Report to Mayor and City Council
Tuesday, June 18, 2019
Consent
SUBJECT:
Title
CONSIDER CONTRACT AMENDMENT NO. 1 WITH NBS GOVERNMENT FINANCE GROUP TO PROVIDE COMMUNITY FACILITIES DISTRICT(S) CONSULTING SERVICES (CITY COUNCIL)
Body
I. SUMMARY
On August 7, 2018, the City and NBS Government Finance Group ("NBS") entered into an agreement for Community Facilities District ("CFD") formation services (Exhibit No. 1). NBS's scope of services consists of four components: (1) Initial CFD formation for the City-wide future annexation area (Task completed - $19,805.42 expended/$21,000 budgeted) (2) Fiscal impact analysis to establish the tax rates for new residential and industrial projects (Task completed - $21,500 expended/$21,500 budgeted), (3) Future CFD annexation services for new projects/developments (ongoing task- $4,480.71 expended/$32,000 budgeted), (4) Ongoing administration of CFD (ongoing task- $1,000 expended/$4,000 budgeted). The term of the agreement was August 7, 2018 to June 30, 2019, with a total contract sum of not-to-exceed $78,500. To date, the City has received invoices amounting to $46,786.13. The balance of the contract amount will be used to pay invoices that the City has not received and/or unpaid invoices.
Staff is requesting an approval of the proposed Amendment No. 1 to: (1) extend the term for three years, and (2) increase the maximum contract amount by $273,000 to cover the additional three-year term (Exhibit No. 2). If approved as recommended, the maximum contract amount would total $351,500 from August 17, 2018 to June 30, 2022. A majority of the costs are paid for by planning deposits for new development projects and from CFD proceeds. This amendment is necessary to add new annexations to the Citywide CFD and to administer the Citywide CFD going forward.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. APPROVE Amendment No. 1 to the contract with NBS extending the term through June 30, 2022, in the amount not-...
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