HomeMy WebLinkAboutR06-RDA Item
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(71") 314.5011 PAX (114)"""'13
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JUNE 22, 1990
AMENDMENTS TO TKE AGREEMENTS HITK HOQO-KUSING
AND ASSOCIATES FOR FINANCIAL SERVICES
SYnoDsIS of pr.vlous Commission/Council/Committee Action:
4-02-90 CoIIunlty Dev.lopment Commission received and filed the first
Agr....nt with Hood-Kuslng and. Associates for financial services.
4-09-90 CoIaunlty Development Commission r.celved and filed the status.
report on the First Agreement with Hood-Kuslng and Associates.'
4-09-90 OoInunlty Development CommisSion r.celved and filed the Second
Agreement with Kood-Kuslng and Associates for financial services.
6-04-90 Community Development Commission adopted a Resolution authorizing
the Agency to continue expenditures at the 1989-90 level.
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Recommended Motion:
(COMMUNITY DEVELOPMENT COMMISSION)
Move to authorize an Increase to the Agency's 1989-90 Budget, Line
Item 16600, Financial Planning Consultants, by $30,000 and to
authorize an Amendment to the' First Agreement with Hood-Kuslng and
Associates In the amount of $4,000 and to authorize an Amendment to
the Second Agreement with Hood-Kuslng and Associates In the amount
of $8,000.
Respectfully Submitted,
rector
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Supporting data attached: Yes
Funding requlrt1lK!nts: $30,000
Commission Notes:
Hard: All
Project : All
1307A
Agenda of: July 2. 1990
Item No.:
6J
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RedeveIopmellt .AaebcY
S T A F F R E P 0 R T
In the FIrst Agreement. the fIrm of Wood~Huslng and AssocIates was dIrected to
assIst the Agency wIth the maxlmlz~tiOft of yIelds the Agency can earn on Its
Investment portfolio by undertakln.g a revIew of the cost. risk. and rate of
return from alternate Investment strate,t., avaIlable consIstent wIth the
Agency' 5 extstlng ,"vestment poltcl...and the fIrm was dIrected to maxImIze
the leverage whIch that portfolIo gives the Agency In obtaInIng loanable funds
fro. the banking cOllllUnlty. In c~tlance. the fIrm has arranged a maximum
ltne of credtt from Well s hrgo~k to be used for Redevelopment purposes.
Also. the flTllllSststed in the "'lQtlltlon of a loan to the Agency to. In
turn. be loaned to H.A.B. Oev.l",ntforth. constructIon of off-site
Improvements. lOCated south of Inte~stlte21S between 'Cable Creek and the
DevH's Canyon flood control channel.. The FIrst Agreell~nt was for a sum not
to exceed $15.000. to be btlled at the rate of $125 per hour. plus reasonable
expenses Incurred by the fIrm.
In the Se.cond Agreellllnt. Hood~Huslngand AssocIates WaS dIrected to assIst the
Agency aild the ec.unlty Oevel~ntOepartllent fOrtllUlate a package on the
OraRgeWOO(i Estates and to assist the~eveloper of the Nestslde ShoppIng Center
secure an anchor tenant, The Second Agreement Is not to exceed $15.000.
Attached. for your revIew, Is a report from Wood~Huslng and Associates
outHnlng the status of work aCCOlllPltshed on the First lnd on the Second
. Agreement. Due to the outlIned change of dIrectIon and the expansIon of the
work. program. Amendments to the First and Second Agreement are antIcipated.
It Is proposed to Increase the First Agreement by $4.000 and the Second
Agreement by $8.000. for a total of $42.000 for both Agreements.
On June 4. 1990. the CommissIon adopted a ResolutIon authorIzing the Agency to
contInue expenditures past July I, 1990 at the 1989-90 fundIng level. Foodlng
for Budget lIne Item #6600. Ftnanclal PlannIng Consultants, Is currently at
the level of $30.000. Staff 1$ seekIng approval to Increase thts Une Item by
the amount of $30.000 for a total of $60.000 to provIde funding for these
Amendments and for future work programs.
Recently. Requests for QualIfIcatIons were sent to eleven fIrms to seek
qualIfIcations to provIde the Agency wIth financial and economic analysIs of
varIous programs. These Requests for QualIfIcatIons must be receIved by the
Agency no later than July 6, 1990. After the QualifIcations are revIewed and
approved by the CommIssIon, It Is antIcIpated that the fundIng level for these
servIces Is to be $60,000 for the FIscal Year 1990-91.
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JUD. 11, 1990
.h'-"'i:.IVtu
JUli 1 ; 19>.',
t;t'lrl~ .
...."".....
. io."r :.
_. Robert '("'~" .let,1a,. ~ctQr
8.. ~. . . .... _ .Q.t=. "lq..t a....cy
300JlOrtlll" ." o'
8.. BerDarIlU.O, CA 92418
"'/'.
UIOEIot:'llnlll...... SuiIoA06
....._ r ..CAt24JO
(7Wll..;24U Dear lob:
FAX (714)3tl.clOP5
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At JOW: r~t I "-,,, 0-0l1li'1..,.11 ...~ ~., ~... 'J:'Ci)jec.t.
wtltO W~"'_",,,,,,,,, la, .~.lf'Of ... ,.,.
AM", 'l..j.......ll.....:...t ~" t..~...tl1.J,1...t.
:: \'::.....I~..:ti=t.=DU;:"I=_::r:;
th. Agency, tbe NaJOl'a84 tu'eouacll.
......_nn.... T~""" --""Ja - --t:
Our wort OIl thi. ,roject~. been c.,l.t_ .\ICe...fully.
7be city an. ~c:r .84M up tI.ttb '30jt,OOO u. -profit on
th.ir lull ~,,~t, ,Iu. tbe Ag~ tlUl.... ~C....J:'cial
rat.. of int.re., ud point. on loan. to th..ev.lo,.r.
Anticipat.d time to cOllPl.t. ,roject: 0 Iaoun 0 Co.t
"at:~.... -"-laG e.nt:_: ~ IlarDt
Wood-Huaing 11 curnDtlr participating !n 4i~..ion.
with tbe cteV.loper .... a .jO&' foo4urUt: .01l8.a that 11
iat.r.at.. ia "becoainv. th, uchor t....t for this
..v.lopae..t. fh diacuaaiOlll bav. ,roc..... to a point
wb.r. th. chaia 11 about to ..11:. a final 4ecidoD.
Antici,.ted till. to cOllplet. project: "~IML. This
"penda upoawb.th.rtbb Martet approve. th,pJ:'oject,
and wh.th.r tbe Aleney wut. Woo4-Hwliag to eOllt!nu. to
the a..i.t the dev.loper and the ehaill ia in.uring the
d.al i. .uee.a.ful.
W_t:attt. lIh_iaG r....t:_: 1'...~lK'ial laatitutioa
'!'he AgeDey r'W..t.. that Wood-HUlin, follow up OIl cOlltaets
with a ..jor fiDancial iutitutioa Wbic:h !n4icat.d to U8
that it had u iDter..t iD locatia, III the c.nt.r.
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I>b~aiOD' ..."- ........b.14 ri~" .1:,. de~"'Ud tb.
_1::I.~\tt:J9n_. '.11", ,. '~l to '''')~titUtiOJ1
...t COM froll .1tbv ~e Attmcy ..the ""'!Oper.
"~ic~~ ~~~'P\! ","j~. . ~. .....
'''.11.' .~. ......~i> . ~:. ...h....."'~"o eontiDue
to ~-..lJbti_WiI.... ..*tIle ttll~.lal1D.tit\ltion
a tryin. to ..It, ..lia .
:r_-~-'" ~~_
.=-=~~~_'1ot::'~~~;.r:=~;.:~
:a::l:;'~.i.,~Ii"t _..~...=.-=.
w.t.tJa "01"'1_~ iiftltutd at CO\1nCU....UU1.y..
r.....t. .
'tbia porticm.f o"'tf.P,I;'k effort ba. taken .~~ .ot'.
u.. tban. iUtj,aU, ~'''~~te4 J:lec:a.of. a ..... in
.trat4tft. 6t~....... At-Ilcy an4 tile Mayor'. d.aire
to obtaill \lIlr'Mtt:l.~ Iou lae. of credit.
Ini UaUy our W'Qr~ fOC:....d 011 oU.rillg tIl' Agellcy 4
option., witb tb. goal. of ud.idng yie14 at .inimum
r18k:
1. HailltainiDg curr.nt practice.
2. Working 011t. a relation.b.tp wher. .taU woru with
on. ~.ti~qt~" .~lc;H)r trader toplac' order. for
a wi4er...iCr~ :l.nv"1:-.nt J.a.tnMftt. witb
equal .af.ty. l.v.la "'t bip.r yi.l4a.
3. Having the City 'trea.urer inve.t JU)A'. fund..
4. Payag a .ajor in.titution to _Dage the agency'a
portfolio '\abject to RDA POliciea.
A. unr.atricted loan linea were proving aOll8what hard to
get, w. w.nt back to thebarat. aad.. upped tbe ut. iD our
dbcua.iona, byaaling th_. what th.y would do for the
ae.ncy on the lending aide, in _change for baving tbe
rifbta to bec:o.e ita portfolio aanager.
Our report will thua include a diacua.ion of thi. fifth
option. .
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AIlt.tcipat.el tiM tOC0lIP1.t.. ~:I.ct: .10 .... eo.t
'1~.. nl. .t.. 1.......1:.. CoIIIt-l-'..Of tU
reJlC>l't ..t lwalt tb. f1ial oUtOOM of tbtt Ioftwa, 11n.
cll&CUII.1DD..
......awiJur
ID OW 1...t l'~, .. d~." Itt.-pt. toobta:!.n I
.~_~~!_1~.E;
.. '.'or ....... ',! '; .....$""t.....~..",.~.. nb
:ru~J:fltM::A1V;JIf'~~o::~.. I........ and
l:'.:~.IW~_:::
fr. tI1.~,.", ,.0' ......1:..=....#,..1:.t.1:. ...... ....iael.l
C~41t. .1_. ""'. ........... ....."~.......... .... 1. .......'.. ...... 'j._~.. l.lf.boiH.. ... ....l -.el
:=.:~1t:-:,.:II~::!t;ftd 1':':;".:~r:t:~flc.nt
In tb... C~~...'lDD... hav. llUect tU ave...nt anel
bOl'rOValJ al_...... or..,. .t. .t"o t.il4t-..t .ofl.r. from
the ballJct Wlth...... ... Jaf:jl4.l89'COIMl'..tiona . It b
our hOpe to_..;_f~for fOurcouiderat1on afore the
.nel of the IIOJlth.
ADtic.lpat.. t,iat to c..l.t. p.-o.:t.ct:15 IIoure Co.t:
'1,8". . nia................ucc... wltb.thOh l.nel.n
curr-tlYfa.l..._t~ ",..tioa. on tile pacta... th.y
ar. r.vlewiDJ. Utili_ &trat." .ta unaucc...ful, more
work will a l'equlr.ct.
Very truly yours,
~ ~ Wod.
h,en. R. Wooel
'enior Partner
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Apr11 3, 1990
Mr. Robtrt ~~., Act!Il' J)irec~or
... .....rtiaO ......10IlMlltAPllcy
300 IDrth"J)" 8~t
S.. letaardillo, CA92418
1180 Eul NinIII-. Salle A-6
SIn Ben-dl.... CA 92410
(7J4)Q2.2485 -ar Bob'.
FAX (714)381.0095 ...
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At YO\ar r~tI~~9""'llt"belOtf ~ the fOlarP'9j.cts
_.iohW004-"~J'''''tl'"""", .i.rJ., _"If of
the _pacy. ~ .Iijlch..o....~ .... O,*"i.."OIar aharge from
DA,.. .. ~~.lt# <~ .~of t1ae. _ichha.
Nell ..,.n..-to ""t..<~ ~;J:c)u9h ..tiaat. of th. ..ount
of tUte requ!rM toflDl8b tbe it..
III ,u.ral let_ 1Ddicat. ~t the UlOunt of tille which
Wood-aa.in, wUleleVOtf to tIl... _d s1ll11ar efforts on
tb. a,.acf'.~fc..t _ -tiaated Witb preciaion
beca~. oft.. MtUr.oftb.e work. W. believe we have
..timat.d on the hi9l1 siele below.
:r_.~t: ~Ut!Y
In order to aullli.e the field which JtDA neeive. f;rom
it. inve.tment po.-tfolio, thel""IlCYhaS aaJce4 Woo4-lCutin,
to rfYiew the rates of "t..,. AIldrlW of YUfin,
iilv..talent strat_i.s. and ree1:lIilll.,t _ QI>>l'OPriat. Maner
. for the apncy to h..dle its fUll" in the future.
In tbis li9l1t, we bav. int.rviewed a .ariety of local
baakuna,ers, re,i~l ....,,.., . !av..tlant portfolio
unaprs ancs floor trad.rs at..eIl ..jor bailJc witb whom
the apnCJ doesbUsin.ss .swel1 .. the city t~s\arer.
In acld1tion we bave review.dtbe aDA's ni.till' portfolio
..d investment poliCf. and b.ld talb .witb tb. City
'lreas\arer. Weare scheduled to talk with two additional
buts and two brok.rage bous...
OUr wort bas focused Oil tbe c\arreQt investlant strategy
and bowaDA sbould consider UleD4in, it. ftealtenative.
ap~r to be: ..!atainin, C\arrellt practice, workin, out
a relationship where .taff worb with ~ .1Dat1t,*tion's
tloor trader to plac. orders for a tt14ft variety of
investment instrwaents witb equal saf.tyl...18 but bi,her
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Ji.14s, laaviD, th. Qity . T",s~er 11l".t ~'. fUll"', and
"fia,. ..jell' j,UtitUtioll to ....,. th. .,ocyt. portfolio
.Ubj.ct to IDA polici.s. ~
B'Ch of th... o,tion. haa positive an4 ..,.tiv. ....Ct8
. wbich will be outlua" in our find report by th. .n4 of
April.
'1'1M iDv'st.. to ut,:
A44ition.l '1M:
'1'ot.l
32.5 hour..
.a.a.A hour..
65.0 hour..
Co.t:
Coat:
Co.t:
.. ,062.50
.~-,!O&,~.so
'8,125.00
.... -~........ --.~~.....
In or4er tOIlU.ilti'.th. 1l8e of .It..c.rc::. r.sourc.s, th,
IDA .p~ent~fwl~to f. .,.r. to l-..r.":I.t. ....t.
to obtdll I>>ank'l~to f"'~. --oflt_ dfort..
Currentlr ...1.0.....;.......... writtea.fora. auch a.
pri.. ,lu. po....i:. "l.b~..tlll, ~l,~. 1U).l has
..t84 Wo04-lIu8iiat tofin4 . w.r toobtaua .uch fund. at
IIOre competitift rate..
Aa part of our con"~rllaUOll. wtth the ..jor banks we have
4i8CU...4 ra1:...4...th", of obtaini_ this fun41n, for
RDA.' In eff-.t tJaII. ..cr .nu14 ""'1' to have 801le
pacu,e. whiCh "j,l~.Ufyfor below pr_... they can
be View" .. tU ...t 104..., br theloan1ll, .pDCy.
Other pacta,.."Utile atcOIIIMrCi.l r.te., but clo.. to
prille bec.use of tbe ltDA' 8 .troll, balanc. .beet.
The fir.t packap to to be pl.ced before the bob will
be the HAIl packa,.. It is COMplete .n4 ,Oill' out this
weet for review.
T.iae inve.t84 to ute:
M4i tional Ti..:
Total
31.0 bour..
u..Jl hours.
45.0 hours.
Co.t:
Cost:
Co.t:
'3,875
'1.'150
f5,625
DlI1r.._.,.... .1'.ftvlllftA a..-l. -"I:
'1'he RDA apparently w1.he. to in.ure that the affordable
hou.iD, project proposed by ])ute'-~"4Aa.oci.t'.'
Inc., an4 aPProve4br the Mayor all4 C....llCouncil,
.ucceed, but with. a lIiDi.. risk to the .,.Of, . wbile
achievin, ...~ co.patibility with c....~1al yi.14.,
risk lev.ls and ..curity. Wood-Huain, .... .Z'eIIWt8ted to
work withRbA, the eo.unitr DevelOPlltnt ~t and
])ut"-Duke. an4 r.0..-n4 a pacta,. which WOU14 achieve
tbe.e Objective..
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1fOo4"'lIUirlSJ ba.. aOCOIaplbb84 all of tb..eobjective. anel
· *'fIIo1't .....,......1.ac:84irl the .......I>ft...,...~. 'fbe
OJaJ,' *...~.t.~1 efl~ ..~ cnar pan .1~t .. 111 ,,1.tirl9
....,. C';-"~'tr~ClI!..~t 91' .~. C1t,At~".office
iJl,..n..., t~f~l dOcn.,ra.t.or .....l-.atirl. tbe
_'''lIlt.. .bac.a.. 10 bO\ar. iIbowD below..
'1't.. 10y..t84 ~o elate:
AIIltlODal ,.....:
'1'ot:al
30.0 bour..
1Il...QboUr. .
-10.0 benan.
Coat:
Coat:
co.t:
$3,750
11. 2'~
",000
"'bt~ . IIItftBBtftft .~'t.ar
n._ apJIaJ'IDt)7 ,.10e. to... . .bo,ppirl. ceDtel" built
. .. W..~... .fJi....1erDQ41Do .t ...,.U_ -.sJJctllc.l
CcNltu Drlv,,~"'i)a9.' ~ .....to ".lat tbe
4eVeloper irl' fiD<< _ llDchOr fooCt .tor. teunt.
'ft.. tnye.t.el to elate:
A4Cl1tiooal '1'1..:
total
1.0 hour..
ll...O. bour..
16 . 0 hour..
Co.t:
CO.t:
Co.t:
. 125
ft.'7~
. ,000
... -py "'4Il~rae~.. Y ..... II
Autborbe4 Cootra<:t 2'111':
mo--..teel 2'1IIe:
Dou.eel 2'1118:
2-10 hour..
lli boun.
1-1bour..
Cost:
Cost:
Cost:
'30,000
120.750
. 9,250
Veq tru y yours,
.~)
J E. Huslng, Ph.D.
880101' Partoer
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FIRST ~ TO ~~ FOR
PROtPBSSIONALSBR9ICBS
THIS FIRST AMENDMENT TO AGI\EBMENT is made and entered into
this
day of
, 1990, by and between the
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO,
on behalf of the REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, a pUblic agency ("Agency"), and WOOD-HUSING AND
ASSOCIATES ("Consultant"):
WITNESSETH:
WHEREAS, the parties entered into that certain Agreement
for Professional Services dated February 28, 1990, and
WHEREAS, the parties desire now to amend said agreement by
increasing the maximum compensation allowed thereunder from
$15,000 to $23,000,
NOW, THEREFORE, the parties hereto agree as follows:
1. Section 3 of said Agreement is hereby amended to read
as follows:
"3. Terms
This Agreement shall commence as of the day and
year first above shown and shall remain in full
force and effect until the services described in
Attachment I have been completed. The Executive
Director of the Agency or his or her designee is
authorized to expand the work assignments of the
Consultant as long as the approved amount of
$23,000 has not been exceeded.".
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2. The first paragraph of Section 8 of said Agreement i8
hereby amended to read as follows:
"During the term of this Agreement, Agency shall pay
Consultant, on an hourly basis in accordance with the
schedule described in Attachment I. Said compensation
shall be considered full and complete reimbursement
for all of Consultant's costs associated with the
services provided hereunder. The maximum compensation
for services, including all COnsultant's costs, under
the terms of this Agreement, shall not exceed $23,000.
3. Except as amended herein said Agreement shall remain
in full force and effect.
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2 AGREEMENT BY AND BETWEEN THE COMMUNITY DEVE~OPMENT
COMMIS$ION OF THB CITY OF SAN BERNARDINO ON BBHALF OF THE
3 REDBVELOPMBNT AGENCY OF THE CITY OF SAN BBRNARDINO AND WOOD-
BUSING AND ASSOCIATES.
IN WITNESS WHBREOF, the parties hereto have caused this
First Amendment to Agreement to be executed as of the day and
year first above shown.
COMMUNITY DEVELOPMENT
COKIIISSION OF .'l'Jq CITY OF SAN
BB1tNARDtNO, ON ISEKAI.' 0' THE
REDSVlLOPMBN'1'A.~CY -OF THE
CITY OF SAN BERNARDINO
By:
Robert J. T8IIIp1e, Acting
Ex.cuti". Director
~UL'''' ~
By: 'I)ll
.u~. ·
APPROVED AS TO FORM
AND LEGAL CONTENT:
~
APPROVED AS TO PROGRAM:
REDEVELOPMENT AGENCY OR
THE CITY OF SAN BERNARDINO
BY:~((L~~L?f-
Divis on Manager
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FIRS'!' ~ '1'0 ~ POR
PROdSSIOMAL SBIl9lCBS
~IS FIRST AMENDMENT TO AGREEMENT is made and entered into
this
day of
, 1990, by and between the
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO,
on behalf of the REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, a public agency ("Agency"), and WOOD-HUSING AND
ASSOCIATES ("COnsultant"):
WITNESSETH:
WHBREAS, the parties entered into that certain Agreement
for Professional Services dated March 22, 1990, and
WHEREAS, the parties desire now to amend said agreement by
increasing the maximum compensation allowed thereunder from
$15,000 to $19,000,
NOW, THEREFORE, the parties hereto agree as follows:
1. Section 3 of said Agreement is hereby amended to read
as follows:
"3. Terms
This Agreement shall COIIIlIIence as of the day and
year first above shown and shall remain in full
force and effect until the services described in
Attachment I have been completed. The Exeoutive
Director of the Agency or his or her designee is
authorized to expand the work assignments of the
Consultant as long as the approved amount of
$19,000 has not been exceeded."
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2. The fLrat paragraph of SectLon 8 of saLd Agreement Ls
hereby 8IIIended to read as follows:
"DurLng the term of thLs Agreement, Agency shall pay
Consultant, on an hourly basLs Ln accordance wLth the
schedule descrLbed Ln Attachment I. SaLd compensation
shall be considered full and complete reimbursement
for all of Consultant's costs associated with the
services provided hereunder. The maximum compensation
for services, including all COnsultant's costs, under
the terms of this Agreement, shall not exceed $19,000.
3. Except as amended herein saLd Agree.ent shall remain
Ln full force and effect.
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DAB/ses/Services.agr
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AGREBMENT BY AND BETWBBN THE COMMUNITY DBVBLOPMBNT
COMMISSION. OF TIlB CITY OF SAN BBRNARDINO 0Jf BlnlALP . OF THB
RBDBVBLOPMBNT AGENCY OF THB CITY OP SAN B~INO AND WooD-
RUSING AND ASSOCIATBS.
IN WITNBSS WHBRBOF, the parties hereto have caused this
First Amendment to Agreement to be executed as of the day and
year first above shown.
COMMUNITY DBVBLOPMBNT
COMMtsSION OF THBCITY OF SAN
BERNARDINO, ON BBJlALF OF THE
RBDBVBLOPMBNT AGENCY OF THE
CITY OF SAN BBRNARDINO
By:
Robert J. Temple, Acting
Executive Director
CONSULTANT
By:
Title:
APPROVBD AS TO FORM
AND LEGAL CONTBNT:
B:#~
APPROVED AS TO PROGRAM:
REDEVELOPMENT AGENCY OR
THE CITY OF SAN BERNARDINO
By: d~~~/,:!r~
Div sion Manager
DAB/ses/Services.agr