above. The financial terms of this property management agreement will be negotiated with the successful Proponent.
- Compatible Uses - The College will require an acknowledgment that any uses other than student residence will be compatible with the College while not impacting student care and in all ways be consistent with the mandate of the College as an academic institution.
The College will receive and evaluate the proposals in accordance with the terms of this RFEIQ.
