Development Risk Manager - Construction Oversight

Job Description

Essential Duties and Responsibilities

·         Review standard real estate documentation for consistency with RJTCF’s requirements and property specific investment criteria.

·         Review of drawings for completeness and best practices.

·         Review and assess construction related agreements (construction, design, and equity/debt documents).

·         Engage 3rd party construction inspectors, review pre-construction reports and coordinate among the development, design and construction teams to resolve items requiring further attention

·         Perform detailed plan and specification review to ensure compliance with tax credit application standards

·         Analyze direct and indirect cost budget.

·         Conduct periodic site visits to: monitor construction, review contractors��� requisitions for payment, and recommend the release of construction funds.

·         Review 3rd party inspectors’ monthly or quarterly construction inspections, noting and, if required, resolving any open construction issues.

·         Monitor schedule and budget progress for multiple properties under construction, identifying any potential exposure to investment and credit delivery risk.

·         Maintain high level of client contact and communication.

·         Review substantive change orders for pricing, schedule, sources of funds, and marketability impacts.

·         Performs other duties and responsibilities as assigned.

·         Additional specific responsibilities:

APPROVED CONSULTANT DIRECTORY MANAGEMENT –

The DRM shall update and maintain the master consultant directory each month as consultants are added and removed from the directory. The DRM should evaluate consultant performance and make recommendations for removing consultants from the directory if necessary.

CONSULTANT REPORTING MANAGEMENT –

The DRM must know when to alert the DTAM if the information obtained and analyzed by the DRM warrants his notification.

                                            i.            The timeliness of consultant reporting. The DRM will ensure we receive a WIP report no later than 60 days after the lower-tier closing. If the project has not commenced, provide a detailed explanation why construction has not commenced as underwritten and /or why we have not received the first WIP report.

                                          ii.            The DRM must ensure we receive a WIP report each 30-day period regardless if the developer has submitted an application for payment or provide a detailed explanation why such condition exists. All notes and explanations are to be entered in the AM notes in RaPID.

                                         iii.            The DRM shall review each WIP report to ensure the consultant’s observations are consistent with the project’s current status and expectations from the previous reports. Any deviations are to be noted in RaPID and if necessary evaluated further for inclusion on to the Watchlist or an explanation why the project should be mitigated. All notes and explanations are to be entered in the AM notes in RaPID.

                                         iv.            The DRM shall ensure the information contained in the report is fresh and relative to the current project status. Ensure the consultants are removing stale antiquated information each month as necessary to maintain a concise report.

                                           v.            The DRM shall ensure the content of each report is consistent with the RJTCF engagement including;

Ensuring the consultant clearly understands the project’s completion requirements.

Ensuring the consultant is providing an estimated completion date/s for all buildings based on their opinions.

Ensuring the consultant is providing the GC’s estimated completion date/s, for all buildings.

Ensuring the consultant is providing a summary of all change orders to date and an explanation for each.

Ensuring the consultant is providing a summary of all pending change orders.

Ensuring the consultant is noting any deviations from the intended work scope as a result of change orders.

Ensuring the consultant is noting the relationship between project time, expended contingency to date and, and remaining contingency funds to