For City Council and Rialto Housing Authority Meeting [June 12, 2018]
TO: Honorable Mayor/Chair and City Council/Board Members
APPROVAL: Robb Steel, Interim City Administrator/Executive Director
Title
Request City Council and Housing Authority Board to Approve 1) Amendment #2 to the Professional Service Agreement with Keyser Marston Associates for Real Estate Advisory Services for Economic Development by increasing the maximum authorization by $40,000 to a total of $115,000 and 2) Amendment #1 to the Professional Services Agreement for Real Estate Advisory Services for Affordable Housing Projects, increasing the maximum authorization by $11,000 to a total of $23,000.
(ACTION)
Body
BACKGROUND:
On September 27, 2016, the City Council approved a new Professional Service Agreement with Keyser Marston Associates (KMA) for Real Estate Advisory Services for a maximum of $25,000 for services.
On January 24, 2017, the City Council approved Amendment #1 with KMA to increase maximum funding by $50,000 to $75,000.
ANALYSIS/DISCUSSION:
The City utilized KMA for real estate negotiations with Lewis-Hillwood Rialto related to the sale of City and Successor Agency parcels for Renaissance Rialto. The City recently utilized KMA for the construction loan with Ayala and 210 Partners for the proposed retail center at northeast corner of Ayala Drive and Renaissance Parkway. The City requires continued KMA services for the proposed 15-acre retail site situated between the new Super Walmart and the soon to be former Walmart building in south Rialto.
As of May 2017, about $2,927 of the original $75,000 funding remains. In addition, unpaid invoices totaling $14,700 remain outstanding for work related to the construction loan for the proposed Renaissance Plaza retail center (anchored by Cracker Barrel and Sonic) by Ayala and 210 Partners. Staff requests funding of $40,000 to cover the unpaid balance and continue services with KMA for fiscal year 18/19, if needed.
In addition,...
Click here for full text