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HomeMy WebLinkAboutCC RESO 9920RESOLUTION NO. 9920 RESOLUTION AUTHORIZING EXECUTION OF AN AGREEMENT BETWEEN THE CITY. OF NATIONAL CITY AND STONE:&'YOUNGBERG BE IT RESOLVED. by the City Council of the City of National City that the Mayor is authorized and directed to execute a contract withthe firm of Stone & Youngberg to provide financial consulting services in regard to the financing of the E. J. Christman Business and Industrial Park. Said agreement is dated August 26, 1969. PASSED AND ADOPTED this.26th day of August, 1969. ATTEST: STONE & YOUNGBERG ..,tecenkcital giWancing Vcnsalicm. C ONTRACT EMPLOYING FINANCING CONSULTANT THIS AGREEMENT, made this )-day of y , 1969, by and between CITY OF NATIONAL CITY, San Diego County, California, a City duly organized under the laws of the State of California (hereinafter called "City"), party of the first part, and STONE & YOUNGBERG, Russ Building, San Francisco, California, a partnership (hereinafter called "Consultant"), party of the second part: WITNESSETH: WHEREAS, City desires to examine the financing capacity of a certain proposed redevelopment project (identified as the E. 1. Christman Business and Industrial Park Redevelopment Project) , and to effect financing where practical; and WHEREAS, preliminary cost estimates for said project have been pre- pared; and WHEREAS, City desires to develop a. plan concerned with the financial aspects of the redevelopment program; and WHEREAS, the preparation of such a plan requires certain studies, analyses and recommendations to be made by persons qualified by training and experience to do so; and WHEREAS, City, after due investigation and deliberation, has deter- , mined that Consultant is qualified by training and experience to perform said services; NOW, THEREFORE, it is mutually agreed as follows, to wit: City hereby employs Consultant and Consultant hereby accepts such employment to perform the services, upon the terms, subject to the conditions, and in consideration of payments as hereinafter set forth: Services to be Performed by Consultant: Consultant shall perform in a diligent manner the following services: -1- 1. Assemble, review and analyze available data and information which may have a bearing on a program for financing or refi- nancing the proposed project. 2. Based on the foregoing analysis, prepare and submit a summarized financing feasibility report containing the following information: (a) . A review of financing the project by the issuance of tax incre- ment bonds, the limitations applicable to such method of fi- nancing and the potential application of the tax increment bond method toward project financing or refinancing. (b) An analysis of available sources of revenue to be used to. amortize the indebtedness to be incurred and their applica- tion to the project. (c) Recommendations as to a tentative debt repayment schedule, bond call and redemption features (if any), application of revenue and other details relating to the debt and its repayment. (d) Estimates as to annual amounts required to meet annual debt service and maintenance and operation costs, taking into consideration estimated interest rates, call premiums and other factors. (e) A review of the proposed cash flow schedule that will be required to finance the continued execution of the project untill bond proceeds become available. 3. Discuss the contents of the foregoing report with City and make necessary revisions if required. 4. During the entire course of employment hereunder Consultant shall be available at reasonable times for consultation and advice relat- ing to the financial aspects of the contemplated improvement program. Payment for Services: 5. For the services to be rendered hereunder City shall pay Consultant the following fees at the times and subject to the conditions speci- fied as follows: (a) •The sum of $2,500, to become due and payable upon receipt of the report outlined in Paragraph 2 hereof. Said sum shall rep- resent full payment for services rendered in connection with said report. 6. It is agreed and understood that any obligations of City arising under this agreement may be transferred to any public or private entity, authority or agency which may be authorized to contract for the services provided herein. -Other Considerations: 7. Consultant is employed hereunder to render a professional service within the scope of its training and experience as a municipal fi- nancing consultant and any payments made to it are compensation solely for such service and advice. Outside of its normal office overhead and traveling costs to and from its San Francisco and Los Angeles offices and City to perform the services contracted for, Consultant is not responsible for and shall not be held liable for any other expense or expenditure of any kind. 8. Nothing herein contained shall prevent Consultant from carrying on its usual business activities, including the performance of other additional services for City, should it so desire such additional services, nor from performing similar services for other cities, agencies, districts orpublic entities. 9. City agrees that its officials and employees will be requested and directed to cooperate with and assist representatives of Consultant in every reasonable way to the end that Consultant may secure all in- formation and data required to perform the services herein provided for. IN WITNESS WHEREOF, said CITY, party of the first part, has caused these presents to be properly executed, and said STONE & YOUNGBERG, party of the second part, has caused these presents to be executed by one of its partners, as of the date hereinabove set forth. CITY OF NATIONAL CITY By STONE & YOUNGBERG By akaAA ..)1.111q-e Senior Partner - i- ,