Report to Carson Reclamation Authority
Tuesday, September 04, 2018
Consent
SUBJECT:
Title
CONSIDER AMENDMENT NO. 3 TO THE AGREEMENT WITH SEG ADVISORS, LLC, TO CONTINUE TO PROVIDE PROJECT MANAGEMENT AND REAL ESTATE ADVISORY SERVICES TO THE AUTHORITY THROUGH JUNE 30, 2019
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I. SUMMARY
This matter has been carried over from the August 7, 2018 Carson Reclamation Authority agenda due to no quorum on August 7, 2018.
On June 6, 2017 the Carson Reclamation Authority (Authority) entered into an agreement with SEG Advisors, LLC (SEG) to provide project management services for the former Cal-Compact Landfill (CCLF) project. SEG has provided invaluable assistance in advancing the project development at that site, particularly in the areas of retail leasing and development. Staff recommends approval of an amendment to that agreement that will continue those services through June 30, 2019.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. APPROVE Amendment No. 1 to the agreement between the Carson Reclamation Authority and SEG Advisors, LLC through June 30, 2019.
2. AUTHORIZE the Chairman to execute the amendment, after approval as to form by the Authority Counsel.
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III. ALTERNATIVES
TAKE any other action the Board deems necessary.
IV. BACKGROUND
The nature of developing a project on the former CCLF site has required the use of specialized, highly qualified and experienced consultants. SEG has provided project management services that include reviewing invoices/work orders from contractors and consultants prior to payment by the Authority, assisting with negotiating agreements, financial feasibility evaluations, tracking developer responsibilities, prepare and update the Authority Funding Plan and Community Facilities District funding schedules, as well as monitoring the budget.
Since the Original Agreement, SEG's fee has been at a fixed rate, and they do not charge for mileage or any expenses, including ICSC dues and meetings. The c...
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