| | | | | | | | Agenda Item - 3.d.
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 amendments to contracts with Keyser Marston Associates, Inc., Tierra West Advisors, Inc., and Harris & Associates, Inc. to provide financial feasibility services. (Cost: $100,000 for each contract) (Action Item)
| Date: | 6/28/2022 |
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| | | | | | | | OBJECTIVE
For the City Council to extend contracts and approve annual contract amounts for: 1) Keyser Marston Associates Inc., 2) Tierra West Advisors, Inc., and 3) Harris & Associates, Inc. to provide financial feasibility services, on an as-needed basis. |
| | | | | | | | BACKGROUND
Following a comprehensive RFP process in September 2021, the City Council awarded contracts to Keyser Marston Associates, Tierra West Advisors, and Harris & Associates for purposes of assisting the Community and Economic Development Department (CEDD) facilitate high-quality development by providing financial project feasibility and analysis. Having the availability of on-call firms has permitted CEDD to streamline development projects in areas of affordable housing assistance, real estate transaction and property disposition. |
| | | | | | | | DISCUSSION
Over the last fiscal year, Keyser Marston Associates, Tierra West Advisors, and Harris & Associates have assisted CEDD with required comprehensive economic analysis on several commercial development and affordable housing projects that are in various stages of due diligence. Therefore, it is recommended that the three (3) economic consulting firms identified above have their contracts extended to continue to provide financial feasibility services on an as-needed-basis. |
| | | | | | | | FINANCIAL IMPACT
There is no impact to the General Fund. Each contract will be established for a one (1) year period with options to extend annually for a maximum performance period of up three (3) years in the not-to-exceed amount of $100,000, per year. Funding will be provided by a combination of the City’s Community Development Block Grant funds (CDBG), HOME Investment Partnership Program grant funds (HOME), Low and Moderate Income Housing Asset Fund (LMIHAF), and the Office of Economic Development Administrative budget for contractual services. |
| | | | | | | | RECOMMENDATION
It is recommended that the City Council:
- Extend the contract for financial feasibility services to Keyser Marston Associates, Inc. by one (1) year, in the not-to-exceed amount of $100,000 per year;
- Extend the contract for financial feasibility services to Tierra West Advisors, Inc. by one (1) year, in the not-to-exceed amount of $100,000 per year;
- Extend the contract for financial feasibility services to Harris & Associates, Inc. by one (1) year, in the not-to-exceed amount of $100,000 per year;
- Authorize the City Manager, or his designees, to execute the contracts referenced above, and make minor modifications as appropriate thereto, on behalf of the City; and
- Authorize the City Manager, or his designees, to exercise option year terms and sign the option year amendments.
By: Monica Covarrubias, Sr. Project Manager
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