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HomeMy WebLinkAboutExhibit 2Attachment A-2007 TERMS AND CONDITIONS • An initial 10% payment ($40,000) for administrative costs will be made to Provider upon receipt and completion of the contract processing. • 90 days from the initial payment (estimated January 22, 2007) an itemized invoice will be presented to the City showing the expenses covered with the initial 20% payment before any additional funds will be disbursed by the City. • At the time of the initial invoice and each time thereafter a projected expense report will be provided by Provider to the City to secure prepayment for the subsequent quarter. Agency Roles & Responsibilities • 80 clients for one year for a total of 160 clients over the two-year period. • City will reimburse the provider any matched funds designated to residents of the City for which a savings commitment agreement has been obtained and which reasonable evidence from the financial institution demonstrates that Provider has deposited the required reserve. 1. A copy of the client's savings commitment agreement. 2. Documentation, which demonstrates proof of the advanced deposit by Provider. 3. A cumulative reconciliation report which details the clients activity and fund activity. City will deposit matched funds into a Citibank account designated and controlled by the City, based on an estimated volume of five (5) clients per month for the initial three (3) months. The City should deposit a maximum of $2,000.00 per client based on a client's eligibility to save a maximum of $1,000.00 per year for a period of two (2) years. Provider estimates that volume will increase once the promotions in conjunction with the City begin. • Provider will provide monthly summary reports to the City's William Porro or subsequent designee selected by the City showing monthly activity by the 15th of each month. • Official quarterly reports will be provided by Partners for Self Improvement, Inc. to the City's William Porro or subsequent designee selected by the City (15th of the month). The above provisions may be altered upon mutual agreement by the City and Provider.