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HomeMy WebLinkAbout1987-08-18; Housing & Redevelopment Commission; 84; Fiscal Consultant for Redevelopment Bond Program. . lB# 084 I TITLE: SELECTION OF FISCAL CONSULTANT MTG. 8/18/87 IEPT. RED FOR REDEVELOPMENT BOND PROGRAM HOUSING AND - EDEVELOPMENT COMMlSS-‘- N - AGENDA BILL RECOMMENDED ACTION: If Commission concurs your action is to adopt Resolution No. 090 selecting Katz-Hollis as Fiscal Consultant for the Redevelopment Bond Program. ITEM EXPLANATION: The City is preparing to issue Redevelopment Bonds to finance capital improvements. The services of a fiscal consultant are required to maximize the funds available. The fiscal consultant's primary task is to prepare accurate proiections of tax monies flowins to the agency over the comins years. The bond size and ratins will depend upon these projections. Two proposal were received by staff: Katz-Hollis $15,500 Urban Futures, Inc. $11,750 Because of the special concerns of the bond rating agencies, the firm selected must have unique qualifications. This contract is related to the experience and expertise of the bidder and is not quantifiable in time and materials, the selection committee could not rely solely on cost as a basis for their selection. Staff, Bond Counsel and the City's Investment Banker recommended selecting Katz-Hollis based on their experience and reputation in this field. The fiscal impact report will prepared in 4-6 weeks. Staff will return to the Commission at that time with a list of projects and bond size. FISCAL IMPACT: Fiscal Consultant will be paid out of bond proceeds. The Fiscal Consultant fee is $15,500. Should no bonds be issued, funds would come from Redevelopment fund balance. EXHIBITS: l- Housing and Redevelopment Commission Resolution No. 090 to select Fiscal Consultant, authorize Mayor to execute documents and appropriate funds. 2- Letter to Redevelopment Agency dated July 28, 1987, without enclosures 3- Letter to Redevelopment Agency dated August 3, 1987, without enclosures KatzHolli S July 28, 1987 Mr. Chris Salomone Director Carlsbad Redevelopment Agency 2965 Roosevelt Street, Suite 3 Carlsbad, California 92008 Dear Mr. Salomone: In response to your recent request, Katz Hollis is pleased to submit this proposal to provide fiscal consultant services to the Housing and Redevelopment Commission of the City of Carlsbad in conjunction with the Agency’s proposed issuance of tax allocation bonds for the Village Area Redevelopment Project (the “Project” ). It is our understanding that the Agency has retained Stone and Youngberg as their Financial Consultant for the proposed Tax Allocation Bonds, and are requesting that Katz Hollis provide services for the issue as Fiscal Consultant. Kate Hollis has a broad range of experience in providing financial, bond property tax analysis, legislative analysis and project implementation services. Katz Hollis has served as Fiscal Consultant for tax allocation and lease revenue bond issues totalling more than $1,500,000,000. A partial listing of these bond issues is attached. Our participation in these issues has placed us on consultant teams with almost all of the major financing, underwriting and bond counsel firms providing services in the California and western regional states’ bond markets. In addition, this participation in the bond market has exposed us to the major rating agencies and to bond insurers. Our reputation as an independent fiscal consultant whose services are provided on a non-contingent basis has in part contributed to our position of strong credibility in the market place. We are prepared to assist the Agency as Fiscal Consultant (a title which distinguishes us from the financial advisor/underwriter on the bonds) for sale of the proposed tax allocation bonds for the Agency. Fiscal Consultant services would provide the Agency with the full range of Katz Hollis’ bond services as follows: Katz Holl~s Coren & Associates, In c Financial Consultants 550 S.Hill Street Suite 980 Los Angeles, CA 9ool3-2410 (213) 629 -3065 San Francisco, CA (415) 788-0360 1) Examine and determine the accuracy of the secured taxable value reported for the Project by the San Diego County Assessor for 1987-88 tax year. This item also includes a compilation of ten large assessees in the Project Area, as is typically required for the official statement. 1365.khc/6 072887/bl - KatzHollis Mr. Chris Salomone Carlsbad Redevelopment Agency July 28, 1987 Page 2 2) Review and analysis of the San Diego County systems and procedures for the allocation of tax increment and supplemental revenues generated by the Project, and an examined of the Agency’s receipt of tax revenues. 3) Prepare a ten-year projection showing the tax increment revenues estimated to be annually allocated to the Agency for the Project. Projection to include estimates of assessed values of developments identified by the Agency as completed or under construction but not yet on the assessment rolls or as proposed and pending, and shall also reflect land acquisition and disposition schedules estimated by the Agency in connection with such proposed and pending developments. 4) Prepare a Fiscal Consultant’s Report for the Project to include the tax increment projection together with an analysis of recently enacted and pending legislation, or constitutional amendment proposals which may affect the flow of tax increment revenues through changes to the assessment or tax levy laws or administrative procedures. 6) Attendance at the Agency’s request at one “All Hands” meeting of Agency staff, consultants and bond counsel. Additional services for the sale of bonds for the Project beyond those out- lined above would be provided by Katz Hollis at the Agency’s request. Additional services generally include, but are not limited to review of offering documents and Agency resolutions pertaining to the sale of bonds, assisting the Agency in meetings and presentations to the bond rating agencies (Moody’s and Standard and Poor’s) and bond insurance companies (AMBAC, MBIA, and FGIC or others), and attendance at public meetings of the Agency. Katz Hollis has developed familiarity with the procedures and analytical concerns of bond rating agencies and insurers. We have, as a result, been able to assist our clients in making presentations which we believe directly address the concerns of these agencies and thereby facilitate their favorable considerations of a financing. For the provision of the basic services described in Items 1 through 5 above we propose a total fee of Fifteen Thousand Five Hundred Dollars ($lS,SOO), exclusive of out-of-pocket expenses which would be reimbursed on an as-incurred basis. Of the total fee, Seven Thousand, Five Hundred Dollars ($7,500) would be payable upon Katz Hollis, delivery of the tax increment projection and an invoice therefor. The remainder of the fee would be payable upon our delivery of the Fiscal Consultant’s Report for the Project described in Item 4 and an invoice therefor. Any additional services provided per the Agency’s request would be com- pensated on the basis of hours expended at the rates shown on the agree- KatzHollis Mr. Chris Salomone Carlebad Redevelopment Agency July 28, 1987 Page 3 merit. Expenees incurred in the provision of additional services would be reimbursed by the Agency. Compensation for additional services would be payable monthly upon our submission of an invoice for services rendered and expenses incurred. Neither compensation for the basic bond services nor compensation for additional services, if authorized, would be contingent on the Agency’8 sale of bonds. The enclosed agreement incorporates the scope of services, fees and other provisions as preisented in this letter. We are prepared to deliver the Fiscal Conaultant’e Report mentioned in Item 4 above within 30 day8 of our receipt of an executed contract and an authorixation to proceed. Our completion of services within this time frame is dependant upon the availability of data and information neceaeary to the preparation of our report. The provision of any additional service8 requested by the Agency would, of course, be echeduled at the time of the requeet. A draft Agreement for Fiscal Consulting Services, a Statement of Qualifi- cation8 with Client Listing and a Listing of Bond Issuances is enclosed for your review. Thank you for giving UE the opportunity to submit our proposal. We are available to diSCU88 this matter and to provide additional information a8 needed. Sincerely, KATZ, HOLLIS, COREN & ASSOCIATES, INC. Martin C. Coren Enclosures: 1) Agreement for Fiscal Coneulting Services 2) Statement of Qualification8 with Client Listing 3) Listing of Bond Iseuancee - Urban Futures Inc. August 3, 1987 Mr. Chris Salomone Housing and Redevelopment Director City of Carlsbad, Redevelopment Office 2965 Roosevelt Street, Suite B Carlsbad, CA 92008 Dear Mr. Salomone: Thank you for the opportunity to provide this brief letter proposal to provide an economic feasibility analysis report to the Carlsbad Redevelopment Agency. It is our understanding that the Redevelopment Agency desires to issue Tax Allocation Bonds for the Carlsbad Village Area Redevelopment Project, which will be the Agency's first financing. You mentioned in our recent phone conversation that the Agency is seeking the services of a qualified firm to prepare realistic tax increment projections and to evaluate the potential for economic growth within the project area. Urban Futures Inc. feels well qualified to provide services to the Carlsbad Redevelopment Agency. We have been providing financial advisor services for the last 13 years. Over that period of time we have served over 100 governmental jurisdictions including over 50 redevelopment agencies. We have served as either financial advisor or administrator on over one billion dollars worth of tax exempt offerings. We are one of the few California firms whose projections are recognized by both Standard & Poors and Moodys Rating Services, the nations largest and most important rating services. Our projections have been used and recognized by large triple and double A rated domestic and international banks in complex letter of credit insured tax allocation notes. 801 E. Chapman Ave., Suite 106, Fullerton, CA 92631 7141738-4277 Telecopy: 738-3767 Redevelopment/Finance/City Planning/Implementation h The firm itself is familiar with the North San Diego County area in general as we now serve as bond administrator/compliance agent to Oceanside, Escondido and San Marcos. Mr. Marshall F. Linn, the President of Urban Futures Inc. will be in charge of the Carlsbad assignment. He will bring to the engagement over 13 years of "hands on" experience. Over the last 12 months he has served as financial advisor on approximately 10 tax allocation issues. Mr. Linn holds a Masters Degree from USC and has been in the redevelopment field for over 15 years. For your information, I have listed a few of the more important work tasks we propose to complete for the engagement. 1. Evaluate the Agency's adopted Project Area Plans and Programs. 2. Prepare economic & project area growth projections and growth scenarios. 3. Meet with city officials and review and evaluate building and development activity. 4. Prepare tax increment projections for the next three to five years. Said projections will be structured in such a manner to enable the Agency to issue escrow bonds if necessary. 5. Certify said projections for inclusion in the Agency's offering documents. The end product of our work would consist of a report which will enable bond counsel to move ahead with the financing if indeed it is feasible. Our estimated fee to provide the above services would be $11,750 plus direct out of pocket expenses such as Federal Express, travel, etc. Again, thank you for the opportunity to present this brief letter proposal. Sincerely, Marshall F. Linn President Urban Futures Inc. 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 r- RESOLUTION NO. 090 A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING THE RETENTION OF KATZ-HOLLIS AS FISCAL CONSULTANT FOR THE CITY'S REDEVEXOPMENT AGENCY AND APPROPRIATION OF FUNDS. WHEREAS, the City of Carlsbad Housing and Redevelopment Commission desires to retain a Fiscal Consultant for the City's Redevelopment Agency; and WHEXEAS, proposals have been solicited from several firms: and WHEREAS, the firm of Katz-Hollis, has submitted a proposal for the provision of services, which is on file in the Redevelopment Office. NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Commission of the City of Carlsbad, California that: 11 21 31 41 51 61 ///I ///I The above referenced facts are true and correct, and That the Housing and Redevelopment Commission hereby authorizes the retention of Katz-Hollis, as Fiscal Consultant for the Redevelopment Agency. That the Housing and Redevelopment Commission of the City of Carlsbad hereby authorizes the Mayor/Chairperson to execute agreement, attached hereto and made a part hereof. That the Housing and Redevelopment Commission hereby requests that the Finance Director appropriate funds in the amount of $15,500 from the Agency fund balance for the purpose of retaining said Fiscal Consultant. That the Housing and Redevelopment Commission agrees that funds will be reimbursed from the sale of tax allocation bonds by year end. That the Housing and Redevelopment Commission hereby agrees that in the event tax allocation bonds are not sold by year end the agency will request a loan from the General Fund to cover costs. 1 PASSED, APPROVED AND ADOPTED, at a regular meeting of 2 the Housing and Redevelopment Commission of the City of 3 Carlsbad, held on the 18th day of August, 1987, by the 4 following vote, to wit: AYES: Commissioners Lewis, Pettine, Mamaux and Larson 5 NOES: None 6 7 ABSTAIN: None ABSENT: Commissioner Kulchin 8 9 10 ATTEST: II, 15 (SEW 16 //// 17 I/// 18 //// 19 I/ “” 20 Ii 21 22 23 24 25 26 27 28 / AGREEMENT FOR CONSULTING SERVICES THIS AGREEMENT, made and entered into as of the day of I=)- by and between the CITY OF CARLSBAD, Housing and RedevelopmAnt Commission, hereinafter referred to as Vity", and KATZ, HOLLIS, COREN AND ASSOCIATES, hereinafter referred to as f'CONSULTANT". RECITALS City requires the services of CONSULTANT to provide technical advice and assistance in connection with the issuance of a tax allocation bond issue: and Consultant possesses the necessary skills and qualifications to provide the services required by City; NOW THEREFORE, in consideration of these recitals and the mutual covenants contained herein, City and Consultant agree as follows: 1. CONSULTANT'S OBLIGATIONS The Consultant shall perform all of the necessary services as specified in detail in Exhibit OAff Scope of Services (Basic Services) . 2. ADDITIONAL SERVICES/CONSULTANT'S OBLIGATIONS Should services be requested by the City beyond the Scope of Basic Services outlined in Exhibit ffAff, the Consultant, upon City authorization, shall confer with and advise the City on matters relating to the bonds or to other financial and fiscal management aspects of the City's programs. Such Additional Services would include but not be limited to: A. REVIEWANDCOMMENT Review of offering documents and City resolutions pertaining to the sale of bonds for the Project. The primary components of this service is the verification of compatibility between the provisions contained in that resolution of issuance and the amounts and timing of revenue receipts for the redevelopment area. B. RATING CITY AND INSURER PRESENTATIONS Attendance at meetings with and presentations to bond rating agencies and bond insurance companies related to issuance. The Consultant my be required to provide for a presentation to City Council/Housing and Redevelopment Commission. 3. CITY OBLIGATIONS The City shall provide the consultant with assistance, any plans, publications, reports, statistics, records or other data or information pertinent to services to be performed hereunder, which are reasonably available to the City. The City shall additionally provide consultant appropriate staff assistance and shall take prompt and appropriate action when it will assist insuring proper and timely performance of services by the Consultant hereunder. 4. PROGRESS AND COMPLETION The work under this contract will begin within ten (10) days after receipt of notification to proceed by the City and be completed within the time frame determined appropriate by CONSULTANT and Housing and Redevelopment Director. Extensions of time may be granted if required by the Consultant and agreed to in writing by the Housing and Redevelopment Director. In consideration of such requests, the Housing and Redevelopment Director will give allowance for documented and substantiated unforeseeable and unavoidable delays not caused by lack of foresight on the part of the Consultant, or delays caused by City inaction or other agencies f lack of timely action. 5. COMPENSATION AND METHOD OF PAYMENT A. Comoensation The compensation to be paid to the Consultant for the Basic Services provided hereunder shall be the sum of Fifteen Thousand Five Hundred Dollars (%=$15,500), excluding out-of- pocket expenses. . For Additional Services provided hereunder, if any, the Agency shall compensate the Consultant in accordance with t following schedule: Principals $100 per hour Senior Associates $ 85 per hour Associates $ 70 per hour Senior Analyst $ 55 per hour Analysts $ 45 per hour Secretarial/Administrative $ 30 per hour he The City will compensate the Consultant for out-of-pocket expenses incurred by the Consultant in connection with services performed hereunder in accordance with the following schedule: Incurred Expenses - by an amount equal to actual incurred expenses. Automobile Mileage - At the rate of $0.20 per mile. Photocopies - At the rate of $0.10 per page for each document copy in excess of five (5) document copies. "Incurred Expenses" include, but are not limited to, authorized travel by common carrier: long distance telephone calls: commercial reproduction: assessment map and roll acquisition or reproduction: shipping and messenger services: and other similar expenses. Incurred expenses do not include normal overhead expenses. B. METHOD OF PAYMENT Within thirty (30) days after submission to the City of the Projection (Item D of Exhibit ffAff of this Agreement), the Consultant shall submit an invoice to the City for the amount of $7,500 (progress payment) plus the amount of out-of-pocket expenses incurred. Within thirty (30) days after submission to the City of the Fiscal Consultant's Report (Item E of Exhibit "Aff of this Agreement), the Consultant shall submit an invoice to the City for the balance of the fee (final payment) plus the amount of out-of-pocket expenses incurred. Should Additional Services be requested and performed, .the Consultant shall submit an invoice for such services plus the amount of out-of-pocket expenses incurred to the City within thirty (30) days after the end of the month in which such services were rendered. 3 Payment of invoices will be made after acceptance and approval by the City within thirty (30) days of receipt of such invoices. City's approval of invoices shall not be unreasonably withheld. A charge of 1% per month will be added to all past due accounts. 6. TERM OF AGREEMENT The term of this Agreement shall run for six (6) months from the date hereof, unless extended in writing by the parties hereto. 7. NOTICES Notices to the parties, unless otherwise requested in writing, shall be sent to the Housing and Redevelopment Department of the City of Carlsbad, 2965 Roosevelt Street, Suite B, Carlsbad, California, 92008, and to the Consultant at 550 South Hill Street, Suite 980, Los Angeles, California, 90013-2410. 8. CHANGES IN WORK If, in the course of this contract, changes seem merited by the Consultant or the City, and informal consultations with the other party indicate that a change in the conditions of the contract is warranted, the Consultant or the City may request a change in contract. Such changes shall be processed by the City in the following manner: A letter outlining the required changes shall be forwarded to'the City or Consultant to inform them of the propose changes along with a statement of estimated changes in charges or time schedule. After reaching mutual agreement on the proposal, a supplemental agreement shall be prepared by the City and approved by the City Council or City Manager, as appropriate. Such supplemental agreement shall not render ineffective or invalidate unaffected portions of the agreement. Changes requiring immediate action by the Consultant or City shall be ordered by the Housing and Redevelopment Director who will inform a principal of the Consultant's firm of the.necessity of such action and follow up with a supplemental agreement covering such work. 4 9. COVENANTS AGAINST CONTINGENT FEES The Consultant warrants that their firm has not employed or retained any company or person, other than a bonafide employee working for the Consultant, to solicit or secure this agreement, and that Consultant has not paid or agreed to pay any company or person, other than a bonafide employee, any fee, commission, percentage, brokerage fee, gift, or any other consideration contingent upon, or resulting from, the award or making this agreement. For breach or violation of this warranty, the City shall have the right to annul this agreement without liability, or, in its discretion, to deduct from the agreement price or consideration, or otherwise recover, the full amount of such fee, commission, percentage, brokerage fee, gift or contingent fee. 10. NONDISCRIMINATION CLAUSE The Consultant shall comply with the State and Federal Ordinances regarding nondiscrimination. 11. TERMINATION OF CONTRACT In the event of the Consultant's failure to prosecute, deliver, or perform the work as provided for in this contract, the City may terminate this contract for nonperformance by notifying the Consultant by certified mail of the termination of the contract. The Consultant, thereupon, has five (5) working days to deliver said documents owned by the City and all work in progress to the Housing and Redevelopment Director. The Housing and Redevelopment Director shall make a determination of fact based upon the documents delivered to City of the percentage of work which the Consultant has performed which is usable and of worth to the City in having the contract completed. Based upon that finding as reported to the City Council,or City Manager, as appropriate, the Council/City Manager shall determine the final payment of the contract. Final payment shall be in compliance with the Code of Federal Regulations. 12. DISPUTES If a dispute should arise regarding the performance of work under this agreement, the following procedure shall be used to resolve any question of fact or interpretation not 5 otherwise settled by agreement, between parties, Such questions, if they become identified as part of a dispute among persons operating under the provisions of this contract, shall be reduced to writing by the principal of the Consultant or the Housing and Redevelopment Director. A copy of such documented dispute shall be forwarded to both parties involved along with recommended methods of resolution which would be benefit to both parties. The Housing and Redevelopment Director shall reply to the letter along with a recommended method of resolution within ten (10) days. If the resolution thus obtained is unsatisfactory to the aggrieved party, a letter outlining the dispute shall be forwarded to the City Council or City Manager for their resolution through the Office of the City Manager. The City Council or City Manager, as appropriate, may then opt to consider the directed solution to the problem. In such cases, the action of the City Council or City Manager, as appropriate, shall be binding upon the parties involved, although nothing in this procedure shall prohibit the parties seeking remedies available to them at law. 13. RESPONSIBILITY OF THE CONSULTANT The Consultant is hired to render professional services of completion of Technical Advice and Assistance in the Issuance of Tax Allocation Bonds and any payments made to Consultant are compensation solely for such services. Consultant shall certify as to the correctness of all documents. 14. SUSPENSION OR TERMINATION OF SERVICES This agreement may be terminated by either party upon tendering thirty (30) days written notice to the other party. In the event of such suspension or termination, upon request of the City, the Consultant shall assemble the work product and put same in order for proper filing and closing and deliver said product to City. In the event of termination, the consultant shall be paid for work performed to the termination date; however, the total shall not exceed the guaranteed total maximum. The City shall make the final determination as to the portions of tasks completed and the compensation to be made. Compensation to be made in compliance with the Code of Federal Regulations. 6 15. STATUS OF THE CONSULTANT The Consultant shall perform the services provided for herein in Consultant's own way as an independent contractor and in pursuit of Consultant's Independent calling, and not as an employee of the City. Consultant shall be under control of the City only as to the result to be accomplished and the personnel assigned to the project, but shall consult with the City as provided for in the request for proposal. 16. CONFORMITY TO LEGAL REQUIREMENTS The Consultant shall cause reports/documents and specifications to conform to all applicable requirements of law: Federal, State, and local. Consultant shall provide all necessary supporting documents, to be filed with any agencies whose approval is necessary. The City will provide copies of the approved reports/documents to any other agencies. 17. OWNERSHIP OF DOCUMENTS All plans, studies, sketches, drawings, reports and specifications as herein required are the property of the City, (excluding computer programs) whether the work for which they are made be executed or not. In the event this contract is terminated, all documents, plans, specifications, drawings, reports and studies shall be delivered forthwith to the City. Consultant shall have the right to make one (1) copy of the reports/documents for his/her records. Any computer program developed or implemented by the Consultant for the City during the course of this Agreement, or jointly by the Consultant and the City, shall be the exclusive property of the Consultant. 18. HOLD HARMLFSS AGREEMENT The City, its agents, officers and employees shall not be liable for any claims, liabilities, penalties, fines, or any damage to goods, properties, or effects of any person whatever, nor for personal injuries or death caused by, or resulting from, or claimed to have been caused by, or 7 resulting from, any act or omission of Consultant or Consultant's agents, employees or representatives. Consultant agrees to defend, indemnify and save free and harmless the City and its authorized agents, officers, and employees against any of the foregoing liabilities or claims of any kind and any cost and expense that is incurred by the City on account of any of the foregoing liabilities including liabilities or claims by reason of alleged defects in any plans and specifications, unless the liability or claim is due, or arises out of, solely to the City's negligence. 19. ASSIGNMENT OF CONTRACT The Consultant shall not assign this contract or any part thereof or any monies due thereunder without the prior written consent of the City. 20. SUBCONTRACTING If the Consultant shall subcontract any of the work to be performed under this contract by the Consultant, Consultant shall be fully responsible to the City for the acts and omissions of Consultant's subcontractor and of the persons either directly or indirectly employed by the subcontractor, as Consultant is for the acts and omissions of persons directly employed by Consultant. Nothing contained in this contract shall create any contractual relationship between any subcontractor of Consultant and the City. The Consultant shall bind every subcontractor and every subcontractor of a subcontractor by the terms of this contract applicable to Consultant's work unless specifically noted to the contrary in the subcontract in question approved in writing by the City. 21. PROHIBITED INTEREST No official of the City who is authorized in such capacity on behalf of the City to negotiate, make, accept, or approve, or take part in negotiating, making, accepting, or approving of any architectural, engineering inspection, construction or material supply contractor, or any subcontractor in connection with the construction of the project, shall become directly or indirectly interested personally in this contract or in any part thereof. No officer, employee, architect, attorney, engineer, or inspector of or for the City who is authorized in such capacity and on. behalf of the City to k exercise any executive, supervisory, or other similar functions in connection with the performance of this contract shall become directly or indirectly interested personally in this contract or any part thereof. 22. VERBAL AGREEMENT OR CONVERSATION No verbal agreement or conversation with any officer, agent, or employee of the City, either before, during, or after the execution of this contract, shall affect or modify any of the terms or obligations herein contained nor such verbal agreement or conversation entitle the Consultant to any additional payment whatsoever under the terms of this contract. 23. SUCCESSORS OR ASSIGNS Subject to the provisions of Paragraph 18, Hold Harmless Agreement, all terms, conditions, and provisions hereof shall insure to and shall bind each of the parties hereto, and each of their respective heirs, executors, administrators, successors and assigns. 24. This agreement shall be effective on and from the day and year first above written. - IN WITNESS WHEREOF, we have hereunto set our hands and seals. CITY f’, / ’ OF CARLSBAD: ,,'.: /' ,' /' ,/' , * //// . 7 Chairperson L / BY Title APPROVED AS TO FORM: Q&q. f-m *e ;r. Assistant City Attorney ATTESTED: (ll&b& dwy City Clerk 10 Exhibit “A” Scope of Services (Bask servkee) A. Assessed Value Determination ___. _ ..-.-_.... .._. Examine and determine the accuracy of the secured taxable value reported for the Project by the San Diego County Assessor for the 1987-88 tax year (to the extent available). B. Allocation Systems and Procedures Review and analysis of the San Diego County system and procedures for the allocation of tax increment and eupplemental revenues generated by the Project, including an examination of the Agency’s receipt of tax revenue. c. Tax Increment Revenue -. -. _ Projection Prepare a ten-year projection (the “Projection”) showing the tax increment revenues estimated to be annually allocated to the Agency for the Project. Projection to include estimates of assessed values of developments identified by the Agency as completed or under construction but not yet on the assessment rolls or as proposed and pending, and shall also reflect land acquisition and disposition schedules estimated by the Agency in connection with the proposed and pending developments. D. Report of Fiscal Consultant ........... ... .._ ... .- ..- ........ .. ..- ....... ._..............._” I.....-........-...........--“. ..... ..-- .... Prepare Fiscal Consultant’s Report for the Project to include the tax increment Projection together with an analysis of recently enacted and pending legislation, or constitutional amendment proposals which may affect the flow of tax increment revenues through changes to the assessment or tax levy laws or administrative procedures. E. Meeting ..-_-.-“-“-. Attendance at the Agency’s request at one “All Bands” meeting of Agency 8taffJ consultants and bond counsel.