Bid Process

TRA represents various public transportation authorities in disposition of public property and assets such as sale of surplus land, lease of commercial and concession space, licenses for ATM and vending facilities in stations and employee areas.

Most of these offering require a public process that is transparent and demonstrates protection of public money and assets. These public processes typically involve a number of steps that include:

Public notice
Time period for questions and answers
Specified due date and time
Time period for the agency to review the package and check information and conduct any necessary due diligence prior to award
Finalization of legal instruments such as leases, licenses, purchase and sale agreements and deeds.
Agency approval of final terms and documents. This often includes a vote by the board of directors.

The timeframe for a simple disposition typically takes 4-6 months from the public announcement through closing. More complicated offerings often consider time involved for extensive site investigations and other buyer due diligence and may take 6-9 months. Dispositions that involve new development may also include time for preliminary project design and permitting. These types of dispositions can involve 9 to 18 months.