HomeMy WebLinkAboutR23990C - AMEND 1 - Financial Consulting SvcsPALM DESERT REDEVELOPMENT AGENCY
STAFF REPORT
REQUEST: REQUEST FOR APPROVAL OF AMENDMENT TO CONTRACT
(R23990C) WITH REAL ESTATE ANALYSIS SERVICES CO.
(REASCO) FOR FINANCIAL CONSULTING SERVICES
SUBMITTED BY
CONSULTANT
DATE:
CONTENTS:
Recommendation:
DAVE YRIGOYEN, DIRECTOR OF REDEVELOPMENT/HOUSING
REASCO
P. O. BOX 2809
PALM DESERT,
CA 92261-2809
JANUARY 26, 2006
CONTRACT AMENDMENT
By Minute Motion, that the Agency Board approve subject amendment for
Real Estate Analysis Services Co. (REASCO) for Fiscal Year 2005-2006, in
an amount not -to -exceed $15,000.
Executive Summary:
This agenda item is to continue the services of REASCO for financial real estate analysis.
This consultant provides staff with analysis services, which assist staff in making decisions
for redevelopment and housing projects.
Discussion:
The Agency Board awarded a consulting contract to REASCO on July 14, 2005, to provide
financial real estate analysis, based upon a Request for Proposals (RFP) process that was
conducted in June 2005 to provide such services. REASCO was awarded the contract
based upon the firm's experience, quality of work, and their fee structure. The firm
submitted a proposal that had regressive pricing based upon the hourly usage per month.
Since July 2005, REASCO has provided analysis to the Agency, including three potential
development pro formas for an Affordable Housing component, financial models and
analysis for a potential hotel, financial analysis of DDA for the Coachella Valley Water
District, completion of the 33433 Report for the same, and financial analysis of potential
restaurant at Entrada del Paseo.
G:\RDA%Veronica Tapia,Word Files,REASCO AMENDMENT.coc
Staff Report
Approval of Amendment to Contract R23990C (REASCO)
Page 2
January 26, 2006
Staff anticipates a need for additional financial analyses for at least three other
developments and their development of housing units, the administration of the
Redevelopment Implementation Plans, and the monitoring and auditing of the tax
increment revenues.
Staff is recommending that the Agency Board approve an amendment to REASCO's
contract for Fiscal Year 2005-2006 in an amount not -to -exceed $15,000.
Submitted by:
y�
Dave YriFe'development/Housing
Director
DY:VT: mh
Approval:
Ju McCarthy, AC evelopment
Carlos L. Ortega/txecutive Director
Y/ 4
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Paul S. gb�oK,�ectbr of Finance
P
PALM DESERT REDEVELOPMENT AGENCY
CONTRACT AMENDMENT
Contract Purpose: Financial Consulting Services
Contractor's Name: Real Estate Analysis Services Co. (REASCO)
Contract # / P.O. # R23990-C
Amendment No. 1
Contingency: YES I NO
Account No.
Project No.
x
You are hereby requested to comply with the following changes from the contract plans and specifications:
DESCRIPTION OF CHANGES DECREASE INCREASE
(Supplemental Plans and Specifications Attached) In Contract Price In Contract Price
Additional Financial Consulting Services Not to Exceed $15,000.00
TOTALS:
NET CHANGE IN CONTRACT PRICE:
JUSTIFICATION:
TOTAL BUDGET FOR PROJECT: + 30,000.00
Less: Expend. & Encumb. To Date: - 30,000.00
Less: This Change Order Amount: - 15,000.00
BALANCE OF BUDGET
REMAINING FOR PROJECT: - 15,000.00
i CONTINGENCY:
I
Amount Approved by Council: +
Less: Prior Change Order(s): -
Less: This Change Order: -
Balance Remaining of Contingency:
$15,000.00
The amount of the Contract will be ( ., ,, s . }) Increased by the Sum of: Fifteen Thousand and NO/100 Dollars
($15,000.00 ).
This document will become a supplement to the Contract and all provisions will apply hereto, all items included above must have
required signatures as per the purchase resolution.
1. REQUESTED BY: 1 2. ACCEPTED BY:
EXECUTIV� DIRF OR CONSULTANT
3. CERTIFIEDf'`; g
FUNDS AVAILABLE: 4. APPROVED BY:
FINAIV+ DI-TO-R JIM FERGUSON, CHAIRMAN
NOTE: No payments will be made prior to Exec. Dir. and Agency Board approval
SECRETARY
1 /26/06
1 /26/06
Ame i-RDA