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Chicago Infrastructure Trust RFQ

Chicago Infrastructure Trust RFQ

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Published by Ann Weiler
Chicago Infrastructure Trust RFQ
Chicago Infrastructure Trust RFQ

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Published by: Ann Weiler on Jan 30, 2013
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07/10/2013

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Chicago Infrastructure Trust, in conjunction withthe City of Chicago and Chicago Public Schools
REQUEST FOR QUALIFICATIONSFor Financial Partners for Retrofit OneChicago’s Energy Retrofit Projects, estimated at $100 millionDated: January 29, 2013Responses due March 6, 2013
The Chicago Infrastructure Trust (the ”Trust”), in conjunction with the City of Chicago (the“City”) and the Chicago Public Schools (“CPS”), is seeking statements of interest andqualification from all interested parties, including without limitation investors, energy savingsconsultants and retrofit contractors (for ease of reference, hereafter collectively referred to asthe “Financial Partners”) to provide financing for certain energy efficiency projects (the “RetrofitProjects,” “Projects” or collectively “Retrofit Chicago”). The goals of this RFQ are stated underthe heading “Purpose of the RFQ” on page 7 below. It is anticipated that the Retrofit Projectswill be rolled out in a series of transactions (the “Tranches”) beginning in 2013 and continuingon an as-needed basis with no pre-established end date or limitations as to amount. We referto the first such transaction as “Retrofit One.”The Investment OpportunityRetrofit One will fund several projects including lighting retrofit, windows, and HVAC units and aboiler steam plant and provides investors with a unique business opportunity to partner withthe Chicago Infrastructure Trust, the City of Chicago (City) and Chicago Public Schools (CPS).These long-established governmental units have demonstrated an ability to budget in a timelymanner and fulfill their financial obligations.Retrofit One is an essential public purpose financing with two City departments and the ChicagoPublic Schools. The City and CPS have procured for the design, installation and maintenance of the projects to be financed. These projects will decrease the City’s and CPS’ consumption of electricity and the City’s use of natural gas, enabling both the City and CPS to realize savings intheir operating budgets. As part of this process the City and CPS have each measured andverified the potential savings that it expects to realize as a result of this financing.The savings resulting from the Retrofit Projects will fund the payments that provide the returnon the investments made by the Trust’s Financial Partners. It is expected that the City and/or itsSister Agencies, on behalf of the taxpayers, may wish to “share” the resulting savings with theFinancial Partners during the term of the financial agreement (the “Agreement”) that isexpected to ultimately result from this RFQ. The City and/or its Sister Agencies will also considertransactions in which a portion of the savings is used to create a reserve or provide additionaldebt coverage for the financial protection of the Financial Partners.
 
Chicago Infrastructure Trust, in Conjunction with the City of Chicago and Chicago PublicSchoolsRequest for Qualifications for Financial PartnersJanuary 29, 2013
2
The payment stream for the investment emanates directly from departmental operatingbudgets, which will continue to be funded at current levels, subject to annual appropriation risk,the existence of prior liens or similar limitations. The current budget level provides a baselineagainst which to measure energy cost savings that constitute the projected payment streamfrom the City.Investor risk for Retrofit One is minimized through diversification. There are three differententities providing repayment, and investors will have the ability to invest in all or separatetranches which will have different maturities and diverse underlying assets. All payments will beto a special purpose entity.REPAYMENT FOR INVESTORS WILL BE FROM OPERATING BUDGET SAVINGS ONLY. In the eventof default, none of the Trust, the City of Chicago and the Chicago Public Schools will pay anyshortfall and the underlying assets and the improvements will remain the property of the Cityor CPS. Below is a grid that illustrates the projects to be financed, their duration, and theexpected energy savings in dollars and percent.
 
Chicago Infrastructure Trust, in Conjunction with the City of Chicago and Chicago PublicSchoolsRequest for Qualifications for Financial PartnersJanuary 29, 2013
3
Project Types and Economics
Retrofit I: Chicago Public SchoolsLighting Retrofit Project Detail
Facility Type
 
Numberof Facilities
 
RetrofitProjectDescriptionTotal Costof RetrofitProject*
 
ForecastAnnual Savingsfrom Retrofit
 
SimplePaybackPeriod(Years)
 
ElementarySchools
 
211
 
Retrofit all T-12 lamps, exitsigns andinstalloccupancysensors$10,570,000$2,037,000/yr
 
5.18MiddleSchools
 
5
 
Retrofit all T-12 lamps, exitsigns andinstalloccupancysensors$280,000$114,000/yr
 
2.45High/Technical Schools
 
26
 
Retrofit all T-12 lamps, exitsigns andinstalloccupancysensors$3,150,000$849,000/yr
 
3.71
Subtotals
 
242
 
$14,000,000*$3,000,000/yr
 
4.66
*Preliminary Estimate as of 11/30/12 net of $5 million DCEO commitment.
 

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