HomeMy WebLinkAboutContracts & Agreements_2-1974_CCv0001.pdf q9W.TIAC T EMPLOYMG FINANCING
0014SUIVrAITTL
THIS AGREEMENT, made this 2-0
day of January
1974, by
a r
A between the REDEVELOPMENT AGENCY Cr THE CITY OF REDLANDS, San Bernardino
County, California, an agency duly organized under, the laws of the State Of California
(hereinafter called "Agency"), Party of tho first part, and STONE & YOUNGBERG
MUNICIPAL FINANCING COINSULCANT S, I vG. , One California Street, San Francisco,
California, a corporation (hereinafter called "Consultant"), party of the second part:
WITNESSETH:
WHEREAS, Agency desires to effect financing of certain redevelopment projects;
and
WHEREAS, Agency desires to develop a plan concerned with the financial as-
pects of the redevelopment program, and
WHEREAS, the preparation of such a plan requires certain studies, analyses and
recommendations to be made by persons qualified by training and experience to do so
and
WHEREAS, Agency, after due investigation and deliberation, has determined that
Consultant is qualified by training and experience to perform said services;
NOW, THEREFORE, it is mutually agreed as follows, to wit:
Agency hereby employs Consultant and Consultant hereby accepts such employ-
ment to perform the services, upon the terms, subject to tie conditions, and in
consideration ofpayments as hereinafter set forth:
,ices�tobe Per
Consultant shall perform in a diligent manner the following services:
1. Assemble, review and analyze available financial, architectural and
engineering, lrfgal and ecce o =sic data and informatlon which may have
a bearing on a program for financing redevelopment -activities in a portion
of the City of Redlands, or essential p-k_<blic
lacilit"Is of benefi
(hereinafter referred to as West State t thereto
Street Area
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2. Eased on the foregoing analysis, prepare and submit to Agency from
tune-to-time written information containing, but not limited to:
a. A general review of financing gest State Street Area and/or
related public improvements by the issuance of tax increment
bonds, the limitations applicable to such method of financing and
the potential application of the tax increment bond method toward
West State Street Area financing.
b. An analysis of available sources of revenue to be used to
amortize the indebtedness to be incurred and their application
to the proposed project, including estimates of the future trend of
such revenue.
c. Recommendations as to a tentative repayment schedule, bond
call and redemption features (if any), application of revenues
and other details relating to the debt and its repayment.
d. Estimates as to annual amounts required to ineet annual deka
service and maintenance and operation costs (if any), taking
into consideration estimated interest rates, call premiums and
other factors.
e. Recommendations of the further procedural steps to be taken
and timing of actions.
3. Discuss on a continuing basis the results of the studies and analyses
and generate such additional information as necessary or desirable.
4. If the issuance of bonds or other evidences of indebtedness to finance
all or part of the costs of the .proposed improvements is authorized,
make recommendations as to exactterms and conditions under which bands
are to be issued and sold, including timing and method of sale, final amor-
tization or repayment schedules, call and redemption features, sinking fund
requirements, application of revenue and other details, and cooperate with
bond counsel in drafting the necessary resolution of issuance and notice of
sale.
S. Upon approval by Agency of final financing details and upon direction
by Agency to do so, prepare the text and other material for an official
statement or bond prospectus describing the improvernents, the bonds,
their security, and such economic and financial background as is deemed
appropriate, which may be duplicated or printed and mailed at Agency's ex-
pense, together with copies of the official notice of sale, to a comprehen-
sive list of bond bidders. Consultant shall also take such other steps as
appear advisable to encourage strong co npetitive bidding for the bonds,
including obtaining ratings., n the e Dors and holding informational meetings
with prospective band purchasers.
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6. During the entire course of etrployment, Consultant shall be available
l at reasonable times for consultation and advice relating to the financial
of the contemplated improvement program.
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7. Consultant shall serve as intermediary in discussing West State Street
Area with urgency officials and their other consultants, developers and
other interested parties, and ultimate prospective lenders to provide a
steady flow of information to all interested parties based upon which any
financing schedules and development schedules could properly be integrated.
1
8. Consultant shall aim toward financing the program at the lowest possible
dollar total and hold the borrowings to a annimunr consistent with
Agency's redevelopment program for West State Street Area.
Payment for Services:
9. For the services to be rendered hereunder, the fallowing fee schedule
shall apply:
a. A sum equal to one percent (lel) of the total amount of securi-
ties sold by Agency.
b. It is understood and agreed that the minimum fee for each sale
of securities shall be $12,500.
ry
c. It is further understood and agreed that Consultant's fees shall
become due and payable only when and if the necessary financ-
ing is obtained and accepted by Agency.
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Other Considerations:
19. Consultant is employed hereunder to render a professional service within
the scope of its training and experience as a municipal financing consult-
ant and any payments made to it are compensation solely for such service and
advice. Outside of its normal office overhead and traveling costs to and from
its San Francisco and Los Angeles offices and Agency, to perform the services
contracted for, Consultant is not responsible for and shall not be held liable
for any other expense or expenditure of any kind, including the following:
a. Any and all legal or engineering expense of any kind whatever.
b. Any and all expense in connection with hearings, proceedings
and due issuance of bonds.
c. Any printing, advertising, publicity, etc. , of such material or "
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data as Agency may wish to have prepared in connection with
Consultant's services herein provided for, except those specifically
excluded herein.
11. lathing hor iri contained shall prevent Consultant from carrying on its t
usual business activities, including the performance of ether additional
services for Agency, should it so desire sua.,}., additional services, nor from
performing similar services for other agencies, cities, districts or public
entities,
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12. Agency agn, es that its officials and enx, lc yces will be requested and
.Y. J directed to cooperate with and assist representatives of Consultant in
every reasonable way to the end that Consultant may se cure all information
and data required to Perforin the services herein provided for.
IN WITNESS WHEREOF, said Agency, Party of the first part, has caused these
presents to be properly executed, and said Consultant, Party of the secondl art, has
caused these presents to be executed by one of its officers, as of the date hereinabove:
set forth.
REDEVELOPMENT AGENCY OF THE
CITY OF REDLAI°a DS
By: ' ; r" /
ll
`R P. M2erri"tt, Jr Acting Director
STONE & YOU-NGBERG MUNICIPAL
FINANCING CONSULTANTS, INC.
By:
Robert G. Bulot, Vice President
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