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HomeMy WebLinkAboutRDA 02 APPV AGMNT W/PREFERRED R.E. MGMNT 01-02-08Agenda Item RDA 2 ,~ +~ Reviewed: A REPORT Cit Mana er .,~, AGEND y g F Finance Directo MEETING DATE: JANUARY 2, 2008 TO: WILLIAM A. HUSTON, EXECUTIVE DIRECTOR FROM: REDEVELOPMENT AGENCY SUBJECT: APPROVAL OF A CONSULTING SERVICES AGREEMENT WITH PREFERRED REAL ESTATE MANAGEMENT, INC. FOR PROPERTY MANAGEMENT SERVICES SUMMARY Redevelopment Agency approval is requested of a Consulting Services Agreement with Preferred Real Estate Management, Inc. for property management services. RECOMMENDATION Staff recommends that the Redevelopment Agency authorize the Executive Director, or his designee to execute a Consultant Services Agreement with Preferred Real Estate Management, Inc. for property management services for Agency owned properties located at 14741 and 14751 Newport Avenue. FISCAL IMPACT The fiscal impact for the proposed Consultant $5,000 per year. The continuing tenant rental month or $96,000 per year are expected to expenses under the proposed Agreement Services Agreement is approximately payments of approximately $8,000 per cover expected property management BACKGROUND/DISCUSSION In January of 2000, the Redevelopment Agency acquired two four-plex units located at 14741 and 14751 Newport Avenue. The properties which are located on the northwest corner of Newport Avenue and Sycamore were acquired for Agency~roject activities in the South Central Project area. Shortly after the acquisition of the subject properties, the Redevelopment Agency entered into a Consultant Services Agreement with Preferred Real Estate Management, Inc. for property management services. The Agreement has expired and a new Agreement is required for continued service. Agency Board Report January 2, 2008 Consultant Services Agreement Page 2 Approval of the proposed Consulting Services Agreement will allow the Consultant to continue providing property management services for the Agency owned properties located at 14741 and 14751 Newport Avenue. Staff will be available to answer any questions the Board may have. Christine Shingleton Assistant Executive Direct Kimberly cAllen Redevelopment Project Manager Jerry Craig Redevelop Manager Attachment CONSULTANT SERVICES AGREEMENT This Agreement for Consultant Services (herein "Agreement"), is made and entered into by and between the TUSTIN COMMUNITY REDEVELOPMENT AGENCY, a public body, corporate and politic, ("Agency"), and Preferred Real Estate Management, Inc., a California Corporation ("Consultant"). WHEREAS, Consultant is qualified to provide the necessary services and has agreed to provide such services; and WHEREAS, The Agency has compiled a list of services required, a copy of which is attached hereto as Exhibit "A", and is by this reference incorporated herein as though set forth in full hereto (the "Scope of Services"). NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein, Agency agrees to employ and does hereby employ Consultant and Consultant agrees to provide consulting services as follows: 1. SERVICES OF CONSULTANT 1.1 Scope of Services. In compliance with all terms and conditions of this Agreement, Consultant shall provide those services specified in the "Scope of Services" attached hereto as Exhibit "A" and incorporated herein by this reference, (the "services" or the "work"). Consultant warrants that all services shall be performed in a competent, professional and satisfactory manner in accordance with all standards prevalent in the industry. In the event of any inconsistency between the terms contained in Exhibit "A" and the terms set forth in the main body of this Agreement, the terms set forth in the main body of this Agreement shall govern. 1.2 Compliance with Law. All services rendered hereunder shall be provided in accordance with all laws, ordinances, resolutions, statutes, rules, and regulations of the City of Tustin and Tustin Community Redevelopment Agency and of any federal, state or local governmental agency of competent jurisdiction. 1.3 Licenses and Permits. Consultant shall obtain at its sole cost and expense such licenses, permits and approvals as may be required by law for the performance of the services required by this Agreement. 1.4 Familiarity with Work. By executing this Contract, Consultant warrants that Consultant (a) has thoroughly investigated and considered the work to be performed, (b) has investigated the site of the work and become fully acquainted with the conditions there existing, (c) has carefully considered how the work should be performed, and (d) fully understands the facilities, difficulties and restrictions attending performance of the work under this Agreement. Should the Consultant discover any latent or unknown conditions materially differing from those inherent in the work or as represented by the Agency, Consultant shall immediately inform Agency of such fact and shall not proceed with any work except at Consultant's risk until written instructions are received from the Contract Officer. 1.5 Care of Work. Consultant shall adopt and follow reasonable procedures and methods during the term of the Agreement to prevent loss or damage to materials, papers or other components of the work, and shall be responsible for all such damage until acceptance of the work by Agency, except such loss or damages as may be caused by Agency's own negligence. 1.6 Additional Services. Consultant shall perform services in addition to those specified in the Scope of Services when directed to do so in writing by the Contract Officer, provided that Consultant shall not be required to perform any additional services without compensation. Any additional compensation not exceeding ten percent (10%) of the original Contract sum must be approved in writing by the Contract Officer. Any greater increase must be approved in writing by the Executive Director. 1.7 Special Requirements. Any additional terms and conditions of this Agreement are set forth in Exhibits "B" and "C" and are incorporated herein by this reference. In the event of a conflict between the provisions of Exhibit "B" and "C" and any other provision or provisions of this Agreement including Exhibit A, the provisions of Exhibits "B" and "C" shall govern. 2. COMPENSATION 2.1 Compensation of Consultant. For the services rendered pursuant to this Agreement, the Consultant shall be compensated and reimbursed only such amount as are prescribed in Exhibit "C" attached. 2.2 Method of Patent. In any month in which Consultant wishes to receive payment, Consultant shall no later than the first working day of such month, submit to Agency in the form approved by Agency's Director of Finance, an invoice for services rendered prior to the date of the invoice. Agency shall pay Consultant for all expenses stated thereon which are approved by Agency consistent with this Agreement, no later than the last working day of said month. 2.3 Changes. In the event any change or changes in the work is requested by Agency, the parties hereto shall execute an addendum to this Agreement, setting forth with particularity all terms of such addendum, including, but not limited to, any additional Consultant's fees. Addenda may be entered into: A. To provide for revisions or modifications to documents or other work product or work when documents or other work product or work.is required by the enactment or revision of law subsequent to the preparation of any documents, other work product or work; B. To provide for additional services not included in this Agreement or not customarily furnished in accordance with generally accepted practice in Consultant's profession. 2.4 Payment for Changes. Changes approved pursuant to an Addendum shall be compensated at the personnel hourly rates prescribed in Exhibit "C" hereto. Note: Exhibit "C" prohibits billing for travel. 3. PERFORMANCE SCHEDULE 3.1 Time of Essence. Time is of the essence in the performance of this Agreement. 3.2 Schedule of Performance. All services rendered pursuant to this Agreement shall be performed within any time periods prescribed in any Schedule of Performance attached hereto marked Exhibit "A". The extension of any time period specified in the Exhibit "A" must be approved in writing by the Contract Officer. 3.3 Force Majeure. The time for performance of services to be rendered pursuant to this Agreement may be extended because of any delays due to unforeseeable causes beyond the control and without the fault or negligence of the Consultant, including, but not restricted to, acts of God or of a public enemy, acts of the government, fires, earthquakes, floods, epidemic, quarantine restrictions, riots, strikes, freight embargoes, and unusually severe weather if the Consultant shall within ten (10) days of the commencement of such condition notify the Contract Officer who shall thereupon ascertain the facts and the extent of any necessary delay, and extend the time for performing the services for the period of the enforced delay when and if in the Contract Officer's judgment such delay is justified, and the Contract Officer's determination shall be final and conclusive upon the parties to this Agreement. 3.4 Term. Unless earlier terminated in accordance with Section 7.7 of this Agreement, this Agreement shall continue in full force and effect until satisfactory completion of the services but not exceeding one (1) year from the date hereof, unless extended by mutual written agreement of the parties. 4. COORDINATION OF WORK 4.1 Representative of Consultant. The following Principal of the Consultant is hereby designated as being the principal and representative of Consultant authorized to act in its behalf with respect to the work specified herein and make all decisions in connection therewith: Nancy Schaff, President Noel Utter, Property Supervisor 2101 E. 4 Street, Suite 250-B Santa Ana, CA 92705 714-543-9113 It is expressly understood that the experience, knowledge, capability and reputation of the foregoing Principal is a substantial inducement for Agency to enter into this Agreement. Therefore, the foregoing Principal shall be responsible during the term of this Agreement for directing all activities of Consultant and devoting sufficient time to personally supervise the services hereunder. The foregoing Principal may not be changed by Consultant without the express written approval of Agency. 4.2 Contract Officer. The Contract Officer shall be the Assistant City Manager of City unless otherwise designated in writing by the Executive Director of Agency. It shall be the Consultant's responsibility to keep the Contract Officer fully informed of the progress of the performance of the services and Consultant shall refer any decisions which must be made by Agency to the Contract Officer. Unless otherwise specified herein, any approval of Agency required hereunder shall mean the approval of the Contract Officer. 4.3 Prohibition Against Subcontracting or Assignment. The experience, knowledge, capability and reputation of Consultant, its principals and employees were a substantial inducement for the Agency to enter into this Agreement. Therefore, Consultant shall not contract with any other entity to perform in whole or in part the services required hereunder without the express written approval of the Agency. In addition, neither this Agreement nor any interest herein may be assigned or transferred, voluntarily or by operation of law, without the prior written approval of Agency. 4.4 Independent Contractor. Neither the Agency nor any of its employees shall have any control over the manner, mode or means by which Consultant, its agents or employees perform the services required herein, except as otherwise set forth herein. Consultant shall perform all services required herein as an independent contractor of Agency and shall remain at all times as to Agency a wholly independent contractor with only such obligations as are consistent with that role. Consultant shall not at any time or in any manner represent that it or any of its agents or employees are agents or employees of Agency. Consultant shall be solely responsible for compliance with State and Federal Law with respect to the wages, hours, benefits, and working conditions of its employees, including requirement for payroll deductions for taxes. Employees or independent contractors of Consultant are not Agency employees. 5. INSURANCE /INDEMNIFICATION 5.1 Insurance. A. Consultant shall maintain in full force and effect during the term of these Agreement policies of commercial general liability and automobile liability insurance (each of which shall include property damage and bodily injury) and each with limits of at least $1,000,000 combined single limit coverage per occurrence. B. Consultant shall maintain in full force and effect during the term of this Agreement a policy of professional liability insurance coverage with limits of at least $1,000,000 combined single limit coverage per claim or per occurrence. If Consultant provides claims made professional liability insurance, Consultant shall also agree in writing either (1) to purchase tail insurance in the amount required by this Agreement or to cover claims made within five (5) years of the completion of Consultant's service under this Agreement, or (2) to maintain professional liability insurance coverage with the same carrier in the amount required by this Agreement for at least five (5) years after completion of Consultant's services under this Agreement. Consultant shall also provide evidence to the Agency of the purchase of the required tail insurance or continuation of the professional liability policy by executing the attached Letter Agreement on Consultant's letterhead. C. Consultant shall carry and pay for such workers' compensation insurance as is required fully protect Consultant and its employees under California Worker's Compensation Insurance Law. The insurance company shall agree to waive all rights of subrogation against the Agency for losses paid under the policy, which losses arose from the work performed by the named insured. D. Other applicable insurance requirements are: (1) Name the Agency, its officials and employees as an additional insured on the commercial, general and automobile policies. (2) The insurance shall be issued by a company authorized by the Insurance Department of the State of California and rated A, VII or better (if an admitted carrier) or A-, X (if offered, by a surplus line broker), by the latest edition of Best's Key Rating Guide, except that the Agency will accept workers' compensation insurance rated B-VIII or better or from the State Compensation Fund. (3) The Insurance shall not be cancelled, except after thirty (30) days written prior notice to the Agency; and (4) The commercial general and automobile liability insurance shall each be primary as respects the Agency, and any other insurance maintained by the Agency shall be in excess of this insurance and not contribute to it. E. Upon execution of this Agreement, Consultant shall provide to Agency certificates of insurance and insurer endorsements evidencing the required insurance. Insurer endorsements (or a copy of the policy binder if applicable) shall be provided as evidence of meeting the requirements of Subsections (1), (3) and (4) of Section D above and the waiver of subrogation requirement in Section C above. If self- insured for worker's compensation, Consultant shall .submit to Agency a copy of its certification of self-insurance issued by the Department of Industrial Relations. 5.2 Indemnification. The Consultant shall defend, indemnify and hold harmless the Agency, its officers and employees, from and against any and all actions, suits, proceedings, claims, demands, losses, costs, and expenses, including legal costs and attorneys' fees, for injury to or death of person or persons, for damage to property, including property owned by Agency, arising from errors and omissions of Consultant, its officers, employees and agents, and arising out of or related to Consultant's performance under this Agreement, except for such loss as may be caused by Agency's sole negligence or that of its officers or employees. The Consultant shall also defend, indemnify and hold the Agency harmless from any claims or liability for Agency health and welfare, retirement benefits, or any other benefits of part-time or fulltime City employment sought by Consultant's officers, employees, or independent contractors, whether legal action ,administrative proceeding or pursuant to State statue. 6. RECORDS AND REPORTS 6.1 Reports. Consultant shall periodically prepare and submit to the Contract Officer such reports concerning the performance of the services required by this Agreement as the Contract Officer shall require. 6.2 Records. Consultant shall keep such books and records as shall be necessary to properly perform the services required by this Agreement and enable the Contract Officer to evaluate the performance of such services. The Contract Officer shall have full and free access to such books and records at all reasonable times, including the right to inspect, copy, audit and make records and transcripts from such records. 6.3 Ownership of Documents. All drawings, specifications, reports, records, documents and other materials prepared by Consultant in the performance of this Agreement shall be the property of Agency and shall be delivered to Agency upon request of the Contract Officer or upon the termination of this Agreement, and Consultant shall have no claim for further employment or additional compensation as a result of the exercise by Agency of its full rights or ownership of the documents and materials hereunder. Consultant may retain copies of such documents for its own use. Consultant shall have an unrestricted right to use the concepts embodied therein. 6.4 Release of Documents. All drawings, specifications, reports, records, documents and other materials prepared by Consultant in the performance of services under this Agreement shall not be released publicly without the prior written approval of the Contract Officer. 7. ENFORCEMENT OF AGREEMENT 7.1 California Law. This Agreement shall be construed ~ and interpreted both as to validity and to performance of the parties in accordance with the laws of the State of California. Legal actions concerning any dispute, claim or matter arising out of or in relation to this Agreement shall be instituted in the Superior Court of the County of Orange, State of California, or any other appropriate court in such county, and Consultant covenants and agrees to submit to the personal jurisdiction of such court in the event of such action. 7.2 Disputes. In the event of any dispute arising under this Agreement, the injured party shall notify the injuring party in writing of its contentions by submitting a claim therefor. The injured party shall continue performing its obligations hereunder so long as the injuring party cures any default within ninety (90) days after service of the notice, or if the cure of the default is commenced within thirty (30) days after service of said notice and is cured within a reasonable time after commencement; provided that if the default is an immediate danger to the health, safety and general welfare, the Agency may take immediate action under Section 7.6 of this Agreement. Compliance with the provisions of this Section shall be a condition precedent to any legal action, and such compliance shall not be a waiver of any party's right to take legal action in the event that the dispute is not cured. 7.3 Waiver. No delay or omission in the exercise of any right or remedy of anon-defaulting party on any default shall impair such right or remedy or be construed as a waiver. No consent or approval of Agency shall be deemed to waive or render unnecessary Agency's consent to or approval of any subsequent act of Consultant. Any waiver by either party of any default must be in writing and shall not be a waiver of any other default concerning the same or any other provision of this Agreement. 7.4 Rights and Remedies are Cumulative. Except with respect to rights and remedies expressly declared to be exclusive in this Agreement, the rights and remedies of the parties are cumulative and the exercise by either party of one or more of such rights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default or any other default by the other party. 7.5 Legal Action. In addition to any other rights or remedies, either party may take legal action, in law or in equity, to cure, correct or remedy any default, to recover damages for any default, to compel specific performance of this Agreement, to obtain injunctive relief, a declaratory judgment or any other remedy consistent with the purposes of this Agreement. 7.6 Termination Prior to Expiration of Term. The Agency reserves the right to terminate this Agreement at any time, with or without cause, upon thirty (30) days written notice to Consultant, except that where termination is due to the fault of the Consultant and constitutes an immediate danger to health, safety and general welfare, the period of notice shall be such shorter time as may be appropriate. Upon receipt of the notice of termination, Consultant shall immediately cease all services hereunder except such as may be specifically approved by the Contract Officer. Consultant shall be entitled to compensation for all services rendered prior to receipt of the notice of termination and for any services authorized by the Contract Officer thereafter. 7.7 Termination for Default of Consultant. If termination is due to the failure of the Consultant to fulfill its obligations under this Agreement, Agency may take over the work and prosecute the same to completion by contract or otherwise, and the Consultant shall be liable to the extent that the total cost for completion of the services required hereunder exceeds the compensation herein stipulated, provided that the Agency shall use reasonable efforts to mitigate damages, and Agency may withhold any payments to the Consultant for the purpose of set-off or partial payment of the amounts owed to Agency. 7.8 Attorneys Fees. If either party commences an action against the other party arising out of or in connection with this Agreement or it subject matter, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs of suit from the losing party. 8. AGENCY AND CITY OFFICERS AND EMPLOYEES; NON- DISCRIMINATION 8.1 Non-Liability of City Officers and Employees. No officer or employee of Agency or City shall be personally liable to the Consultant, or any successor-in-interest, in the event of any default or breach by the Agency or for any amount which may become due to the Consultant or its successor, or for breach of any obligation of the terms of this Agreement. 8.2 Covenant Against Discrimination. Consultant covenants that, by and for itself, its heirs, executors, assigns, and all persons claiming under or through them, that there shall be no discrimination or segregation in the performance of or in connection with this Agreement regarding any person or group of persons on account of race, color, creed, religion, sex, marital status, national origin, or ancestry. Consultant shall take affirmative action to insure that applicants and employees are treated without regard to their race, color, creed, religion, sex, marital status, national origin, or ancestry. 9. MISCELLANEOUS PROVISIONS 9.1 Notice. Any notice, demand, request, consent, approval, or communication either party desires or is required to give to the other party or any other person shall be in writing and either served personally or sen# by pre-paid, first-class mail to the address set forth below. Either party may change its address by notifying the other party of the change of address in writing. Notice shall be deemed communicated forty- eight (48) hours from the time of mailing if mailed as provided in this Section. To City: TUSTIN COMMUNITY REDEVELOPMENT AGENCY 300 Centennial Way Tustin, CA 92780 Attention: Assistant City Manager (Contract Officer) To Consultant: Nancy Schaaf, CPM President Preferred Real Estate Mgmt. 2101 E. 4 Street, Suite 250-B Santa Ana, CA 92705 9.2 Integrated Agreement. This Agreement contains all of the agreements of the parties and cannot be amended or modified except by written agreement. 9.3 Amendment. This Agreement may be amended at any time by the mutual consent of the parties by an instrument in writing. 9.4 Severability. In the event that any one or more of the phrases, sentences, clauses, paragraphs, or sections contained in this Agreement shall be declared invalid or unenforceable by valid judgment or decree of a court of competent jurisdiction, such invalidity or unenforceability shall not affect any of the remaining phrases, sentences, clauses, paragraphs, or sections of this Agreement, which shall be interpreted to carry out the intent of the parties hereunder. 9.5 Corporate Authority. The persons executing this Agreement on behalf of the parties hereto warrant that they are duly authorized to execute this Agreement on behalf of said parties and that by so executing this Agreement the parties hereto are formally bound to the provisions of this Agreement. IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates stated below. Dated: APPROVED AS TO FORM: Doug Holland City Attorney "City" TUSTIN COMMUNITY REDEVELOPMENT AGENCY By: William A. Huston Executive Director "Consultant" Preferred Real Estate Management, Inc. 1 1 By: Nan y Schaaf, M President EXHIBIT"A" SCOPE OF SERVICES Management Services ^ Routinely undertake inspections and where necessary preventive maintenance (see description below. ^ Tailor and deliver rental agreements, approved by the Redevelopment Agency, prior to rentals, if necessary. ^ Collect monthly rental payments. ^ Prepare and deliver notices. ^ Contract for on-going ground maintenance and building maintenance necessary. Lawn and landscaping maintenance shall be once a week from April 1 through November 1 and once every other week from November 1 through March 31. ^ Collect keys and verify abandonment. ^ Provide monthly reporting to client. ^ Services for utility disconnections and meter removals; administering major building or unsafe condition repairs (items over $500.00) shall require pre-approval of City, other security services as units become vacant, and meeting with Client. ^ If extraordinary events occur related to the property or a particular tenant which require staff time of Consultant beyond reasonable property management scope standards that are not anticipated in the above scope of service, additional fees may be incurred and will need to be approved in writing by the Agency. ^ Collected funds will be kept in a trust fund with a proposed reserve of $2,000. ^ Collected rents will be used to pay for approved expenses and fees. All washer revenue shall-be released to City monthly. After any fees have been paid, funds exceeding the reserve including all washer revenue will be sent to the City on a monthly basis. ^ Pay vendor fees and utility bills as necessary. General Standards ^ The Property Manager shall oversee and perform caretaker and property management services to buildings, facilities and miscellaneous systems and equipment on the subject property. Property Management services include the management and inspection necessary to ensure an acceptable appearance to the subject properties at the level expected to property that would be owned by a public agency. ^ The standards for routine maintenance and inspection of facilities are detailed below. The Property Manager shall prepare a sample inspection checklist, based on the standards and maintenance levels as approved by the City for this use. The goal is to limit expenditure to the minimum necessary to prevent property deterioration and preserve the potential for the long term life of the property and improvements. Exhibit A o Recurring Services -Recurring services include all services performed on a routine or scheduled basis ^ Recurring services -The management consultant shall schedule and perform routine inspections. ^ Property Management will respond to service orders from tenants and City and document repairs made, or which need further or specialized expertise to correct. ^ Records shall be maintained for each item that required preventative maintenance. Records shall reflect periodic maintenance performed, included schedule and accomplish dates, and any repairs made. Consultant shall establish and maintain a central repository or file for maintenance documents for City review of the property. o Service Calls The Consultant shall maintain a work reception center to receive all service calls. Service calls shall be classified as emergency calls when the work requires immediate action to eliminate hazards that could endanger life or cause serious injury to tenants or to prevent loss or damage to property. Service calls will be classified as routine service calls when the work does not qualify as an emergency. The Consultant shall have procedures for receiving and responding to emergency service calls 24 hours per day, 7 days per week, including holidays and weekends. Response to emergency calls shall be immediate and corrective action to arrest the emergency shall begin immediately. The Consultants responses to all service calls shall be documented and there shall be a tracking system for each call, including: ^ Date and time of call and when the service call was completed ^ Name and telephone number of caller ^ Description of required services and actual work completed ^ Method of accomplishment (in-house, sub-contract, direct purchase, etc. ) ^ Classification of service call (routine or emergency) ^ Description and cost of materials, parts and equipment used ^ Daily status of all service calls and whether open or completed o Preventive Maintenance Consultant shall establish a cycle for inspecting and informing City of any preventive maintenance issues that need to be dealt with and identify any systems or improvements that have signs of deterioration that is causing damage and exposing improvements to damage including roofs, drains, gutters, downspouts, and other roofing components; when pest control services are necessary to maintain the health and safety standards of the improvements; grounds and surface driveways and parking areas on-site Exhibit A to a respectable appearance in high visibility areas; ensuring that trash collection areas are free of debris and that trash is collected and disposed of, and other wastes discarded; utility maintenance, operation, repair and break-down services. o Quality Control The Consultant will also be responsible for quality control over all of the services it provides. The Supervising Property Manager shall utilize checklists designed to ensure compliance with all Agreement performance requirements and shall regularly inspect routine maintenance items, preventive maintenance work, and service call responses; this includes ensuring quality work from subcontractors and prescreening or subcontractor qualifications and past performance. Exhibit A EXHIBIT "B" SPECIAL REQUIREMENTS 1. The Consultant shall comply with all applicable federal, state and local laws applicable to its activities. 2. The Consultant shall not release to the public or press any information regarding the purpose/scope of services to be accomplished or data specific to the project required under the Agreement without prior authorization of the contract officer. All such information is considered confidential. All inquiries made of Consultant shall be immediately referred to the Contract Officer. 3. Consultant shall present to the Agency certificates of insurance and endorsement forms verifying that the Consultant has the insurance as required by this Agreement. Said form shall be reviewed and approved by the office of the City Attorney of the Tustin Community Redevelopment Agency. A certificate of insurance form is attached. 4. If the Contract Officer determines that a product deliverable is unacceptable, the Consultant shall submit a revised product at Consultant's expense. 5. Monthly expense and property reports shall be submitted by Consultant in a form approved by the Agency. At minimum these reports shall specify the period reported, rents received, work completed and payments made to contractors with invoices, property improvements underway, and any recommended improvements, budgets a and schedules for such improvements, and any pending legal actions regarding the property's tenancies. 6. Consultant shall be required to meet with the Contract Officer as determined necessary or desirable to discuss elements of the Scope of Work and property's status. 7. For purposes of this Agreement, Noel Utter shall be the representative from Preferred Real Estate Management, Inc. approved to conduct services under the Agreement. 8. For purposes of this Agreement, Christine Shingleton, Assistant City Manager, shall be the Agency's Contract Officer. Exhibit B EXHIBIT "C" SCHEDULE OF COMPENSATION 1. As compensation for the Consultant's services under this Agreement, the City shall pay the Consultant an amount equal to 5% of the total rents collected. Expense Reimbursement 2. The Consultant shall be entitled to reimbursement for expenses. The City shall reimburse Consultant for direct expenses such as and including placement of advertising, printing and distribution, postage, telephone charges and property improvements as described in Exhibit "A". Itemized payment statements shall set forth in detail all actual reimbursement expenses during the preceding month. Compensation for Additional Services 3. In the event the City requires services in addition to those described in Exhibit A, said services and all other term and conditions must first be approved in writing by the Contract Officer and Consultant. Method of Payment 4. As a condition to any payment to Consultant under this Agreement, Consultant shall submit monthly to the City a statement of account which clearly sets forth by dates the designated items of work, as well as reimbursable expenses, for which the statement is submitted. Timing of Payment 5. The City shall review Consultant's monthly statements and approve Consultant's payment for services rendered and costs incurred hereunder, at the rates and in the amounts provided hereunder, on a monthly basis in accordance with the approved monthly statements. Exhibit C