| | | | | | | | Agenda Item - 4.l.
City of Garden Grove
INTER-DEPARTMENT MEMORANDUM
| To: | Scott C. Stiles
| From: | Lisa L. Kim
| | Dept.: | City Manager
| Dept.: | Community and Economic Development
| | Subject: | Approval of Amendment No. 2 to the agreement with Tierra West Advisors, Inc. for economic analysis services. (Cost $50,000) (Action Item) | Date: | 11/26/2019 |
|
| | | | | | | | OBJECTIVE
To request City Council approval of Amendment No. 2 to the Agreement with Tierra West Advisors, Inc., to increase the contract amount by $50,000 for a total contract sum of $99,000 to provide economic analysis services. |
| | | | | | | | BACKGROUND
Tierra West Advisors ("TWA") is an advisor to both public agencies and private organizations throughout California and provides professional services in the areas of fiscal analysis, project management, affordable housing development, real estate disposition and strategic planning. Mr. John Yonai, Principal of TWA brings more then 35 years experience in complex real estate transactions, specializing in feasibility analysis, proforma review, and fiscal impact modeling and revenue forecasting. |
| | | | | | | | DISCUSSION
TWA has provided economic advisory services for the City since 2015. The increase in contract is due to the unanticipated work Mr. John Yonai will have to take on due to recent State mandates. The Office of Economic Development has identified several projects that will require economic analysis including the landfill property adjacent to Hyatt, Site B2, and Brookhurst Triangle (Phase 2) as well as future disposition of successor agency assets. |
| | | | | | | | FINANCIAL IMPACT
The cost incurred by this Amendment No. 2 will be absorbed within the current Economic Development Administrative budget for contractual services. |
| | | | | | | | RECOMMENDATION
It is recommended that the City Council:
- Approve Amendment No. 2 with Tierra West Advisors, Inc. to increase the contract amount of $50,000 for a total contract sum of $99,000; and
- Authorize the City Manager to execute the agreement and make any minor modifications as appropriate there to.
By: Grace Lee, Sr. Economic Development Specialist
|
|