HomeMy WebLinkAboutR01-Redevelopment Agency
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Redevelopment Agency · City of San Bernardino
300 Ncnh "D" Saeet, Founh Floor . Sill B~ California 92418
(714) 384-5081 FAX (714) 888-9413
.e. ID-;; ~
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Ste_ H. Dullelt
Execuliv. Dileclllr
JULY 7, 1989
PROPOSED KATZ, HOLLIS, COREN AND ASSOCIATES CONTRACT AMENDMENT
Synopsis of Previous Commission/Council/Committee Action:
6/5/89
6/22/89
6/29/89
7/05/89
Committee contInued to 6/22/89
Committee continued to 6/29/89
Committee forwarded matter to CommissIon
Commission continued to 7/10/89
(COMMUNITY DEVELOPMENT COMMISSION)
Recommended Motion:
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a. That the Commission approve a proposed amendment to the contract
with Katz, Hollis, Coren & Associates, Inc. to provide for
expanded services over a one-year term at a cost not to exceed
$42,500.
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b. That the Commission approve a proposed amendment to the contract
with Katz, Hollis, Coren & Associates, Inc. to provide for
expanded services over a one-year term at a cost not to exceed
$82,500.
Director
Supporting data attached: Yes
FUNDING REQUIREMENTS: $37.500
Hard:
All
Project: All
Commission Notes:
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SD:kp:1362S
Agenda of: July 10. 1989
Item No. .i..
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Redevelopment Agency
S T A F F
R E P 0 R T
This is to request that the Commission approve a proposed amendment to the
contract with Katz, Hollis, Coren & Associates, Inc. (Katz Hollis) to provide
for expanded services over a one-year term at a cost not to exceed $42.500.
BACKGROUND
On March 20. 1989, the Commission authorized approval of a contract with Katz
Hollis to assist in the development of a long-term financial plan for the
Agency. It was anticipated that the majority of the work program could be
accomplished within 90 days of execution of the contract, and thus the
information would be available by the start of the new fiscal year.
Katz Hollis has completed a preliminary assessment and on May 30. 1989 arrived
at several initial findings/recommendations. These findings/recommendations
are summarized below:
1. Agency staff's tax increment revenue monitoring and verification
procedures require some expansion and modification to provide
more timely and complete results;
2. Substantial modification to Agency staff's assumptions and
methodologies relative to tax increment revenue projections is
necessary;
3. A systematic analysis of Agency obligations (through bonds or
otherwise) and proper accounting for these obligations must be
prepared;
4. The Agency needs to modify its accounting and financial
management procedures; and
5. Agency counsel needs to review existing documentation to
ascertain whether the Agency is in conformance with recent
housing requirement legislation.
AB:mv: 1753R
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Redevelopment Agency
In conducting their preliminary assessment of the Agency's fiscal
activities, Katz Hollis encountered a number of limitations which delayed
their progress in completing the work program as originally scheduled.
Among these Issues were the following: a lack of consolidated information
relative to project area development activities that are not Agency
assisted and are needed to analyze accurate tax Increment projections;
complicated and in some cases unclear language relative to the allowable
tax increment limits that require legal review in several of the project
area plans; Inconsistencies in some of the revenue estimates prepared by
staff; a lack of comprehensive listings of Agency obligations necessary
for accurate cash flow projections; a lack of adequate accounting
methodologies and systems to identify fund balances; and a lack of
current or complete financial statements relative to each project area.
For your information, on June 19, 1989, Agency staff provided Katz Hollis
with an Initial response to their preliminary findings which In certain
areas differs with Katz Hollis. Under the amended contract Katz Hollis
will be required to reconcile any differences.
Nevertheless, as a result of the above, it has become necessary for Katz
Hollis to perform time consuming independent research and investigation
In order to gather and format the voluminous base data/information
necessary to complete their analysis and projections. At the outset of
the contract, it was intended that Katz Hollis would only review and
verify the available staff work and proposed recommendations or
modifications to staff's projections.
Based upon the above limitations, Katz Hollis will only be able to
complete their analysis of the Agency's tax increment revenues and bond
obligations as of June 30, 1989, within the current contract limit of
$25,000. To provide a reconciliation of their initial findings relating
to the accomplishment of the overall work program and staff's response to
those findings as well as certain financial advisory services In
relationship to pending bond issues, it Is proposed that the contract be
amended to provide for completion of the work over a one-year period at a
cost not to exceed $42,500. For your information the proposed contract
amendment also contains several additional or special work activities
that may need to be performed. The decision to carry out these
activities and the assessment of their cost(s) will be dependent on the
results of Katz Hollis' reconciliation of their and Agency staff's
Initial findings/responses. If as a result additional resources are
required, an appropriate contract amendment can be recommended later.
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Redevelopment Agency
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It Is Important to note that the purpose of the alternative motion listed
on the cover sheet Is to allow the Commission the option of Including an
additional $40,000 In the contract amendment. These additional funds
would pay for the several additional or special work activities that may
be needed. The proposed contract amendment that would Implement this
alternative Is also attached (Exhibit 2). Although this alternative was
discussed with the Redevelopment Committee at their meeting on June 29,
1989, It Is now staff's belief that the Agency will be better served by
proceeding with a smaller contract amendment Initially and consider
further amendments If the results of Katz Hollis' reconciliation of their
and Agency staff's Initial findings/responses justifies such an effort.
The attached proposed contract amendment(s) and revised work program
(Attachment I) to complete the financial analysis being performed by Katz
Hollis has been approved, as to form and legal content and executed by
Katz Hollis. It Is, therefore, requested that the Commission approve the
attached amendment to the Katz Hollis contract and authorize the
Executive Director to execute the agreement.
A8:mv: 1753R
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XEROX TELECOPIER 295; ??-??-??;??:?? ??;
]UN 28 '89 13:35 KATZ HOLLlOL.A.
CCITT G3 ..
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EXHIBIT 2
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J1DiVILOPmT AGENCY Cln or SAR ,..vnnuo
COXftAcr AMIIIn8ltt
~A..ot Ho. 01
tHIS A!CIHmc!NT TO ACllIMENT aade th.11 4&1
of _ , 1989. '" the led.vtlopaeat Acaae, of cM tit)' of
Sa~ leraard.1DO. h.ra1Q&nu cal184 che .AaeDOY.. _4 lata. BoWl. Cor_
" Aaaoc.1aee., ur.baltel' c&11e4 ell<< -CoIltrlceo,..
W1MSSlD DA'l1
~lIlUS. the Ai_DC' 04 tile (olleractor preYloual)' IDtud 11\to _
or1a1JlA1 Acr....e OJ), Much ~O, 19891 p4
WN"'''''. it DOV 1leCOllleI D.C....%)' to a.ene! latd A,r...ee pe! lIoth
p.rU.. ar. ..ds-olll of .uc:1I Del14l111lt.
NOW, 'l'BDUOU, 11\ cODl14eraUOIl of the IIUtual udere.ldllll b6rdll.
the part.1'. ..rae that 1.1d Aar....at bl -..nd,a .. follow..
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1. BectiOll~. Painole.
the purpoee of. ebb "reeDent 11 to allow AceDC,. Oto proclJu the
.erv.1oe. of 111 uper.1e:llCeeS profell1olll1 fira to .....l1op &
10lll-een fillllldal pla4 for: eech of AleDII1'. rcuve1opell.t
project ar... an4 to ,rar1eSa othar t.cbaicll ...iltaDCe 1.
furtheruc. of AlellC'" I P108. project. t.JlcI. pro.r....
2. SeeUOIl 2. 1tl..101l.
Aa_oy hereby rataiDl Ccm.u1tut for the provbioal of .enicI.
.1 &lItl1or1&,4 ill .dUlla by tbe b.cu.t1ve Dlreetor of .lleuy.
Such ~thor1a.tioll ,hall b. be.eeS OIl ..eimate. of .chedul1D1 aile!
coapeDlat1OD ... ahall have b.eJl mutuall,. a.l'e.4 UpOll by the
E,ncuUvI J)1r:ec:to~ &114 CODIultlllt. S.rvieel..,. illc:1ud. !lilt
nled Rot be 11111t.4 to tbo.. d..cti1led ill AttacM.llt I, Work
'ro,r... Conau1tlllt her.by accepta auch r'.poD.ihillty a.
4e.crihe4 hlreiD.
3. Sect:lOll 3. T.ras.
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'lhti Acn..tIlt ahall COlllDllICe .. of the uy aU. ,...1' Uut above
Ihow alleS ehsll. 1'..111 ill full forc. ud effect for a ,.docS of
Olll ,..ar UIll... .00IlOl1' teX1l:llUltl4 .. provide. hueio. fhe
E..c~t1v. Director of ".Ilc,. or hi. or her 4'.LaD.. :I..
.uthodzad to p:tead thl1 Aara..lllC for up to 30 d.,.. t.JlcI.
.pprova 11111 it... aeSjuatMllea to the !ara",llt'l '1'0'1". lluqec
a. lOlla &S 11tb.r of avell a......oc. ar. UPOll thl .... t.~. aDd
coll41tiolll a. .pacified herata.
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.~EROX TELECOPIER 296: 11-77-??;1?:77 17; ~AA_~~___ cellT G3 .
. JUi :lll '89 15:48 ~:Ar.: fULlS L.A. ~
Rede,elopll1tDt AIOCY .
. 4. sectIOn 4, Consultant Rts~slblllths.
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Lawrenc. J. Arc.n.aux, Jr.. PrIncIpal, Is add.d to the lIst of
. cOlIII thd personn.l.
5. SectIon &. OQmRensatlon.
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DurIng the terl of thIs Agrellent. Ag.~cy shall pay Consultant
on an hourly basIs In accordance wIth the SChedule descrIbed In
Attachment II. Budget, Said comp.nsatlon shill be considered
full Ind cOIplet. r.lmbursement for III of Consultant's costs
assocIated wIth the s.rvlces provld.d her.under. The "IlIUm
cOlpensatlon for servlc.s. IncludIng all Consultant's costs.
under the t.rms of this Agreement, shall not .xceed $42,500.00.
6. All oth.r tenll and condItions of saId Agr....nt shall r...ln In
full forc. and .ffect.
IN WITNESS WHEREOF, the Agency and the Contractor, through th,'r
duly authorIzed offIcers, hive executed thIs amendment as of the date
fIrst lbov. wrItten.
APPROVED AS TO fORM
. AND LEGAL CONTENT:
REDEVELOPMENT AGENCY OF
THE CITY (I SAil BERMINO
BY
Ex.cutlve 6'r.ctor
APPROVED AS TO p~:
REDEVELOPMENT AGENCY Of
THE CITY OF SAN BERNARDINO
CONTRACTOR
BY
Admlnlstratlv. Oeputy
BY~~~~
TITLE~
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Redevelopment Agency
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ATTACHMENT I
WORK PROGRAM
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The Consultant will develop for the Redevelopment Agency of the City of
San Bernardino (Agency) a long-term financial plan for Its redevelopment
project areas and provide other technical assistance In furtherance of
the Agency's plans, projects and programs. Work activities shall be
accomplished In accordance with the schedule described below.
Priority Group No.1
1. Verify the Agency's tax Increment revenues (to the extent
records are available) by analysis of Agency staff's existing
data base and a significant sample test on a parcel by parcel
basis of the secured and unsecured tax rolls for the
redevelopment project areas for the base year and current year.
This process will Identify and reconcile discrepancies between
taxable values existing In the project areas and those values as
reported by the County. Subsequent to this verification, the
Consultant shall analyze and prepare tax Increment revenue
projections over a five to ten year period.
2. Review all active bonded debt having priority liens on the flow
of tax Increment revenue. Prepare a cash flow analysis
Including Incorporation of tax revenue projections and a
documented cash flow suitable for general presentation.
3. Prepare a written summary of Initial findings relating to the
accomplishment of the overall work program described herein
(completed on May 30, 1989).
The above three tasks shall be completed by July I, 1989 at a
cost not to exceed $25,000.
Priority Group No.2
1. Review Agency staff's June 19, 1989 response to Consultant's
Initial findings and consult with and review additional
Information to be made available from the staff of the Agency's
Accounting and Development Divisions and assess balance of work
necessary to continue completion of the Agency's long-term
financIal plan. Based upon thIs assessment, the Consultant
shall provIde an updated report relatIve to the InItIal fIndIngs
submItted to the Agency on May 30, 1989, and cost estImates
relative to the balance of the planned work assIgnments
contaIned hereIn.
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Redevelopment Agency
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Services provided pursuant to this work task shall be completed
by July 15, 1989 at a cost not to exceed $2,500.
Review and assess all active development agreements relative to
their liens against the flow of tax increment funds. Update the
cash flow analysis which was prepared under Item #2 of Priority
#1 to include these junior lien data. The cost and scheduling
of this work task shall be as mutually agreed upon subsequent to
the completion of work task #1 of this second priority grouping.
Preparation of a financing plan/bond plan for each project area
that will either eliminate cash and scheduling flow shortfalls
or generate additional financing opportunities. The cost and
scheduling of this work task shall be as mutually agreed upon
subsequent to the completion of work task #1 of this second
priority grouping.
4. Provide financial advisory services to the Agency for new bond
issuances or for the refunding of outstanding bond issues on an
as needed basis (currently estimated to be three issuances>.
Services to be provided include document review (verification of
the compatibility between the provisions contained in the
resolution of issuance and the amounts and timing of revenue
receipts>. review and analysis of tax sharing agreements which
may impact the Agency's ability to pledge tax increment revenue,
attendance at any meetings related to bond issuance. and
representation of the Agency in meetings with bond rating
agencies and bond insurance companies. Services provided for
this activity shall be at a cost not to exceed $5.000 per
issue. Scheduling of these services shall be as mutually agreed
upon by the parties.
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Priority Group No.3
The work tasks listed below shall be undertaken during the term of the
contract upon a schedule mutually agreeable to the parties. The cost and
scheduling of these work tasks shall be as mutually agreed upon
subsequent to the completion of work task #1 of the second priority
grouping.
1. Review and recommend necessary adjustments to the Agency's
accounting and financial management methodologies and systems.
In fulfilling this task. the Consultant may be required to
engage the services of one or more qualified Certified Public
Accounting firms as subconsultant(s> to assist in developing
appropriate recommendations. Such subconsultants must be
approved in writing by the Agency's Executive Director prior to
the initiation of any work.
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Redevelopment Agency
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2. Provide assistance in reviewing other related issues including,
but not limited to, the following:
a. Potential use of pre-1986 bond proceeds in the furtherance
of Agency programs; and
b. Impact of recent court rulings ordering the reassessment of
railroad property on Agency finances; and
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Redevelopment Agency
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Prlorltv Group
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ATTACHMENT II
KATZ HOLLIS
1989 Hourly Rate Schedule
Principals
Senior associates
Associates
Senior Analysts
Analysts
Research Analysts
Secretarial/Administrative
$120 per hour
$100 per hour
$ 80 per hour
$ 70 per hour
$ 55 per hour
$ 50 per hour
$ 35 per hour
BUDGET BY WORK ACTIVITY
Activltv No. Cost
1 Included In subtotal
2 Included In subtotal
3 Included In subtota 1
Subtotal $25,000
1 $ 2,500
2 To be determined
3 To be determined
4 15 000
Subtotal 17,500
1 To be determined
2 To be determined
Subtotal To be determined
Grand Total $42.500
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Redevelopment Agency
REDEVELOPMENT AGENCY CITY OF SAN BERNARDINO
CONTRACT AMENDMENT
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Amendment No. 01
THIS AMENDMENT TO AGREEMENT made this day
of . 1989, by the Redevelopment Agency of the City of
San Bernardino. hereinafter called the "Agency". and Katz, Hollis. Coren
& Associ ates, herei nafter called the "Contractor".
WITNESSETH THAT:
WHEREAS. the Agency and the Contractor previously entered into an
original Agreement on March 20, 1989; and
WHEREAS. it now becomes necessary to amend said Agreement and both
parties are desirous of such amendment.
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NOW, THEREFORE. in consideration of the mutual undertakIngs hereIn.
the parties agree that said Agreement be amended as follows:
1. Section 1. Puroose.
The purpose of this Agreement is to allow Agency to procure the
services of an experienced professional fIrm to develop a
long-term financial plan for each of Agency's redevelopment
project areas and to provide other technical assistance in
furtherance of Agency's plans. projects and programs.
2. SectIon 2. MissIon.
Agency hereby retaIns Consultant for the provision of services
as authorized in writIng by the Executive Director of Agency.
Such authorization shall be based on estImates of schedulIng and
compensatIon as shall have been mutually agreed upon by the
ExecutIve Director and Consultant. Services may include but
need not be lImited to those described in Attachment I, Work
Program. Consultant hereby accepts such responsibility as
described hereIn.
3.
Section 3. Terms.
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ThIs Agreement shall commence as of the day and year first above
shown and shall remain In full force and effect for a perIod of
one year unless sooner terminated as provIded hereIn. The
ExecutIve DIrector of Agency or hIs or her desIgnee Is
authorIzed to extend thIs Agreement for up to 30 days and
approve lIne Item adjustments to the Agreement's program budget
as long as eIther of such amendments are upon the same terms and
conditIons as specifIed herein.
XEROX TELECOPIER 295: ??-??-??:??:?? ??:
JUN 28 '89 13:36 KATZ HOLLOL.A.
CCITT 03 +
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4. 8ectioo 4. COll.uttoln: "'1>00.:1.111111:1'0.
La~.DC' J. Are.DUIIS. Jr.. biadpal. b acW.d 1:0 ch. Un of
co.a1cte4 par'OGAel.
5. ..ctiOA 6. ClIIIllella.tloo.
Dlirltl1 the teZll of I:hi. AI"laUt, Aaeacy 1ha11 pa, Coa.u1t_t
Oil d hour11 Nlil 1Il accOrdallC' nth the aeWll1. ducrikd ill
Att.chapt II, Wlet. Idd Coap.lllIItiOtl .haU .. coui4ere4
full ad compleu n1ll11llraeunt for oU of Coo.u1t_c' 0 colt.
e..od.ted with Ch. u7:'I1c.. provid.d hu.UlU!er. !be..ziaua
cOIIpella.doo fOJ: ..nicel. 11lclud1lla dl eouu1tatt. ooat..
lIl:Idar the t.ra. of thi. AaJ:'lIWlt. ah&111lot ce.ec! tl2.500.oo.
6. All other t.ra IIl4 c0ll41tiou of .&td Acr._t .1Iall zoeuiJl :hl
full force ad -'feet.
IN VIMS8 lIfIII01, the qncy acl the COlltr.ctor. thl'Oll.h tllab
duly authodted officer.. have a.cuted ehil ...041114t a. of the elate
fUlt above vxitua.
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AJPl.OVIJ) AS to lOIH
~ u.cw. COJIm'fa
IIDEVlLOl'H!IlT MINCY OF
tIl2 ClfY or WI IIIHdDDO
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A.'1IC1 a1
BY
!stoutlva 1)11'.cto1'
Alnov!!) AS m PIOOIAH;
lIDIVILObIJI'f AGIlfC'f O'
DE CITY or W 1DXAIDlHO
Ma11l1nr.uv. n.Pllt1
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Redevelopment Agency
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ATTACHMENT I
HaRK PROGRAM
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The Consultant will develop for the Redevelopment Agency of the City of
San Bernardino (Agency) a long-term financial plan for Its redevelopment
project areas and provide other technical assistance In furtherance of
the Agency's plans, projects and programs. Work activities shall be
accomplished In accordance with the schedule described below.
Prlorltv Group No.1
1. Verify the Agency's tax Increment revenues (to the extent
records are available) by analysis of Agency staff's existing
data base and a significant sample test on a parcel by parcel
basis of the secured and unsecured tax rolls for the
redevelopment project areas for the base year and current year.
This process will Identify and reconcile discrepancies between
taxable values existing In the project areas and those values as
reported by the County. Subsequent to this verification, the
Consultant shall analyze and prepare tax Increment revenue
projections over a five to ten year period.
2. Review all active bonded debt having priority liens on the flow
of tax Increment revenue. Prepare a cash flow analysis
Including Incorporation of tax revenue projections and a
documented cash flow suitable for general presentation.
3. Prepare a written summary of Initial findings relating to the
accomplishment of the overall work program described herein
(completed on May 30, 1989).
The above three tasks shall be completed by July 1, 1989 at a
cost not to exceed $25,000.
Prlorltv Group No.2
1.
Review Agency staff's June 19, 1989 response to Consultant's
Initial findings and consult with and review additional
information to be made available from the staff of the Agency's
Accounting and Development Divisions and assess balance of work
necessary to continue completion of the Agency's long-term
financial plan. Based upon this assessment, the Consultant
shall provide an updated report relative to the initial findings
submitted to the Agency on May 30, 1989, and cost estimates
relative to the balance of the planned work assignments
contained herein.
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Redevelopment Agency
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ServIces provIded pursuant to thIs work task shall be completed
by July 15, 1989 at a cost not to exceed $2,500.
RevIew and assess all actIve development agreements relatIve to
theIr lIens agaInst the flow of tax Increment funds. Update the
cash flow analysIs whIch was prepared under Item #2 of PrIorIty
#1 to Include these junIor lIen data. The cost and schedulIng
of thIs work task shall be as mutually agreed upon subsequent to
the completIon of work task #1 of thIs second prIorIty groupIng.
PreparatIon of a fInancIng plan/bond plan for each project area
that wIll eIther elImInate cash and schedulIng flow shortfalls
or generate addItIonal fInancIng opportunItIes. The cost and
schedulIng of thIs work task shall be as mutually agreed upon
subsequent to the completIon of work task #1 of thIs second
prIorIty groupIng.
4. ProvIde fInancIal advIsory servIces to the Agency for new bond
Issuances or for the refundIng of outstandIng bond Issues on an
as needed basIs (currently estImated to be three Issuances).
ServIces to be provIded Include document revIew (verIfIcatIon of
the compatIbIlIty between the provIsIons contaIned In the
resolutIon of Issuance and the amounts and tImIng of revenue
receIpts), revIew and analysIs of tax sharIng agreements whIch
may Impact the Agency's abIlIty to pledge tax Increment revenue,
attendance at any meetIngs related to bond Issuance, and
representatIon of the Agency In meetIngs wIth bond ratIng
agencIes and bond Insurance companIes. ServIces provIded for
thIs actIvIty shall be at a cost not to exceed $5,000 per
Issue. SchedulIng of these servIces shall be as mutually agreed
upon by the partIes.
2.
3.
PrIorIty Group No.3
The work tasks lIsted below shall be undertaken durIng the term of the
contract upon a schedule mutually agreeable to the partIes. The cost and
schedulIng of these work tasks shall be as mutually agreed upon
subsequent to the completIon of work task #1 of the second prIorIty
groupIng.
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1.
RevIew and recommend necessary adjustments to the Agency's
accountIng and fInancIal management methodologIes and systems.
In fulfIllIng thIs task, the Consultant may be requIred to
engage the servIces of one or more qualIfIed CertIfIed Public
AccountIng fIrms as subconsultant(s) to assIst In developIng
approprIate recommendatIons. Such subconsultants must be
approved In wrItIng by the Agency's ExecutIve DIrector prIor to
the InItIatIon of any work.
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Redevelopment Agency
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2. Provide assistance In reviewing other related issues Including.
but not limited to, the following:
a. Potential use of pre-1986 bond proceeds In the furtherance
of Agency programs; and
b. Impact of recent court rulings ordering the reassessment of
railroad property on Agency finances; and
Priority Group No.4
1. Carry out any other task related to the work program or mission
of this Contract. In addition, the financial resources
contained In the budget that are allocated to this priority
group may also be used (through a budget transfer approved by
the Agency's Executive Director) to cover the costs of
activities 2 and 3 In the second priority group and 1 and 2 In
the third priority group once their costs are determined.
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Redevelopment Agency
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ATTACHMENT II
KATZ HOLLIS
1989 Hourly Rate Schedule
PrincIpal s $120 per hour
SenIor assocIates $100 per hour
AssocIates $ 80 per hour
SenIor Analysts $ 70 per hour
Analysts $ 55 per hour
Research Analysts $ 50 per hour
SecretarIal/AdmInIstratIve $ 35 per hour
BUDGET BY WORK ACTIVITY
PrIorIty GrouD ActIvIty No. Cost
1 1 Included In subtotal
2 Included In subtotal
0 3 Included In subtotal
Subtotal $25.000
2 1 $ 2,500
2 To be determIned
3 To be determl ned
4 ~15,OOO
Subtotal $17,500
3 1 To be determIned
2 To be determIned
Subtota 1 To be determIned
4 1 40 000
Subtotal 40,000
Grand Total $82,500
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