HomeMy WebLinkAboutExhibit 3ATTACHMENT B
COMPENSATION
FIXED FEE
For the Phase 1 Services detailed in Attachment A to this Agreement, Provider shall be
compensated on a fixed fee basis in the amount of two hundred thousand dollars ($200,000).
This fee will only be payable in the event this Agreement is terminated without cause prior
to the completion of any dispositions, or one year from the date of execution of this
Agreement, whichever is earlier, provided Provider is not in default. Notwithstanding the
above, in the event a disposition takes place following payment of the fixed fee, the $200,000
shall be credited against the initial commission fees due to Provider.
II COMMISSION FEE
In the event the City elects to proceed with .disposition of the Property, or any portion(s)
thereof, either in a phased asset sale or as a whole, the Provider shall be compensated for
Phase II of its services via commissions as calculated pursuant to the table set forth below,
which amount(s) shall be paid by the City at the dosing of each such sale and from the sale
proceeds of each such sale. The commission(s) shall be calculated in accordance with the
table set forth below for each individual disposition. No fee shall be due for services
provided in Phase II if no sale is consummated and the Provider's fees shall be limited to
that which is paid for services provided in Phase I.
ate Nice of Assets,p.. Commission Rate
First-$1-5 million --
- Amount-Over.41-5-million=
1.5%
Example: The commission on a sale of $22,000,000 would be calculated as follows:
Sale Pike "- ``
' Commission
First $15 million
$225,000
Remainin_ $7,000,000
$210,000
Total = $22,000,000
Total = $45,000
in the event the City elects to have Provider represent the City in the acquisition of various
interests, the Provider shall be compensated at a rate of 2% of the acquisition price for its
services, which amount(s) shall be paid by the Ciry at the closing of each such sale. No fee
shall be due for services related to acquisitions if no acquisition is consummated.
III ARCHITECTURAL SUBCONSULTANT
Subject to the Director's prior written approval of the architectural partner and the scope of
work to be conducted, the Ciry shall reimburse Provider the actual cost of these services
based upon submission of an invoice and documents.- supporting the requeste -
reimbursement, which cost for these services shall not exceed fifty thousand dollars
($50,000).
ATTACHMENT 13
COMPENSATION
FIXED FEE
For the Phase I Services detailed in Attachment A to this Agreement, Provider shall be compensated
on a fixed fee basis in the amount of two hundred thousand dollars ($200,000). This fee will only be
payable in the event this Agreement is terminated without cause prior to the completion of any
dispositions, or one year from the date of execution of this Agreement, whichever is earlier, provided
Provider is not in default. Notwithstanding the above, in the event a disposition takes place following
payment of the fixed fee, the $200,000 shall be credited against the initial commission fees due to
Provider.
II COMMISSION FEE
In the event the City elects to proceed with disposition of the Property, or any portion(s) thereof,
either in a phased asset sale or as a whole, the Provider shall .be compensated for Phase II of its
services via commissions as calculated pursuant to the table set forth below, which amount(s) shall be
paid by the City at the closing of each such sale and from the sale "proceeds of each such sale. The
commission(s) shall be calculated in accordance with the table s.et forth below for each individual
disposition. No fee shall be due for services provided in Phase II if no sale is consummated and the
Provider's fees shall be limited to that which is paid for services provided in Phase I.
".s ie' nee of Assets`:
First $15 million
Amount Over $15 million
Commission Rate
1.5%
-3%
Example: The commission on a sale of $22,-000,000 would be calculated as follows:
e Wire Commission'
First $15 million
Rernainin: $7,000,000
Total = $22,000,000
$ 225,000
$210,000
Total = $435,000
In the event the City elects to have Provider represent the City in the acquisition of various interests,
the Provider shall be compensated at a rate of 2% of the acquisition price for its services, which
amount(s) shall be paid by the City at the closing of each such sale. No fee shall be due for services
related to acquisitions if no acquisition is consummated.
III ARCHITECTURAL SUBCONSULTANT
Subject to the Director's prior written approval of the architectural partner and the scope of work
to be conducted, the City shall reimburse Provider the actual cost of these services based upon
submission of an invoice and documents supporting the requested reimbursement, which cost for
these services shall not exceed fifty thousand dollars ($50,000).
ors:Rocumenl 44705