HomeMy WebLinkAboutSR - R25410C - CA1 - Financl Cnsltg SvcsPALM DESERT REDEVELOPMENT AGENCY
REQUEST
SUBMITTED BY
CONSULTANT:
DATE:
CONTENTS:
Recommendation:
STAFF REPORT
REQUEST FOR APPROVAL OF AMENDMENT NO. 1 TO
CONTRACT (R25410C) WITH REAL ESTATE ANALYSIS
SERVICES CO. (REASCO) FOR FINANCIAL CONSULTING
SERVICES
ARLA K. SCOTT, SENIOR FINANCIAL ANALYST
REASCO
P. O. BOX 2809
PALM DESERT,
APRIL 26, 2007
CA 92261-2809
CONTRACT AMENDMENT NO.
By Minute Motion, that the Agency Board approve subject Amendment No. 1
for Real Estate Analysis Services Co. (REASCO) for Fiscal Year 2006-2007,
in an amount not -to -exceed $10,000.
Executive Summary:
This agenda item is to continue the services of REASCO for financial real estate analysis.
This consultant provides staff with analysis services for housing and redevelopment
projects which assist staff in the decision making process.
Discussion:
The Agency Board awarded a consulting contract to REASCO on June 22, 2006, to
provide financial real estate analysis, based upon a Request for Proposals (RFP) process
that was conducted in June 2006 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 2006, REASCO has provided analysis to the Agency, for an Affordable Housing
component, financial models and analysis for potential hotels, parking structure analysis
and the monitoring and auditing of the tax increment revenues.
G.VdaWMa Scott\Word Files\Staff Repts\REASCO AMENDMENT-06-07 doc
Staff Report
Approval of Amendment No. 1 to Contract R25410C (REASCO)
Page 2
April 26, 2007
The balance of the current contract with REASCO is nearly depleted. Therefore, staff
is recommending that the Agency Board approve an amendment to REASCO's contract for
Fiscal Year 2006-2007 in an amount not -to -exceed $10,000.
Submitted By:
6&, I . 9�w
Aria K. Scott
Senior Financial Analyst
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Approval:
ent
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Carlos L. Ortega,41!�xecutive Director
Department Head:
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DaviDirepment
Paul S. Gibson, Director of Finance
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BY RDA
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VERIFIED BY L.
Original on file with City 8terkpa Office
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I-11RHIOtj(NI N'1'11 IV 1, H Pill[ U HINCY
73-51 o FRED WARING DRIVE
PALM DESERT, CALIFORNIA 92260-2578
TEL:760 346—o6ii
FAX: 760 341-6372
info@palm-deser[.org
May 3, 2007
Mr. Leonard Wolk
REASCO
Post Office Box 2809
Palm Desert, California 92261
Dear Leonard:
Subject: Contract No. R25410C - Redevelopment Financial Consultinq
Services for FY 2006/07 - Amendment No. 1
At its regular meeting of April 26, 2007, the Palm Desert Redevelopment Agency, by
Minute Motion, approved Amendment No. 1 in an amount not to exceed $10,000 to the
subject contract with Real Estate Analysis Services Co. (REASCO), Palm Desert,
California and authorized the Chairman to execute same.
Enclosed are three original amendments. Please sign where indicated and return them
to us at your earliest convenience. We will then forward to you a fully executed
amendment for your records.
If you have any questions or require any additional information, please do not hesitate
to contact us.
Sincerely,
RACHELLE D. KLASSEN, CIVIC
SECRETARY
RDK:mgm
Enclosures (as noted)
cc: Arla K. Scott, Senior Financial Analyst
1, PRINTED ON RECY(EED PAPER
PALM DESERT REDEVELOPMENT AGENCY
PROFESSIONAL SERVICE AMENDMENT
Contract Purpose Financial Consulting
Consultant's Name Real Estate Analysis Services Co
Address: P. O. BOX 2808, Palm Desert, CA 92261
Contract # / P.O. #
Amendment/
Change Order No.
Contingency:
Account No.
Project No.
Vendor No.
R25410C --
1
YES NO
various
X
You are hereby requested to comply with the following changes from the contract plans and specifications:
DECREASE INCREASE
DESCRIPTION OF CHANGES In Contract Price In Contract Price
Additional services 10,000.00
TOTALS: - 10,000.00
NET CHANGE IN CONTRACT PRICE: 10,000.00
JUSTIFICATION:
TOTAL BUDGET FOR PROJECT: + 30,000.00 CONTINGENCY:
Less: Expend. & Encumb. To Date: - 30,000.00 Amount Approved by Board: +
Less: This Change Order Amount: - 10,000.00 Less: Prior Amendment(s): -
BALANCE OF BUDGET Less: This Amendment: -
REMAINING FOR PROJECT: (10,000.00) Balance Remaining of Contingency: -
The amount of the Contract will be (Oesreased) Increased by the Sum of: Ten Thousand and NO/100
Dollars ($10,000.00).
WAgenda Items\2007-Apr 26Wmendmt 1 Contract R25410C REASCOAmend 1 Form.doc See reverse
Contract R25410C Amendment No. 1 Continued from front
This Contract Amendment covers changes to the subject contract as described herein. The consultant shall perform
all work as necessary or required to complete the Contract Amendment items for a lump sum price agreed upon
between the Consultant and the Palm Desert Redevelopment Agency, otherwise referred to as Owner.
Contract Time Extension -0- Days.
Revised Contract Total $40,000.00 .
The undersigned Consultant approves the foregoing Contract Amendment # 1 as to the changes, if any, in the
contract price specified for each item including any and all supervision costs and other miscellaneous costs relating to
the change in work, and as to the extension of time allowed, if any, for completion of the entire work on account of said
Contract Amendment # 1 . The Consultant agrees to furnish all labor and materials and perform all other necessary
work, inclusive of that directly or indirectly related to the approved time extension, required to complete the Contract
Amendment items. This document will become a supplement of the contract and all provisions will apply hereto. It is
understood that the Contract Amendment shall be effective when approved by the Owner.
Execution of this Contract Amendment by the Consultant constitutes a binding accord and satisfaction that fully
satisfies, waives, and releases the Owner from all claims, demands, costs, and liabilities, in contract, law or equity,
arising out of or related to the subject of the Contract Amendment, whether known or unknown, including but not
limited to direct and indirect costs and/or damages for delay, disruption, acceleration, and loss of productivity, as well
as any and all consequential damages.
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.
REQUESTED BY:
CERTIFIED
FUNDS AVAILABLE:
EXECUTIVE DIRECTOR
FINANCE DIRECTOR
NOTE: No payments will be made
prior to Executive Director and
Agency Board approval
2. ACCEPTED BY:
CONSULTANT
4. APPROVED BY: 4/26/07
RICHARD S. KELLY, CHAIRMAN Date Approved
4/26107
SECRETARY Date Approved
GArda\Laurel Knutson\Word Data\RDA\Amndmts - Chng Ordrs\REASCO R25410C.doc See reverse ...
PALM DESERT REDEVELOPMENT AGENCY
PROFESSIONAL SERVICE AMENDMENT
Contract Purpose Financial Consulting
Consultant's Name Real Estate Analysis Services Co
Address: P. O. Box 2808, Palm Desert, CA 92261
Contract # / P.O. # I R25410C
Amendment/ 1
Change Order No.
Contingency: I YES NO
Account No. I various
Project No.
Vendor No.
x
You are hereby requested to comply with the following changes from the contract plans and specifications:
DECREASE INCREASE
DESCRIPTION OF CHANGES In Contract Price In Contract Price
Additional services 10,000.00
TOTALS: - 10,000.00
NET CHANGE IN CONTRACT PRICE: 10,000.00
JUSTIFICATION:
TOTAL BUDGET FOR PROJECT: + 30,000.00 CONTINGENCY:
Less: Expend. & Encumb. To Date: - 30,000.00 Amount Approved by Board: +
Less: This Change Order Amount: - 10,000.00 Less: Prior Amendment(s): -
BALANCE OF BUDGET Less: This Amendment: -
REMAINING FOR PROJECT: (10,000.00) Balance Remaining of Contingency: -
The amount of the Contract will be (Decreased) Increased by the Sum of: Ten Thousand and NO/100
Dollars ($10,000.00).
W \Agenda Items\2007-Apr 26\Amendmt 1 Contract R25410C REASCO\Amend 1 Form doc See reverse
Contract R25410C Amendment No. 1 Continued from front
This Contract Amendment covers changes to the subject contract as described herein. The consultant shall perform
all work as necessary or required to complete the Contract Amendment items for a lump sum price agreed upon
between the Consultant and the Palm Desert Redevelopment Agency, otherwise referred to as Owner.
Contract Time Extension -0- Days.
Revised Contract Total $40,000.00 .
The undersigned Consultant approves the foregoing Contract Amendment # 1 as to the changes, if any, in the
contract price specified for each item including any and all supervision costs and other miscellaneous costs relating to
the change in work, and as to the extension of time allowed, if any, for completion of the entire work on account of said
Contract Amendment # 1 . The Consultant agrees to furnish all labor and materials and perform all other necessary
work, inclusive of that directly or indirectly related to the approved time extension, required to complete the Contract
Amendment items. This document will become a supplement of the contract and all provisions will apply hereto. It is
understood that the Contract Amendment shall be effective when approved by the Owner.
Execution of this Contract Amendment by the Consultant constitutes a binding accord and satisfaction that fully
satisfies, waives, and releases the Owner from all claims, demands, costs, and liabilities, in contract, law or equity,
arising out of or related to the subject of the Contract Amendment, whether known or unknown, including but not
limited to direct and indirect costs and/or damages for delay, disruption, acceleration, and loss of productivity, as well
as any and all consequential damages.
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.
REQUESTED BY:
CERTIFIED
FUNDS AVAILABLE:
EXECUTIVE DIRECTOR
FINANCE DIRECTOR
NOTE: No payments will be made
prior to Executive Director and
Agency Board approval
2. ACCEPTED BY:
CONSULTANT
4. APPROVED BY:
RICHARD S. KELLY, CHAIRMAN
SECRETARY
4/26/07
Date Approved
4/26/07
Date Approved
W \Agenda Items\2007-Apr 26\Amendmt 1 Contract R25410C REASCO\Amend 1 Form doc See reverse