HomeMy WebLinkAboutR-79-0296RESOLUTION NO.
79-296
A RESOLUTION ACCEPTING THE ;ATTACHED _PROPOSAL OF
LAVENTHOL;& HORWATH A NATIONAILLYINCCONNHp EDCERTIFIED
PUBLIC ACCOUNTANT FIRM SPECIAL
1HOSPITALITY ACCOUNTANCY AND FEASIBILITY TO VERIFY
THE FINANCIAL VIABILITY AND .REVENUE PROOJE}JSIONSKFORHT
THE CITY. OF MIAMI/UNIVERSIT
Y OF INTERNATIONAL CENTER CONFERENCE/CONVENTION CENTER AND.
HOTEL; ALLOCATING FUNDS 6RO�OTHE OO _CONVENTIOD IORIZITECENTER
THI•;
FUND IN TIIE AMOUNT OF ..$4 ,_
ITY MANAGER TO EXECUTE A CONTRACT WITH SAID FIRM.
SUPPORTIVE
)OCUMENTS
FOLLOW"
WHEREAS, the City Commission at the Commission Meeting
of March 8, 1979 passed Resolution No. 79-157, Section 3 authoriz-
to retain a nationally recognized Certified
m specializing in hotel and, hospitality
City Manager
Public Accountant fir
ing the
feasibility
that the
WHEREAS, .a Selection 'Committee has recommended
firm of Laventhol & Horwath be retained based upon the proposal
presented at a contract amount not to exceed $46,200.00.
WHEREAS, monies are available. for .,
Convention Center Fund;
NOW THEREFORE, BE IT RESOLVED
CITY OF MIAMI, FLORIDA:
Section 1. The' City Manager i
the firm Laventhol
Section'2. The amount of $46,
from the CONVENTION CENTER FUND.
Section 3. The City Manager is hereby authorized to
attached proposal of
said services from the
BY..`THE CDOCUM4�F ILEX
r+
ITEM NO.
s authorized to accept the,
& Horwath.
200.00 is hereby allocated
enter into a contract on behalf of the City of Miami with the
accountant firm of Laventhol & Horwath to verify the financial
viability and revenue projections for the City of Miami/University
CITY COMMISSION
MEETING OF
APR3 0 19‘swum '�
so7929
of
Miami James L. Knight InternationalCenter Conference/Con-
vention Center
RA
APP
H G . ONGIE, CITY CLERK
GEOR
PREPARED AND APPROVED BYs
ROBERT F..CLARK, ASSISTANT CITY
S TO FORM A D CO• ECTNESS:
. KNOX, JR., CITY ATTOR EY
"SUPPORTIVE
DOCUMENTS
FOLLOW"
ATTY.
•
7 9 - 2 9 6
Joseph.R. Grassie.
City Manager
Rom, ,J,a es J.
roject
C�7k
onnolly
irector
• 4111'Y MI. t't..Ci t.0A
M MORAP11:3i.;l»ii
naJ,)ECt:
Conference/Convention Center,.
Financial &`Feasibility, Consultant
ilV, RENCi:S1
8HcLosonm Laventhol . & Horwath Proposal
At the City Commission Meeting of March 8, 1979, the Commission by Resolution
79-157, Section 3 resolved that:
"The City Manager is hereby authorized to retain a nationally recognized
in. hotelanenhospialiaccountancy
Certified Public Accountant firm specializing for the
and feasibility to verify the financial viability and projections
Conference/Convention Center and Hotel."
A A Selection, Committee consisting of Charles L. CruHpato15a&dOP ham meslJ. Connolld toy
of the ;City ;�of'_Miami ��and ���Gary �-Graham eof Smith,; Barney,
presentations made by the two C.PHorwath firms
gothiconsultant teams fwere;highly ipro-
Kerr '& Forster and Laventhol and..
fessional, however, the Selection Committee unanimously recommended Laventhol and
Horwath in that:
1 That firm does all the Hyatt Hotel C.P.A.
and work andlthereforeeis:
more familiar with their management p
p.
Although both proposals were for approximately the same scope of
work, Laventhol & Horwath were the only firm to stipulate a maxi-
mum fee.
The fee quoted in: the attached proposal is not to exceed $42,000
plus _10%.or-.:$4,200for out-of-pocket expenses for a total of
$46,200 maximum.
It is recommended that the Commission approve the execution of the Financial
Feasibility Study as per the attached proposal.
PROPOSAL FOR..
JAMES L. KNIGHT'
INTERNATIONAL CENTER.
CITY OF MIAMI
MARCH.199
SUPPORTIVE
DOCUMENTS
_w ..� _EQL L.O W... �._.
LAVENTHOL & HORWATH
CERTIFIED PUBLIC ACCOUNTANTS
9 �6
LAVENTHOL & HORWATH
CERTIFIED PUBLIC ACCOUNTANTS
20i''ALHAMeR4:Ci,iCLE
CORAL GAeLCS, FL 33134
(305) `42=2.000
March 27,' 1979
Mr. James J. Connolly, Project Director
James L. KnightInternational Center
City Of Miami
150 Southeast Second Avenue
Miami, Florida 33131
Dear Mr. Connolly:
0 CZ
Q0—
-13
1 Q
In accordance with yourrequest, we are pleased. to submit
this proposal to prepare a feasibility study for. the
James L. Knight International Center to be developed in
herein
Miami, Florida. Outlined
method and reporting procedures of our study and the cond-
itions, time requirements and fees for our services
For purposes of this study, the project will be 'considered
are the objectives
scope
to befeasible if projected income to the. City from the Center's
operation is sufficient to repay debt obligations incurred
the Center.
by, the City for ;the purpose of developing
Wewill, prepare projections
purpose based upon a market
of incomeavailable for this
study and financial analysis o,
the operations of the Center
a portion of the
through a private offering, we
with certain regulations pertaining to the preparation of
projected balance sheets and source and application of funds
which we will conduct.
Because
financing for this project
will be
will be sought
required to comply
statements. These elements of our work are described in
this proposal.
We appreciate the opportunity to present this proposal
and look forward to working with you. As indication of
your acceptance'of this proposal, please send us'a letter
authorizing us to begin the work as described within this ".
proposals and a check for $10,000 as our retainer.
Very truly yours,.
MBB:cn
MBB:cr
Maurice B. Burritt, Principal
"SUPPORTIVE
DOCUMENTS
FOLLOW„
TABLE '.OF CONTENTS
PROJECT DESCRIPTION.•...•••....•'
Phase
The, Convention/Conference Center
Market Study and Financial Analysis
PAGE
. 1-2
Phase II: The Hyatt Regency Hotel Market 10-15
Study and: Financial Analysis...••• ••
Phase III:The Parking Garage Financial .,.••16-1
Analysis: •••..•. ....•.••
Phase IV: Combined Projections and Financial; .`1920
Viability.......'..,:...
COiMiUNICATION AND . REPORTING PROCEDURES • • • •21-23
2 4- 2
INVESTME
NT IN L&H SERVICES....
"SUPPORTIVE
DOCUMENTS
FOLLOW
voloovomornimamialm••••••••••.1•••.111.•••••••••••••=1.0
•
James J. Con
The subject of our study will be the James L. Knight
International Center to be developed on a site located
along the Miami River west of Southeast Second• Avenue
in Miami, Florida. The Center will consist of four
primary elements
e City of Miami Convention Center
f James L. Knight Conference Center to be operated
by the University of Miami
• Hyatt Regency Hotel (630 rooms)
Parking Structure (988 spaces)
This project is being developed jointly by the City of.
Miami and Miami Center Associates. Fjnanciflg for the
Convention/Conference Center and the parkingstructure,
will be provided by the City, of Miami and through a
private offering sale by the City of Lease Revenue Notes.
Financing for the Hyatt Regency Hotel will be provided
in equity by Miami Center Associates and through a first,
mortgage committed by Massachusetts Mutual life Insurance
Company.
Uppo RT! Vt.
F,L'
� 9y
niNI IMOM 1111O1•11 1I111111.1
APPROACHTO THE ENGAGEMENT: : PHASE I
CONVENTION/CONFERENCE CENTER MARKET : STUDY.
AND FINANCIAL ANALYSIS
"SUPPORTIVE
Fp���W,7`S
Mr. James J. .Connolly -4- art
011,
. PURPOSE AND SCOPE OF THE STUDY
The objectivesof our study will be to project the
Potential market demand for the proposed
Convention Center from conventions, exhibits,
trade shows, consumer shows, banquets and
other sources of business.
Percentages. of
Participants who would be non-
residents and thus require hotel accomodations.
those who would be local residents.
Revenue that could be generated from Convention.
Hall and Meeting Room Rentals,, food and beverage.
sales, utility services and other identifiable
sources.
versus
Expenses that would be required to operate the.,
Convention Center for ten years.
Net operating results of the Convention Center
its first ten years of operation.
The study we propose will be divided into two phases:
for
The market study and the financial analysis.`'The major
components of each.phase are described in the following
paragraphs.
II MARKET. STUDY,
"SUPPORTIVE
DOCUMENTS
FOLLO V"
Our project team will meet with the project director
f ofieldwork to discuss the
the proposed
his staff at the start o our
planned facilities and concept of
operations for
and
A.000•••-11111111II..IIIIII uI I I III
Mr. James J. Connolly -5- March 27, 1979
Convention Center.
During this
Will review.any prior studies
analysis and extract certain verified data as appropriate.
In addition, we will review information that the
director has compiled pertinent to the market. Our goal
in this orientation process will be to maximize our use
of relevent,.documented data that has been collected
Previously in order to minimize our additional research.
Thus, our work program will be designed to supplement
existing data and enable us to reach conclusions regarding
the market viability of the proposed Convention Center.
The primary segments of our market study are described
below.
Site
and Area Analysis
orientation process we
that` are pertinent to our
project
we will assess the site in terms of its relative advantages
as a location for a Convention Center. This will include
an analysis of the supportive nature of surrounding and
proposed land use, existing and planned local traffic
Patterns (including the proposed rapid transit and people
mover systems) ,` and available services. "SUPPORTIVE
DOCUMENTS
General Market. Characteristics FOLLOW"
LOW
"
We will investigate trends in economic and demographic
factors in the general market area to determine the
economic environment within which the proposed center would
operate as well as likely market sources and generators.;
Mr. James J. Connolly -6-
March 27, 1979
Particular attention will be given to those economic
indices which would be most relevant
the proposed Convention Center.
Supply and Demand Analysis
to the
sucess of
Based on the detailed work program that we develop after
the orientation meetings, we will conduct study of the
markets that are available to the proposed Convention
Center. At this point, we envision that our investigation
will include the following:
Interviewswith the Miami Convention Bureau to
gather available data.
A review'of information contained in L&H professiona]
libraries in selected major off icesthroughout the
United States to obtain existing convention data
and avoid duplication.
Interviews with representatives of competitive
convention centers to obtain information on market:
utilization and operating performance...
Interviews with selected meeting planners to
profile demand characteristics:and determine their
attitudes toward meeting 'in Miami.
An accumulation of applicable secondary data from
sources that currently deal with the convention market
such as:
"SUPPORTIVE
DOCUMENTS
FOLLOW„
Mr. James J. Connolly
-7- M ch 27,'l979
i
The International Association of Convention
ureaus
American Society of"AssociationExecutives
World Convention Dates Magazine
Successful Meetings'- Directory of Conventions
Chambers of Commerce and Tourism_ Bureaus.
State and national studies pertaining to travel
patterns, convention and meeting activity
attendance
Relevant
professional and trade
Publications
and
"SUPPORTI\
DOCUMENT
association FOLLOW"
Other publications dealing directly or
with convention activities.
In addition ,considering the relationship
indirectly
the.University o
Miami Conference Center and the proposed Convention Center.
it will be necessary for us to interview the University,`
Conference Staff to obtain their opinions related to the projecte
use of the .Conference = Center.
It is our understanding that the University of Miami Conference:
Center will be located within the Convention Center complex
and will function as a separate entity operated by. the
University. Thus, for our projections related to the
Mr. James J. Connolly -8ffk OP'
-
March 27, 1979
Convention Center, we need only determine the number of
times: the University would require more conference
space
is available within the Conference Center and how much
space would be required annually.
than
Our discussions related to the utilizationof the Conference
Center will also enable us to project the demand for hotel
rooms that would be generated by. the Center and the food', and
beverage
services that would be
required. These factors
would be considered in our analysis
of the proposed Hyatt
Regency Hotel.
In addition to research concerning "the "convention market,
we will investigate the opportunities. for, use of the proposed
for other events,. including:
Convention` Center
Trade shows
Cultural events
Exhibits
Political events
Banquets
Other community uses
Projected' Utilization
'SUPPORTIVE
DOCUMENTS
FOLLOW"
Based on our market analysis we will project utilization of
the proposed. Convention Center for the first ten operating;
years. Those will consist of detailed projections of
utilization for the first five years of operation to include
a breakdown of event types, e.g. convention, cultural events,
exhibitions, and other sources of significant patronage.
Mr. James J. Connolly
011
March, 1979
For the sixth through the tenth year of operating, utilization
annual event days
will b
projected on the basis? of
III. FINANCIAL ANALYSIS
Based upon the results of our market study we will prepare pro
7'ections of operating income and expenses for the first 10
years of operation.
Our projections will include the estimates of: the effects
of inflation on major revenue and expense categories at
rates currently anticipated. Bases for the financial projections
and key assumptions underlying inflation estimates for the
operating period covered by our analysis will be made explicit
in the financial section of the written report.
" UPPO ENE'
�n.
i "
piii IU•11I11 ■N
arse s J .
Connolly
APPROACH TO THE . ENGAGEMENT: PHASE II
THE HYATTREGENCY HOTEL MARKET STUDY
AND FINANCIAL PROJECTIONS
JU
PPORT1VE.
DOCUMENTS„
FOLLOW
.uu iIU
James J. Connolly
Mar,h 27, 1979
`i_,
I. PURPOSE AND SCOPE OF THE STUDY
The primary objectives of our, study will be ,to:
Determine the market feasibility of the propose
630 room Hyatt Regency Hotel and comment on the
appropriateness of the food and beverage facilities
and other amenities in meeting the needs of the
market.
Project annual occupancy and average
the proposed hotel for the first ten years of
operation.
?repare projections of
room rates, for
estimated operating results
r the first ten operating years.
To achieve these overall objectives,
will be divided into two parts:'. the market
financial analysis. The major components
are described in the following paragraphs.
II. MARKET STUDY
Our market
study for the
work steps designed to d
rooms and is directed
convention planners, commercial travelers
Cumulatively, these steps will enable us to
clusions`regarding the overall market
hotel on the proposed` site. Our market
determine
specifically
include
to the needs
the following:
the study: we propose
study and the
of each part
DOCUMENTS
FOLLOW
proposed hotel will include a variety of
trends in demand
the
and preferences of
and tourists.
reach con
for
potential. for;
analysis will
Mr. James J. Connolly
-12-
arch 27 1979"
Site and Area Analysis
We will, conduct an analysis of the site and the surrounding
area in order to evaluate their impact on future lodging
trends. We will investigate such factors as ease of
the site, visibility, the supportive nature ofsurrounding'
land use 'and planned development within the area. Zoning
other local regulations and environmental considerations
will not be included as part of this analysis.
access.to
General Market Characteristics
We will investigate trends in economic and demographic
in the general market area to determine the economic environ-
ment within which the proposed hotel would operate as well as
likely market sources and generators. particular
be given to those economic indices which would be
and
o the success of the proposed hotel.
Supply and Demand`Analysis
factors
attention will
most relevant
The supply and demand, analysis': will be designed' to identify. trends
in the supply of and demand for roomS in the market area and
demand situation.` Subsequently,
Project the future supply and
we will reach a determination as to the viabilityof the
proposed hotel.
The inputs to this analysis will include
the followings
6SUP RTIVE-
�:s=��
aines :J. Connolly 13 Mar;
a.
Trend of Business Reports
published a monthly
For many years Laventhol & Horwath has:
Trend of Business report on the Florida 'Lodging
•
which includes an analysis of the Miami market area.
Thus, from our existing files we will provide considerable
'information on area supply and demand patterns. This
information will be supplemented
Industry
by further investigation
of relevant competitive properties and other sources as
outlined below.
b. Census of Existing and Proposed Facilities
We will develop a census ofall hotel/motel-facilities in
the market area as well as those under construction, planned
or rumored. To the extent that the information is available
-the census will include the following factors:
name
location
number of rooms
room •rates.
- 'annual and- seasonal occupancy
patterns
market mix of guests
type'and class of food,: beverage
and -meeting facilities
other ' arnenities offered..
Secondary` Research
The primary research will be supplemented with existing
secondary
sources of inforrnati�fl. This will include .such
items as the tourism reports published by the Florida..
Department of Commerce, meeting and convention statistics::.
Mr. James J. Connolly
wtie4i1,0,41.5tk2X'iR00.14AllftakiatiOXifei DEtWL,PktRYINAItSIVS
-14-
March, 1979
published by '`Meetings and Conventions" magazine and other
sources..
Based on the information obtained in the various procedures
discussed above, we will be in a position to arrive
market, conclusions regarding the proposed hotel.
procedure will
1. Determine the current
be as follows.. We will:
Our basic'`
overall market demand':
for rooms in the competitive area and the
'share of market demand -that is generated by'
tourists, commercial travelers and convention
delegates.
Identify growth rates for:. each market segment
based on the various factors studiedin the
market analysis that will impact the future
demand for hotel rooms.
. Estimate the extent to which new convention demand.
could be attracted to Miami because of the new
Convention/Conference Center.
Project the future need for additional rooms
on the present and ;;anticipated future supply
of rooms and the projected market demand and project
the occupancy level, average rate and
occupancy factors for the
double
ased
Hyatt Regency Hotel for
the first ten °years of operation.
"SUPPORTIVE
DOCUMENTS
ENTS
FOLLOW"
FINANCIAL ANALYSIS
Based upon the results of our. market study we;,will
prepare projections of operating income and expenses for.
the first ten years of operation.
Our projections will include estimates of the effects o
inflation on major
revenue and expense categories
rates currently anticipated. Bases for the financial;'
projections and key assumptions underlying
inflation estimates
for the operating periods covered by our analysis will be
made explicit in the
report;
financial section of the final written
"SUPPORTIVE
DOCUMENT
FOLLOW»
Mr. James J. Connolly
APPROACH TO. THE ENGAGEMENT:, PHASE 'III
THE PARKING GARAGE FINANCIAL ANALYSIS
0 IVE
A4 c" ...t Er` L
i 4 i `S
re
•� ti.U? {.1 � j7 i �,.,. F
Mr. James J. Connol' w -17- March 2' 1979
. .SCOPE AND
PURPOSE OF THE STUDY
The parking garage which will be constructed on the Northwest
corner of the Convention Complex will contain 988 parking
spaces and will be connected to the Convention Center and
hotel through a covered pedestrian walkway. A study of
the garage and certain retail space contained therein, has been
completed by Conrad and Associates, a professional company
specializing in such facilities.
The underwriters have agreed
usage and expense projectionsof the garage as authorized in the
Conrad Associates report. We intend to do this..
The income
rates that -are commenserate with the off-street rates of
the Miani Off-street Parking Authority. However this
garage facility will be under the control of the Convention:.
Center and not the Parking Authority. Therefore, he parkin
rates need not conform with those of the Parking. Authority.
that L&H can accept the estimated
from the garage was projected based on Parking
It will be our task to
prepare revised income projections and statements of
projected income and 'expenses for a ten year period.
'SUPPORTIVE
II. MARKET ANALYSIS DOCUMENTS
FOLLOW
Our approach i
We will:
review the rates to be charged an
this segment of our work will be as follows.::
Mr. James J. Connolly
-18-
Review the Conrad and Associates report
in detail and discuss it as required with
the authors...:.,
Review the income projections done by the
Project Director.
Review the reasonableness of parking rates
in view of charges in other facilities and
considering the demand and supply of parking
spaces in the area.
• Analyze the. square footage of retail space
to be included in structure and estimate
rental inco
me.
III. FINANCIAL . ANALYSIS
Based on the Conrad. and Associates report covering the
demand for, and expense of operating the parking facilities,'
and our revenue projection for parking and retail space, we
will prepare, a statement of income and expenses for the
first ten operating years.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
Mr. James J. Conno11%,.
-19-
1
1
1
APPROACH TO THE -ENGAGEMENT: Phase IV
Consolidated .Projections and Financial
'Viability
•'SUPPORTIVE
DOCUMFNTS
pril I (-.1t,%/17
i
Center and the parking garage.
We
James J. Connolly
In this phase of our. study we will prepare a combined
statement of: income for the ten. year period commencing:
completionof the 'project (assumed to be two
years from this date) and a consolidated statement of
application of funds. We will
a consolidated financial summary, a balance sheet, cash'.
flow and fund balances for a'12 year-period'commencing
with the issuance of the revenue notes. A summary. of
notes and assurciptions to the projected financial'statements
w i11 b'e included
with the
source and
also prepare
will consider the appropriate computations with regard
tocurrent assets and current liabilities for the.Convention/
the study of
'Conference
the Hyatt Regency Hotel, we will provide for the lag time
between the accural of rentals due the city and the payment
thereof.
The need for appropriations from the reserve fund will be,
reflected on the consolidated financial summary; balance
sheet and cash flow.
In
UppORTIVE
;_ L' Ly L.0 f t 1
arr�es �7. Gortnolly;
at:d 27i L7!7
REPORTING PROCEDURES
Mr. James J . Connofjy
We will prepare a detailed written report for inclusion,
with any circular relating to the revenue notes. W
anticipate working closely with representatives of
Barney, Harris,Upman'& Company,Incorporated, so that the
scope and format of our report will suit: the information.
requirements.
Our study and financial projections contained therein
will be based on estimates, assumptions and other
available to us during. the conduct of our study, the sources
and bases of which will bestated in the appropriate sections
of the report. No effort will be made to determine the
possible effects ;on this project of present or future federal,
state or local legislation relating to environmentalor
ecological matters or interpretations thereof.
Since the projections will be based on estimates and assump-
tions ertainty and variation
subject to unc,
tions..which are inherently
depending upon evolving .events, we will not represent them
as results that will actually, be achieved.
The terms of this engagement are such that we have no
obligation to revise the study or the projected financial
results: to reflect events -or,conditions which occur subsequent `.
to the date of this study. However, we will beavalable to
discuss the necessity of; revision in view .of changes in the
economic or market factors affecting the proposed project.
Smith
information
>uPPoRTIVE
OCL!MENTS
'JLL.LVV"'
e
.. Mr. James J. Conno11,4,, -23-
You have informed us that you intend to includeour study
in an offering circular for the purpose of soliciting
investments in this project. You have further advised us that
it is intended that the securities will be exempt from the
registration and prospectus -delivery requirements of the
Securities Act of 1933. You have further informed usthatyou
will retain legal counsel experienced in such offerings to
guide you in this offering. You have agreed that before our
study is released in the, Official Statement, your legal
counsel will furnish us withan opinion to the effect that
the offering is exempt from the registration provisions of ,the
ed.
Securities Act of 1933, and that you have adopted and follow
appropriate procedures to ensure compliance with that rule.
The letter will also indicate the nature and extent of any
and review requirements of applicable state authorities.
filing
All proofs. of offering material must be submitted to us for;
approval prior to reproduction or publication.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
Mr. James J. C nnolly
svPp s
RIVE,
�O� i� ii
F : \
Mr. James J. Connolly
-25-
Marti 27, 1979
W
TIMING
Weestimate that this engagementwill take
to 10 weeks from the date our proposal is signed.
Assuming your acceptance of this
the, next few days, we will issue a final
1979. We will, however,'
report no later than June
have our financial analysis and cash flow projections.
from
proposal during
written
1,
ready by May 15. We will present these projections"
in a letter which will be suitable to the City Comm-
ission and to the underwriters so that they may: proceed
with their planning.
FEES AND EXPENSES
Our fees for the
time required tocomplete
in part by the complexities of the market and
which will be available to us. Based on our project
plan,: we estimate our fee for the completion of this
engagement will range from $40,000to $42,000 plus
of pocket expenses such as computer costs,
and the preparation
expenses. Out
services outlined will be based on the
our study which will be determined
thedata
telephone, typing
Should less time be required than we now anticipate, you
would, of course, be billed a lesser amount. Every
effort will be made to keep our time to the minimum
consistent with the requirements of the engagement.
41r. James J. Connol»? -26-
March 27, 1979
Our fee estimate is subject to revision for making
necessary,;:
amend
ments to the study to reflect changes in capitalization
� a��
or financing. Billings will be rendered every two weeks
are payable upon presentation.
If at any point the course ofthe study our findings
lead us
to a negative conclusion concerning the feasibility
ro ect
of. the project, or. � if the p is terminated; we will meet 7
If theproject terminated
with you to discuss our findings.
decision is made to discontinue our study, our fee
or if the incurred
will be based upon the time and out -of pocket expenses
o _that. date.
MBB:cn