Agenda packet — Agoura Hills City Council, August 26, 2026

AGENDA

REGULAR MEETING

AGOURA HILLS CITY COUNCIL
Civic Center - Council Chambers
30001 Ladyface Court, Agoura Hills, California 91301
Wednesday, August 26, 2026
6:00 PM
VIA ZOOM:
https://us02web.zoom.us/j/81057752824
Webinar ID: 810 5775 2824
VIA TELEPHONE:
+1 669 444 9171 OR +1 669 900 6833
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Please silence all cell phones and electronic devices during the live meeting. To prevent interference with the audio/visual system, do not join the Zoom Webinar from within the Council Chambers.

City Council meetings are held in person in the Council Chambers, 30001 Ladyface Court, Agoura Hills. Members of the public may attend and participate in person, participate remotely via Zoom, or watch the meeting live on the City’s website or YouTube. See the “Public Participation” section of this Agenda for information on submitting public comments and participating in the meeting.

City Hall and the Council Chambers are wheelchair accessible. In accordance with the Americans with Disabilities Act (ADA), individuals requiring special assistance, disability-related modifications or accommodations, or auxiliary aids to participate in the meeting may contact the City Clerk’s Office at (818) 597- 7300. To help ensure that reasonable arrangements can be made to provide appropriate access, notification is requested at least 72 hours in advance of the meeting or time when services are needed.

ATTEND OR WATCH THE MEETING
City Council meetings are held in person in the Council Chambers and remotely. The Council Chambers doors will open to the public 30 minutes before the scheduled start time. Remote meetings begin at the scheduled start time and may be viewed on the City's website at agourahillscity.gov under “Watch Meetings” or on YouTube by searching “Agoura Hills City Council” and selecting the meeting date; archived meetings are also available on both platforms. Zoom participants are automatically muted and may view, listen, and provide audio public comment when permitted (see “Public Participation”). Meetings are recorded, and all rules of procedure and decorum apply to both in-person and remote participants.

CALL TO ORDER

LAND ACKNOWLEDGEMENT

PLEDGE OF ALLEGIANCE

ROLL CALL
Mayor Jeremy Wolf
Mayor Pro Tem Deborah Klein Lopez
Councilmember Kate Anderson
Councilmember Chris Anstead
Councilmember Penny Sylvester

REPORT OF CLOSED SESSION

APPROVAL OF AGENDA

PRESENTATIONS
Business of the Month - Presentation to Found Recovery
Proclamation Recognizing Healthcare for Homeless Animals (HHA)

INTERGOVERNMENTAL, SPECIAL PURPOSE COMMITTEE, AND DEPARTMENTAL REPORTS Introduction of District Representative Sean Regan from Senator Ben Allen's Office Las Virgenes/Malibu Council of Governments Update
Santa Monica Mountains Conservancy Advisory Committee Update

PUBLIC COMMENTS
(This section is reserved for persons wishing to address items not listed on the Agenda that are under the subject matter jurisdiction of the City Council. Please refer to “Public Participation” below for full details on how to speak or submit written public comments under this category.)

CONSENT CALENDAR
(Items on the Consent Calendar may be approved by a single motion and vote. Unless pulled by the City Council, there will be no separate discussion of these items. This section is reserved for persons wishing to address items on the Consent Calendar. Comments are limited to three (3) minutes per speaker for the entire Consent Calendar, not per item. Please refer to “Public Participation” below for full details on how to speak or submit written public comments under this category.)

1. Approve Demand Warrant Register No. 957
RECOMMENDATION: Approve Demand Warrant Register No. 957.

2. Approve Treasurer's Reports from October 2025 to June 2026 RECOMMENDATION: Approve Treasurer's Reports from October 2025 to June 2026.

3. Approve Treasurer’s Report for July 2026
RECOMMENDATION: Approve Treasurer’s Report for July 2026.

4. Approve Award of a Contractor Services Agreement with Sweeping Corp of America for Street Sweeping Services
RECOMMENDATION: 1) Award a Contractor Services Agreement, with Sweeping Corp of America, for street sweeping services; and, 2) Allocate an additional $20,400 of Gas Tax Funds in the Fiscal Year 2026-27 Budget during the Mid-Year Review Process.

5. Approve Award of a Contractor Services Agreement with West Coast Arborists, Inc., for Tree Maintenance Services
RECOMMENDATION: Award a Contractor Services Agreement, with West Coast Arborists, Inc., for tree maintenance services.

6. Approve the Eighth Amendment to Agreement for Design Professional Consultant Services, with Kimley-Horn and Associates, Inc., for Additional Engineering Design and Right-of-Way Acquisition Services and Term Extension for the Kanan Road/Agoura Road Ultimate Intersection Improvements Project RECOMMENDATION: Approve the Eighth Amendment to the Agreement for Design Professional Consultant Services, with Kimley-Horn and Associates, Inc., (KHA) for additional engineering design services, right-of-way acquisition services, and term extension for the Kanan Road/Agoura Road Ultimate Intersection Improvements Project.

7. Approve Agreement for Contractor Services, with GSG Protective Services, for Security Services RECOMMENDATION: Approve Agreement for Contractor Services, with GSG Protective Services, for Security Services.

8. Approve Agreement for Contractor Services, with Kimley-Horn and Associates, Inc., for the Preparation of the City's 7th Cycle Housing Element
RECOMMENDATION: Approve Agreement for Contractor Services, with Kimley-Horn and Associates. Inc., for the Preparation of the City's 7th Cycle Housing Element.

9. Approve Agreement for Design Professional Consultant Services, with Kimley-Horn and Associates, Inc., for the Bicycle Master Plan Implementation Project - Reyes Adobe Road Class II Bike Lane Gap Closure RECOMMENDATION: Approve Agreement for Design Professional Consultant Services, with Kimley-Horn and Associates, Inc., for the Bicycle Master Plan Implementation Project – Reyes Adobe Road Class II Bike Lane Gap Closure.

DISCUSSION / ACTION
(This section is reserved for persons wishing to address items listed under Discussion / Action. Please refer to “Public Participation” below for full details on how to submit written public comments or speak under this category.)

10. Discussion Regarding a Presentation by King Capital Advisors to Assist the City of Agoura Hills with Investment Management of Funds in Accordance with the City's Annual Investment Policy and California Code Section 53600 and In Partnership with Cambridge Investment Research Inc., a Broker Dealer for Managing Investments and Executing Investment Transactions
RECOMMENDATION: Discussion Regarding a Presentation by Mark Edelman, Executive Vice President of King Capital Advisors to Discuss Investment Management of City Funds in Accordance with California Code Section 53600.

CITY COUNCIL, STAFF COMMENTS

ADJOURNMENT
The next Regular City Council Meeting will be held at 6:00 p.m., on September 9, 2026, in the Council Chambers of the Civic Center. The Civic Center is located at 30001 Ladyface Court, Agoura Hills, California.

Members of the public are invited to participate in all Regular City Council Meetings. In accordance with the Brown Act, agendas packets are posted at agourahillscity.gov and agendas are posted on bulletin boards at City Hall, the Agoura Hills Library, and the Recreation and Event Center at least 72 hours in advance. Regular City Council Meetings are held at 6:00 p.m. on the 2nd and 4th Wednesdays of each month in the City Hall Council Chambers at 30001 Ladyface Court, Agoura Hills, California.

The telecast of the Wednesday, Wednesday, August 26, 2026 Regular City Council Meeting will be broadcast on Channel 10 for Time Warner Cable subscribers and Channel 3 for Charter subscribers and run daily until the next regularly scheduled City Council meeting. The broadcast schedule is as follows: Sa-10am; Su-3pm; M-7pm; T10am; W-3pm; Th-10am; and F-7pm.

Any disclosable public records related to staff reports or other written documentation for each item of business on this Agenda, or writings or documents distributed by the City to the City Council less than 72 hours prior to the meeting (other than writings legally exempt from public disclosure), will be available for public inspection in the City Clerk’s Office at City Hall (30001 Ladyface Court, Agoura Hills) during regular business hours and posted on the City’s website.

PUBLIC PARTICIPATION (PUBLIC COMMENT)
Members of the public may comment, in-person in the Council Chambers or remotely via Zoom, under general public comment, if within the subject matter jurisdiction of the City Council, or on any item listed on the Agenda. Speakers will be called in the order of speaker cards submitted or hands raised on Zoom (audio only).

Each speaker will have three (3) minutes to speak per item and a speaker’s time may not be transferred to another speaker. Written comments will not be read aloud by the City or another speaker. All speakers addressing the City Council are to refrain from disorderly conduct that disrupts or otherwise impedes the orderly conduct of the meeting.

Option A: In-person participation (Council Chambers)
All attendees are requested to silence electronic devices during the meeting. To speak in-person at the live meeting, complete and submit a Speaker’s Card to the City Clerk prior to the Mayor announcing the item.

Option B: Remote participation (Zoom Webinar or by Phone) Individuals wishing to speak remotely (audio only) must be present in the Zoom Webinar (link above) when the item is called and use the “Raise Hand” function in Zoom to request to speak. When recognized by the City Clerk, press the unmute button and provide comments. Individuals joining by telephone, dial the number(s) listed above and enter the Webinar ID. To request to speak, press *9 and when called upon by the City Clerk, press *6 to unmute and provide comments. Participants wishing to comment on additional agenda items must remain in or rejoin the Zoom Webinar as needed.

Option C: Written public comments prior to the meeting
Written public comments may be submitted by email to [email protected] no later than 4:00 p.m. on the meeting date. Please include the agenda item number or topic in the subject line. Written comments will not be read aloud during the meeting. Comments received after the deadline may not be considered during deliberations or included in the official. Those wishing to comment after the deadline may do so during the live meeting, either in person or via Zoom.

Date Posted: August 20, 2026

REPORT TO CITY COUNCIL
DATE: AUGUST 26, 2026
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: NATHAN HAMBURGER, CITY MANAGER
BY: ALEJANDRA KINCHELOE, ACCOUNTING SPECIALIST
SUBJECT: APPROVE DEMAND WARRANT REGISTER NO. 957
Demand Warrant Register No. 957 is hereby submitted for your approval.

FISCAL IMPACT
All items on the Demand Warrant Register are budgeted items; and all the items, when aggregated and annualized, are found to be within budget.

RECOMMENDATION
It is recommended the City Council approve Demand Warrant Register No. 957.

Attachments
Demand Register 957.pdf

REPORT TO CITY COUNCIL
DATE: AUGUST 26, 2026
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: NATHAN HAMBURGER, CITY MANAGER
BY: DIEGO IBANEZ, DIRECTOR OF FINANCE
SUBJECT: APPROVE TREASURER'S REPORTS FROM OCTOBER 2025 TO JUNE 2026 The attached reports detail the activity of pooled cash for the City's General Fund and Special Funds, bond transactions, and investment monies dedicated to the the California Local Agency Investment Fund (LAIF).

Due to a shortage of staff and necessary banking reconciliations, accounts payable process, payroll submissions and year end audit prep, these final reports were delayed. Staff is now able to finalize the monthly reconciliations of the Treasurer's Reports for the Fiscal Year 2025-26.

FISCAL IMPACT
There is no impact to the City Council approved Fiscal Year 2025-26 or the Current Fiscal Year 2026-27 Budget.

RECOMMENDATION
Approve Treasurer's Reports from October 2025 to June 2026 Attachments
AH Treasurer's Report Oct 25 - Jun 26.pdf

REPORT TO CITY COUNCIL
DATE: AUGUST 26, 2026
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: NATHAN HAMBURGER, CITY MANAGER
BY: DIEGO IBANEZ, DIRECTOR OF FINANCE
SUBJECT: APPROVE TREASURER’S REPORT FOR JULY 2026
The Treasurer’s Report for July 2026 is hereby submitted for the City Council's consideration and approval.

FISCAL IMPACT
There is no impact to the City Council approved Fiscal Year 2026-27 Budget.

RECOMMENDATION
Staff respectfully recommends the City Council approve the Treasurer’s Report for July 2026.

Attachments
AH Treasurer's Report July 26.pdf

REPORT TO CITY COUNCIL
DATE: AUGUST 26, 2026
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: NATHAN HAMBURGER, CITY MANAGER
BY: CHARMAINE YAMBAO, DIRECTOR OF PUBLIC WORKS / CITY ENGINEER SUBJECT:

APPROVE AWARD OF A CONTRACTOR SERVICES AGREEMENT WITH SWEEPING CORP OF

AMERICA FOR STREET SWEEPING SERVICES
This report seeks City Council approval of a Contractor Services Agreement with Sweeping Corp. of America (SCA), for street sweeping services.

On July 9, 2026, the City initiated the solicitation process for street sweeping services. The scope of services includes sweeping arterial streets twice per month and residential and collector streets, as well as the City Hall and Event Center parking lots, once per month.

On July 31, 2026, the City received proposals from two (2) prospective companies: CMAX Commercial Maintenance and SCA.

A selection committee comprised of City staff reviewed and evaluated each proposal based on the following criteria:

Presentation, completeness, and thoroughness of the proposal The company’s relevant experience and proposed approach to similar work Knowledge of the South Coast Air Quality Management District (AQMD) requirements References
Following its evaluation, the selection committee unanimously determined that SCA was the most qualified and best suited to provide the requested services.

SCA has provided street sweeping services to the City since 2021, delivering exceptional results. In addition to its experience with the City, SCA provides similar street sweeping services to several other municipalities, including the cities of Camarillo, Lancaster, Oxnard, San Luis Obispo, and Santa Barbara.

The proposed agreement contains a not-to-exceed amount of $533,400 for a 3-Year term commencing September 1, 2026, and ending June 30, 2029, and can be extended for a maximum of two years, upon mutual agreement between the City and contractor. A detailed Scope of Services is provided in Exhibit A to the attached agreement.

The proposed agreement has been reviewed by the City Attorney and approved as to form.

FISCAL IMPACT
The Fiscal Year 2026-27 Budget includes $102,000 of Measure W - Local Funds (065-4515-5520.21), and $64,000 of Gas Tax Funds (020-4515-5520.21), for a total budget of $166,000.

On June 24, 2026, the City Council approved a $30,000 agreement with SCA which is set to expire on August 31, 2026. The short-term agreement was necessary to provide staff with additional time to complete the evaluation process and prepare a contract award recommendation while avoiding any interruption to the street sweeping services.

The proposed agreement with SCA is estimated to cost $15,640 per month, for a total estimated cost of $156,400 for the remainder of Fiscal Year 2026-27. Based on the current balance of $136,000, staff is requesting City Council approval to appropiate an additional $20,400 in Gas Tax Funds in the Fiscal Year 2026-27 Budget to fully fund these services. There is sufficient funds to do so and will not impact other services.

RECOMMENDATION
Staff respectfully recommends the City Council:

1. Award a Contractor Services Agreement with Sweeping Corp of America for street sweeping services; and

2. Appropriate an additional $20,400 of Gas Tax Funds in the Fiscal Year 2026-27 Budget during the Mid-Year review process.

Attachments
Sweeping Corp of America Agreement- 2026 Street Sweeping Services.pdf

APPROVE AWARD OF A CONTRACTOR SERVICES AGREEMENT WITH WEST COAST ARBORISTS, INC., FOR TREE MAINTENANCE SERVICES
This report seeks City Council approval of a Contractor Service Agreement with West Coast Arborists, Inc., for tree maintenance services.

On July 9, 2026, staff solicited proposals for tree maintenance services, which include, but are not limited to the following:

Tree trimming
Tree and stump removal
Tree planting
Emergency response
Updating the City’s tree inventory
On August 6, 2026, the City received proposals from nine (9) prospective companies: Greene Tree Care; Greenfield Landscaping; Greentek Services, LLC; Julian Tree Care, Inc.; Mariposa Tree Management; Oakridge Landscape, Inc.; Tiger Tree Services, Inc.; United Pacific Services, Inc.; and West Coast Arborists, Inc.

A selection committee comprised of City staff reviewed and evaluated each proposal based on the following criteria:

Presentation, completeness, and thoroughness of the proposal Cost
The company’s relevant experience and proposed approach to similar work References
Following its evaluation, the selection committee unanimously determined that West Coast Arborists, Inc., was the most qualified and best suited to provide the requested services.

West Coast Arborists, Inc., has provided tree maintenance services to the City since 2011 and brings extensive experience working with the City, with a demonstrated history of delivering exceptional results.

The proposed agreement contains a not-to-exceed amount of $360,000 for a 3-Year term commencing September 1, 2026, and ending June 30, 2029, and can be extended for a maximum of two years, upon mutual agreement between the City and contractor. A detailed Scope of Services is provided in Exhibit A to the attached agreement.

The proposed agreement has been reviewed by the City Attorney and approved as to form.

FISCAL IMPACT
The Fiscal Year 2026-27 Budget includes the following funds for these services:

Account No. Account Name Funding
Source
Allocation
020-4520-
5520.23
Street Tree
Maintenance
Gas Tax $75,000.00
010-4450-
5520.95
Tree
Maintenance in
Parks
General
Funds
$25,000.00
010-4505-
5520.03
Special Projects General
Funds
$20,000.00
Total
Budget
$120,000.00

RECOMMENDATION
Staff respectfully recommends the City Council approve a Contractor Services Agreement with West Coast Arborists, Inc., for tree maintenance services.

Attachments
West Coast Arborists Agreement-2026 Tree Trimming Services.pdf

APPROVE THE EIGHTH AMENDMENT TO AGREEMENT FOR DESIGN PROFESSIONAL CONSULTANT SERVICES, WITH KIMLEY-HORN AND ASSOCIATES, INC., FOR ADDITIONAL

ENGINEERING DESIGN AND RIGHT-OF-WAY ACQUISITION SERVICES AND TERM EXTENSION FOR

THE KANAN ROAD/AGOURA ROAD ULTIMATE INTERSECTION IMPROVEMENTS PROJECT This report seeks City Council approval of an eighth amendment to the contract with Kimley-Horn and Associates, Inc., (KHA) for additional engineering design services, right-of-way acquisition services and term extension for the Kanan Road/Agoura Road Ultimate Intersection Improvements Project (Project).

KHA is currently under contract to complete the final design of the Project, which includes plans, specifications and estimates for construction of the Project, and right-of-way engineering. The new signalized intersection was included as a central element of the Agoura Village Specific Plan (AVS)), and its design was planned as a “gateway” between the City and the Santa Monica Mountains.

The final steps for the design of the Project included approval of the Gateway Entry Monument conceptual design, which are part of the final plans, specifications and estimates for construction of the Project. On May 14, 2025, the City Council provided feedback and final direction on the City Gateway Entry Monument design and directed staff to proceed with the final design of the Project.

In July 2026, KHA submitted the 100% Plans, Specification and Estimate (PS&E) package to the City. With completion of the final design phase, the Project is now ready for the next major phase, which includes acquisition of the additional right-of-way necessary to construct the proposed improvements, followed by construction.

The proposed Project improvements require acquisition of additional right-of-way at the southwest and southeast corners of the Kanan Road/Agoura Road intersection. The required property interests include a combination of:

Permanent right-of-way;
Permanent easements; and
Temporary construction easements.

On past projects, Staff worked directly with the City Attorney’s office to complete right-of-way acquisitions activities for City projects. However, the Project is funded through Measure R and M. These funding sources require the City to procure professional services in a manner that demonstrates that project expenditures are incurred in the most cost-effective manner.

Accordingly, staff requested an additional services proposal from KHA to provide professional right-of-way acquisition services for the Project. Staff with the City Attorney’s office, reviewed the proposal and determined that the proposed scope of work is appropriate and the costs are reasonable and credible for the work to be performed.

Including these services as part of KHA’s contract will provide continuity between the design and right-of-way phases, given KHA’s historical knowledge of the Project design, required property interests, and technical requirements associated with the proposed improvements.

The proposed Eighth Amendment also includes additional engineering design services that are necessary as the Project advances toward construction. These additional services include continued utility coordination related to the undergrounding of above-ground utility service lines. Coordination with the affected utility providers is necessary to facilitate implementation of the proposed undergrounding improvements and to ensure that the final design is coordinated with existing and proposed utility facilities. And the amendment includes design alternatives for the northwest corner of the intersection. These alternatives were needed to address existing site grades while preserving existing oak trees. The additional design effort allowed the City to evaluate appropriate design solutions that balances transportation, grading, environmental, and aesthetic considerations.

The amendment also provides for a term extension of approximately 12 months. The extension is necessary to allow KHA sufficient time to complete the right-of-way acquisition phase and provide associated technical and engineering support as the City advances the Project toward construction.

All other terms and conditions of the Agreement are not expected to change and remain the same as previously approved.

The proposed Amendment has been reviewed by the City Attorney and approved as to form.

FISCAL IMPACT
Sufficient funding was appropriated in the Fiscal Year 2026-27 City Council Budget to fund the final design and right-of-way acquisition for the Project through Measure R and M.

RECOMMENDATION
Staff respectfully recommends the City Council:

1. Approve the Eighth Amendment to Agreement for Design Professional Consultant Services with Kimley-Horn and Associates, Inc.; and

2. Authorize the Mayor to sign the Amendment to the Agreement on behalf of the City Council.

Attachments
2026 8th Amendment KHA Design KananAgoura Intersection.pdf A0130-CCMYR-2026AMDesign

EIGHTH AMENDMENT TO AGREEMENT FOR

DESIGN PROFESSIONAL CONSULTANT SERVICES

WITH THE CITY OF AGOURA HILLS
NAME OF CONSULTANT: Kimley-Horn and Associates, Inc.

RESPONSIBLE PRINCIPAL OF CONSULTANT : Attn: Sri Chakravarthy, P.E., T.E.

CONSULTANT'S ADDRESS: 660 S. Figueroa Street, Ste. 2050 Los Angeles, CA 90017
CITY’S ADDRESS: City of Agoura Hills
30001 Ladyface Court
Agoura Hills, CA 91301
Attn: City Manager
PREPARED BY: Charmaine Yambao
COMMENCEMENT DATE: July 1, 2026
TERMINATION DATE: June 30, 2028
CONSIDERATION: Amendment Amount:
$149,700.00
Total Contract Price
Not to Exceed: $ 1,356,685.00/yr
(1st Amendment of $465,179.00
increased Original contract of
$299,986.00 to $765,165.00; 2nd
Amendment of $207,200.00
increased contract to
$972,365.00; 3rd Amendment of
$65,220.00 increased contract to
$1,037,585.00; 4th Amendment of
$50,200.00 increased contract to
$1,087,785.00; 5th Amendment
was zero $ increase; 6th
Amendment was zero $ increase;
7th Amendment of $119,200.00
increased contract to
$1,206,985.00; 8th Amendment of
$149,700.00 increased contract
to $1,356,685.00)
Docusign Envelope ID: 2E2254CD-EE39-8D6B-82E0-E857ABA8A4C1 1 A0130-CCMYR-2026AMD

EIGHTH AMENDMENT TO AGREEMENT BETWEEN
CITY OF AGOURA HILLS AND KIMLELY-HORN AND ASSOCIATES, INC.

Kanan Road/Agoura Road Ultimate Intersection Improvements Project THIS EIGHTH AMENDMENT is made and entered into as of August 26, 2026, by and between the City of Agoura Hills, a municipal corporation (hereinafter referred to as “City”), and Kimley-Horn and Associates, Inc., a Corporation (hereinafter referred to as "Consultant"). In consideration of the mutual covenants and conditions set forth herein, the parties agree as follows:

1. This Amendment is made with respect to the following facts and purposes:
a. On February 11, 2015, the City and Consultant entered into that certain Agreement entitled “Agreement for Design Professional Consultant Services between the City of Agoura Hills and Kimley-Horn and Associates, Inc.”, in the amount of Two Hundred Ninety-Nine Thousand Nine Hundred Eighty-Six Dollars and Zero Cents ($299,986.00).
b. On October 28, 2020, the City and Consultant entered into the First Amendment to that certain Agreement entitled “Agreement for Design Professional Consultant Services between the City of Agoura Hills and Kimley-Horn and Associates, Inc.” to add additional design services, extend the term of the agreement to June 30, 2022, and increase the payment in the amount of Four Hundred Sixty-Five Thousand One Hundred Seventy-Nine Dollars and Zero Cents ($465,179.00). c. On September 8, 2021, the City and Consultant entered into the Second Amendment to that certain Agreement entitled “Agreement for Design Professional Consultant Services between the City of Agoura Hills and Kimley-Horn and Associates, Inc.” to add scope of work and increase the payment in the amount of Two Hundred Seven Thousand Two Hundred Dollars and Zero Cents ($207,200.00). d. On January 25, 2023, the City and Consultant entered into the Third Amendment to that certain Agreement entitled “Agreement for Design Professional Consultant Services between the City of Agoura Hills and Kimley-Horn and Associates, Inc.” to add scope of work, extend the term of the agreement to June 30, 2024, increase the payment in the amount of Sixty-Five Hundred Two Hundred Twenty Dollars and Zero Cents ($65,220.00).
e. On April 26, 2023, the City and Consultant entered into the Fourth Amendment to that certain Agreement entitled “Agreement for Design Professional Consultant Services between the City of Agoura Hills and Kimley-Horn and Associates, Inc.” to add scope of work, and increase the payment in the amount of Fifty Thousand Two Hundred Dollars and Zero Cents ($50,200.00).
f. On July 10, 2024, the City and Consultant entered into the Fifth Amendment to that certain Agreement entitled “Agreement for Design Professional Consultant Services between the City of Agoura Hills and Kimley-Horn and Associates, Inc.” to extend the term of the agreement to June 30, 2025.

Docusign Envelope ID: 2E2254CD-EE39-8D6B-82E0-E857ABA8A4C1 2 A0130-CCMYR-2026AMD
g. On June 25, 2025, the City and Consultant entered into the Sixth Amendment to that certain Agreement entitled “Agreement for Design Professional Consultant Services between the City of Agoura Hills and Kimley-Horn and Associates, Inc.” to extend the term of the agreement to June 30, 2026. h. On December 10, 2025, the City and Consultant entered into the Seventh Amendment to that certain Agreement entitled “Agreement for Design Professional Consultant Services between the City of Agoura Hills and Kimley-Horn and Associates, Inc.” to add scope of work, extend the term of the agreement to June 30, 2027, and increase the payment in the amount of One Hundred Nineteen Thousand Two Hundred Dollars and Zero Cents ($119,200.00).
i. The parties now desire to add scope of work, extend the term of the agreement to June 30, 2028, increase the payment in the amount of One Hundred FortyNine Seven Hundred Dollars and Zero Cents ($149,700.00), and to amend the Agreement as set forth in this Amendment.

2. Section 1 of the Agreement entitled “TERM” is hereby amended to read as follows:
“This Agreement shall remain and continue in effect until tasks herein are completed, but in no event later than June 30, 2028 unless sooner terminated pursuant to the provisions of this Agreement.”

3. Section 4 of the Agreement entitled “PAYMENT” at paragraph “a” is hereby amended to read as follows:
“The City agrees to pay Consultant monthly, in accordance with the payment rates and schedules and terms set forth in Exhibit B, Payment Rates and Schedule, attached hereto and incorporated herein by this reference as though set forth in full, based upon actual time spent on the above tasks. Any terms in Exhibit B, other than the payment rates and schedule of payment, are null and void. The Eighth Amendment amount shall not exceed One Hundred Forty-Nine Seven Hundred Dollars and Zero Cents ($149,700.00), for additional design and right-of-way acquisition services for a total Agreement amount of One Million, Three Hundred FiftySix Thousand, Six Hundred Eight-Five Dollars and Zero Cents ($1,356,685.00).”

4. Exhibit “A” to the Agreement is hereby amended by adding thereto the items set forth on Attachment “A” to this Amendment, which is attached hereto and incorporated herein as though set forth in full.

5. Except for the changes specifically set forth herein, all other terms and conditions of the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this EIGHTH Amendment to Agreement to be executed the day and year first above written.

Docusign Envelope ID: 2E2254CD-EE39-8D6B-82E0-E857ABA8A4C1 3 A0130-CCMYR-2026AMD

CITY OF AGOURA HILLS

Jeremy Wolf,
Mayor
ATTEST:

Kimberly M. Rodrigues, MMC
City Clerk
Date Approved by City Council:_______
APPROVED AS TO FORM:

Candice K. Lee,
City Attorney

CONSULTANT
Kimley-Horn and Associates, Inc.
660 S. Figueroa Street, Suite 2050
Los Angeles, CA 90017
Sri Chakravarthy, Vice President
213-261-4037
[email protected]
By:

Print Name:

Title:

By:

Print Name:

Title:
[Signatures of Two Corporate Officers Required]
42 42
Sri Chakravarthy
Sr. Vice President / P.E. 73629
Laura Forinash
Asst. Secretary / P.E. 93146
Docusign Envelope ID: 2E2254CD-EE39-8D6B-82E0-E857ABA8A4C1 4 A0130-CCMYR-2025AMD

ATTACHMENT A
Attached hereto and incorporated herein is the additional scope of work as provided by the Consultant.

Kimley-Horn will provide the services specifically set forth below. Kimley-Horn will serve as the prime consultant and provide design support, right-of-way engineering coordination, and project coordination and management for the City. Hamner, Jewell & Associates (“subconsultant”) will serve as Kimley-Horn’s right-of-way subconsultant and will perform the primary right-of-way acquisition services described in Tasks 3 through 5, including title coordination, owner outreach, appraisal coordination, offer package preparation, acquisition negotiations, and transaction support.

The property impacts include permanent easements, temporary construction easements, and right-of-way acquisition of property rights across three adjacent private properties to support roadway, sidewalk slope, utility, temporary construction, and gateway monument improvements.

TASK 1 — DESIGN SERVICES
Kimley-Horn provided supplemental design support for work completed beyond the original Project scope, including revisions to the northwest corner, additional utility coordination, and related meetings.

Task 1.a — Northwest Corner Alternatives. Kimley-Horn provided developed and regraded multiple alternatives for the northwest corner of the intersection. This effort included preparing and refining multiple concepts, coordinating with Dudek regarding potential oak tree impacts, and supporting related design discussions needed to advance a preferred approach.

Task 1.b — Utility Coordination. Kimley-Horn provided ongoing utility coordination with AT&T, Southern California Edison, Crown Castle, and other affected utility providers for the various relocations associated with the Project. This effort included coordination meetings, tracking utility relocation issues, and supporting follow-up with utility providers to facilitate design and right-of-way coordination.

Task 1.c — Meetings, Renderings, and Presentation Support. Kimley-Horn participated in multiple coordination meetings with City Staff, supported the Public Works Subcommittee meeting, prepared renderings of the revised site plan, developed presentation materials, and met with planning staff to coordinate impacts to the adjacent development.

TASK 2 — RIGHT-OF-WAY ENGINEERING COORDINATION AND

PROJECT MANAGEMENT
Kimley-Horn will provide coordination and project management services to support the right-of-way acquisition and right-of-way engineering process. This task includes serving Docusign Envelope ID: 2E2254CD-EE39-8D6B-82E0-E857ABA8A4C1 4 A0130-CCMYR-2025AMD
as the primary coordination point between the City, Hamner, Jewell & Associates, appraiser, title company, Southern California Edison, utility providers, and City Attorney, as needed.

Kimley-Horn will coordinate right-of-way engineering information needed to support acquisition, including easement exhibits, legal description coordination, utility relocation information, plan updates, and related information requests. Kimley-Horn will also monitor progress against the Project schedule, facilitate review of draft offer packages and acquisition documents, track action items, and provide periodic status updates. This task includes ongoing email/phone coordination and up to four virtual coordination meetings.

Deliverables:
• Meeting agendas, notes, and action item logs
• Periodic project status updates
• Right-of-way engineering coordination support for easement exhibits, legal descriptions, utility relocation information, and acquisition document review TASK 3 — PRELIMINARY TITLE REPORTS
The right-of-way team will order three preliminary title reports from First American Title Company for the affected parcels. The reports will be reviewed to identify ownership, liens, exceptions, and other title matters that may affect acquisition, document preparation, escrow, or closing.

Deliverables:
• Three preliminary title reports
• Summary of title issues affecting acquisition coordination TASK 4 — OWNER OUTREACH AND APPRAISAL COORDINATION
The right-of-way team will contact each affected property owner to review the project plans as they relate to each property, assess owner receptiveness, and identify coordination issues that may affect acquisition. The right-of-way team will also order three appraisal reports from Hoffman, Vance & Worthington, one for each affected parcel, after the City provides legal descriptions and area calculations for each required easement or partial acquisition area.

Kimley-Horn will provide the legal descriptions and area calculations needed for the specific permanent easement, temporary construction easement, Southern California Edison easement, and/or partial fee acquisition areas. It is assumed that Southern California Edison will provide approved deed formats needed for appraisal and offer package preparation.

Docusign Envelope ID: 2E2254CD-EE39-8D6B-82E0-E857ABA8A4C1 4 A0130-CCMYR-2025AMD
Deliverables:
• Owner outreach status summary
• Three appraisal reports
• Coordination log for legal descriptions, appraisal needs, and Southern California Edison deed requirements
TASK 5 —ACQUISITION SERVICES
Following completion of the appraisal reports, the right-of-way team will prepare draft offer packages for City review and pre-approval. Offer packages are anticipated to include offer letters, appraisal summary statements, right-of-way agreements, and easement deeds.

Once approved by the City, the right-of-way team will present the offer packages to the property owners and seek cooperative agreements. If agreements are reached, the team will process required documents, coordinate approvals, and support escrow, title insurance, and closing activities.
• Draft and final offer letters
• Appraisal summary statements
• Right-of-way agreements
• Easement deeds and supporting acquisition documents
The goal of this task is to reach cooperative agreements and avoid the need for eminent domain proceedings. If purchase efforts do not result in mutually acceptable agreements, the team will coordinate with the City Attorney’s office regarding any required Necessity Hearing scheduling.
• Acquisition negotiation support for up to three parcels • Processing of executed acquisition documents
• Escrow, title insurance, and closing coordination support • Coordination support with City Attorney if condemnation-related steps become necessary
The right-of-way team will support transaction processing through approvals, escrow, title insurance, and closing for any cooperative agreements reached with affected property owners. This task includes coordination of executed documents, payment processing information, and closing requirements among the City, title company, escrow, and property owners.

Docusign Envelope ID: 2E2254CD-EE39-8D6B-82E0-E857ABA8A4C1

REPORT TO CITY COUNCIL
DATE: AUGUST 26, 2026
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: NATHAN HAMBURGER, CITY MANAGER
BY:

KIMBERLY HOLLANDS, RECREATION SUPERVISOR

AMY BRINK, DIRECTOR OF COMMUNITY SERVICES
SUBJECT:

APPROVE AGREEMENT FOR CONTRACTOR SERVICES, WITH GSG PROTECTIVE SERVICES, FOR

SECURITY SERVICES
The City of Agoura Hills has contracted with GSG Protective Services for approximately five years to provide security services at City facilities, public meetings, private rentals, and City-sponsored events. GSG security works in coordination with City staff to provide a safe and secure environment for residents, visitors, elected officials, volunteers, and staff while helping protect City facilities and assets.

GSG Protective Services provides security for more than 90 private events held annually at the Agoura Hills Recreation and Event Center. These events include weddings, Bar and Bat Mitzvahs, corporate meetings, and other private rentals that frequently occur during evenings and weekends, often concurrently with City recreation programs. Security personnel assist The Event Center staff with policy enforcement, facility monitoring, and maintaining a safe environment throughout each event.

Security personnel are provided for regularly scheduled City Council and Planning Commission meetings. They also support the orderly conduct of public meetings, assist City staff as needed, and help ensure the safety of meeting participants.

In addition, GSG Protective Services provides security for City-sponsored special events, including Reyes Adobe Days and other community events. Security personnel assist with monitoring event areas, sometimes overnight, and coordinating with City staff to support the safe operation of these events.

Staff recommends renewing the agreement with GSG Protective Services through June 30, 2027. Renewal of the agreement will ensure continued security services for City facilities, public meetings, private rentals, and Citysponsored events. The agreement has been reviewed and approved by the City Attorney.

FISCAL IMPACT
There is no additional fiscal impact to the City Council Fiscal Year 2026-2027 approved Budget. Funds were appropriated for the service in the Recreation Center Contract Services 010-4426-5520 account and the City Hall Contract Services 010-4210-5520.52 account.

RECOMMENDATION
Staff respectfully recommends the City Council:

1. Approve Agreement for Contractor Services with GSG Protective Services, and

2. Authorize the Mayor to sign the agreement on behalf of the City Council.

Attachments
Agreement - GSG Protective Services.pdf

REPORT TO CITY COUNCIL
DATE: AUGUST 26, 2026
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: NATHAN HAMBURGER, CITY MANAGER
BY: ROBBY NESOVIC, COMMUNITY DEVELOPMENT DIRECTOR
SUBJECT:

APPROVE AGREEMENT FOR CONTRACTOR SERVICES, WITH KIMLEY-HORN AND ASSOCIATES, INC., FOR THE PREPARATION OF THE CITY'S 7TH CYCLE HOUSING ELEMENT The tentative deadline for the City to adopt its 7th Cycle Housing Element is April of 2030. The Southern California Association of Governments (SCAG) and the California Department of Housing and Community Development (HCD) have just recently begun the consultation process to formulate structural assumptions for the development of the Regional Housing Needs Determination (RHND). On August 13th, SCAG hosted their first Regional Housing Needs Assessment (RHNA) subcommittee meeting where they discussed the RHNA process. The SCAG RHNA subcommittee expects to receive its formal 7th Cycle RNHD from HCD for the SCAG region in October of 2026. The RHND determines the total number of housing units that SCAG will have to allocate to its 197 jurisdictions.

Following the RHND, SCAG will develop its methodology for allocation of the assigned units to all 197 jurisdictions.

The final methodology is subject to public comment and review and approval by HCD, and it is anticipated that the methodology will be finalized by October of 2027. The City will then receive its draft RHNA allocation by April of 2028.

In preparation for 7th Cycle Housing Element and the RHNA process, the City released a Request for Qualifications and Request for Proposals (RFQ/RFP) soliciting bids to assist the City in the preparation of the 7th Cycle Housing Element. Kimley-Horn and Associates, Inc. (Kimley-Horn) (Community Planning Division) was the firm that was ultimately selected.

The total contract amount for the preparation of the 7th Cycle Housing Element is $612,472.00, with that money anticipated to be spent through 2030. In the 2026-27 Fiscal Year, Kimley-Horn will prepare a market analysis and housing opportunity and constraints analysis to identify potential alternative housing sites and to begin a public outreach campaign. They will also assist the City in its outreach efforts with SCAG during the development of the RHNA methodology. Exhibit A of the attached contract contains a complete scope of work for the 7th Cycle Housing Element.

The proposed agreement has been reviewed by the City Attorney and approved as to form.

FISCAL IMPACT
This agreement will not have an impact on the City's Fiscal Year 2026-27 Budget as funds were allocated towards the 7th Cycle Housing Element during the Budget process. Funds will be allocated towards the 7th Cycle Housing Element through the year 2030 and be appropriated in upcoming years to meet the City's compliance requirements.

RECOMMENDATION
Staff respectfully recommends the City Council approve an Agreement for Contractor Services with Kimley-Horn and Associates, Inc. for the preparation of the City's 7th Cycle Housing Element.

Attachments
AH KH Contract 7th Cycle HE.pdf
A0130-CCMYR-2026

AGREEMENT FOR CONTRACTOR SERVICES

WITH THE CITY OF AGOURA HILLS
NAME OF CONTRACTOR: Kimley-Horn and Associates, Inc.

RESPONSIBLE PRINCIPAL OF CONTRACTOR: Attn: Sri Chakravarthy, PE, TE CONTRACTOR'S ADDRESS: 660 South Figueroa St, # 2050
Los Angeles, CA 90017
CITY’S ADDRESS: City of Agoura Hills
30001 Ladyface Court
Agoura Hills, CA 91301
Attn: City Manager
PREPARED BY: Robby Nesovic
COMMENCEMENT DATE: August 26, 2026
TERMINATION DATE: August 26, 2030
CONSIDERATION: Agreement Price: $612,472
Not to Exceed: $300,000/yr
ADDITIONAL SERVICES (Describe Services, Amount, and Approval):
______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ Date: _____________ Amount: $____________ Authorized By: _______________ (Not to Exceed 10% of Agreement Price) City Manager
Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 1 A0130-CCMYR-2026

AGREEMENT FOR CONTRACTOR SERVICES BETWEEN

THE CITY OF AGOURA HILLS AND KIMLEY-HORN AND
ASSOCIATES, INC. (KIMLEY-HORN)
THIS AGREEMENT is made and effective as of August 26, 2026, between the City of Agoura Hills, a municipal corporation ("City") and Kimley-Horn ("Contractor"). In consideration of the mutual covenants and conditions set forth herein, the parties agree as follows:

1. TERM
This Agreement shall commence on August 26, 2026, and shall remain and continue in effect until tasks described herein are completed, but in no event later than August 26, 2030, unless sooner terminated pursuant to the provisions of this Agreement.

The City may, at its option, extend this Agreement for one additional term of one year upon providing written notice of its intent to extend this Agreement to the Contractor not less than thirty (30) days prior to the expiration of the initial Term. Such extension shall be at the same price and conditions as set forth herein and shall be processed by an Amendment to this Agreement and signed by both parties.

2. SERVICES
Contractor shall perform the services and tasks described and set forth in Exhibit A, attached hereto and incorporated herein as though set forth in full. Contractor shall complete the tasks according to the schedule of performance which is also set forth in Exhibit A.

3. PERFORMANCE
In meeting its obligations under this Agreement, Contractor shall at all times faithfully and competently perform all tasks described herein in a manner satisfactory to CITY and consistent with that level of care and skill ordinarily exercised by members of the profession currently practicing in the same locality under similar conditions.

4. PAYMENT
A. The City agrees to pay Contractor monthly, in accordance with the payment rates and terms and the schedule of payment as set forth in Exhibit B, Payment Rates and Schedule, attached hereto and incorporated herein by this reference as though set forth in full, based upon actual time spent on the above tasks. Any terms in Exhibit B other than the payment rates and schedule of payment are null and void. This amount shall not exceed six hundred and twelve thousand four hundred and seventy-two dollars ($612,472) (“Agreement Price”) for the initial Term of the Agreement unless additional payment is approved as provided in this Agreement.

The City Manager may approve additional work up to ten percent (10%) of the amount of the Agreement. Any additional work in excess of this amount shall be approved by the City Council.

Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 2 A0130-CCMYR-2026
B. Contractor shall not be compensated for any services rendered in connection with its performance of this Agreement which are in addition to those set forth herein, unless such additional services are authorized in advance and in writing by the City Manager. Contractor shall be compensated for any additional services in the amounts and in the manner as agreed to by the City Council and Contractor at the time City's written authorization is given to Contractor for the performance of said services.

C. Contractor shall submit invoices monthly for actual services performed. Invoices shall be submitted between the first and fifteenth business day of each month, for services provided in the previous month. Payment shall be made within thirty (30) days of receipt of each invoice as to all non-disputed fees. If the City disputes any of Contractor's fees, it shall give written notice to Contractor within thirty (30) days of receipt of an invoice of any disputed fees set forth on the invoice. For all reimbursements authorized by this Agreement, Contractor shall provide receipts on all reimbursable expenses in excess of Fifty Dollars ($50) in such form as approved by the Director of Finance.

5. SUSPENSION OR TERMINATION OF AGREEMENT WITHOUT CAUSE A. The City may at any time, for any reason, with or without cause, suspend or terminate this Agreement, or any portion hereof, by serving upon the Contractor at least ten (10) days prior written notice. Upon receipt of said notice, the Contractor shall immediately cease all work under this Agreement, unless the notice provides otherwise. If the City suspends or terminates a portion of this Agreement, such suspension or termination shall not make void or invalidate the remainder of this Agreement.

B. In the event this Agreement is terminated pursuant to this Section, the City shall pay to Contractor the actual value of the work performed up to the time of termination, provided that the work performed is of value to the City. Upon termination of the Agreement pursuant to this Section, the Contractor will submit an invoice to the City pursuant to Section entitled “PAYMENT” herein.

6. DEFAULT OF CONTRACTOR
A. The Contractor's failure to comply with the provisions of this Agreement shall constitute a default. In the event that Contractor is in default for cause under the terms of this Agreement, City shall have no obligation or duty to continue compensating Contractor for any work performed after the date of default and can terminate this Agreement immediately by written notice to the Contractor. If such failure by the Contractor to make progress in the performance of work hereunder arises out of causes beyond the Contractor's control, and without fault or negligence of the Contractor, it shall not be considered a default.

B. If the City Manager or his delegate determines that the Contractor is in default in the performance of any of the terms or conditions of this Agreement, it shall serve the Contractor with written notice of the default. The Contractor shall have ten (10) days after service upon it of said notice in which to cure the default by rendering a Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 3 A0130-CCMYR-2026
satisfactory performance. In the event that the Contractor fails to cure its default within such period of time, the City shall have the right, notwithstanding any other provision of this Agreement, to terminate this Agreement without further notice and without prejudice to any other remedy to which it may be entitled at law, in equity or under this Agreement.”

7. OWNERSHIP OF DOCUMENTS
A. Contractor shall maintain complete and accurate records with respect to sales, costs, expenses, receipts and other such information required by City that relate to the performance of services under this Agreement. Contractor shall maintain adequate records of services provided in sufficient detail to permit an evaluation of services. All such records shall be maintained in accordance with generally accepted accounting principles and shall be clearly identified and readily accessible. Contractor shall provide free access to the representatives of City or its designees at reasonable times to such books and records, shall give City the right to examine and audit said books and records, shall permit City to make transcripts therefrom as necessary, and shall allow inspection of all work, data, documents, proceedings and activities related to this Agreement. Such records, together with supporting documents, shall be maintained for a period of three (3) years after receipt of final payment.

B. Upon completion of, or in the event of termination or suspension of this Agreement, all original documents, designs, drawings, maps, models, computer files containing data generated for the work, surveys, notes, and other documents prepared in the course of providing the services to be performed pursuant to this Agreement shall become the sole property of the City and may be used, reused or otherwise disposed of by the City without the permission of the Contractor. Any modifications of the documents without written authorization or adaptation by the Consultant will be at the City’s sole risk and without liability to the Consultant. With respect to computer files containing data generated for the work, Contractor shall make available to the City, upon reasonable written request by the City, the necessary computer software and hardware for purposes of accessing, compiling, transferring and printing computer files.

8. INDEMNIFICATION
Contractor shall defend, indemnify, and hold the City, its officials, officers, employees, agents and independent contractors serving in the role of City officials, and volunteers (collectively “Indemnitees”) free and harmless from any and all claims, demands, causes of action, proceedings, costs, expenses, liabilities, losses, damages or injuries, in law or equity, to property or persons, including wrongful death (collectively “Claims”), to the extent arising out of or incident to any negligent acts or omissions of Contractor, its officials, officers, employees, agents or subcontractors in connection with the performance of this Agreement, including without limitation the payment of all consequential damages, attorneys’ fees, and other related costs and expenses, except for such Claims arising out of the sole or partial negligence or willful misconduct of the Indemnitees. With respect to any and all such Claims, Contractor shall defend Indemnitees at Contractor’s own cost, expense, and risk and shall pay and satisfy any judgment, award, or decree that may be rendered against Indemnitees. Contractor shall reimburse Indemnitees for any and all legal expenses and costs incurred by each of them Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 4 A0130-CCMYR-2026
in connection therewith or in enforcing the indemnity herein provided. Contractor’s obligation to indemnify shall not be restricted to insurance proceeds, if any, received by Contractor or Indemnitees. All duties of Contractor under this Section shall survive termination of this Agreement.

9. INSURANCE REQUIREMENTS
Prior to commencement of work, Contractor shall procure, provide, and maintain, at Contractor’s own expense, for the duration of this Agreement, insurance against claims for injuries to persons or damages to property, which may arise from or in connection with the performance of the work hereunder by the Contractor, its agents, representatives, or employees.

A. Minimum Scope of Insurance. Coverage shall be at least as broad as:
1) Insurance Services Office Commercial General Liability form No. CG 00 01 11 85 or 88, or equivalent.
2) Insurance Services Office Business Auto Coverage form CA 00 01 06 92, or equivalent, covering Automobile Liability, code 1 (any auto). If the Contractor owns no automobiles, a non-owned auto endorsement to the General Liability policy described above is acceptable.
3) Worker's Compensation insurance as required by the State of California and Employer's Liability Insurance. If the Contractor has no employees while performing under this Agreement, worker's compensation insurance is not required, but Contractor shall execute a declaration that it has no employees. 4) Professional Liability Insurance shall be written on a policy form providing professional liability for the Contractor's profession.

B. Minimum Limits of Insurance. Contractor shall maintain limits no less than:
1) General Liability: $1,000,000 per occurrence for bodily injury, personal injury and property damage, including without limitation, blanket contractual liability. If Commercial General Liability Insurance or other form with a general aggregate limit is used, either the general aggregate limit shall apply separately to this project/location or the general aggregate limit shall be twice the required occurrence limit. 2) Automobile Liability: $1,000,000 per accident for bodily injury and property damage for all activities of the Contractor arising out of or in connection with work to be performed under this Agreement, including coverage for any owned, hired, non-owned or rental vehicles.
3) Worker's Compensation as required by the State of California; Employer's Liability: One million dollars ($1,000,000) per accident for bodily injury or disease.

Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 5 A0130-CCMYR-2026
4) Professional Liability coverage: One million ($1,000,000) per claim and in aggregate.

C. Deductibles and Self-Insured Retentions. Any deductibles or selfinsured retentions must be declared to and approved by the City Manager. At the option of the City Manager, either the insurer shall reduce or eliminate such deductibles or selfinsured retentions as respects the City, its officers, officials, employees and volunteers; or the Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses.

D. Requirements Not Limiting. Requirements of specific coverage features or limits contained in this Section are not intended as a limitation on coverage, limits or other requirements, or a waiver of any coverage normally provided by any insurance. Specific reference to a given coverage feature is for purposes of clarification only as it pertains to a given issue and is not intended by any party or insured to be all inclusive, or to the exclusion of other coverage, or a waiver of any type. If the Vendor maintains higher limits than the minimums shown above, the Agency requires and shall be entitled to coverage for the higher limits maintained by the Vendor. Any available insurance proceeds in excess of the specified minimum limits of insurance and coverage shall be available to the Agency.

E. Other Insurance Provisions. The general liability and automobile liability policies are to contain, or be endorsed to contain, the following provisions:
1) The City, its officers, officials, employees and volunteers are to be covered and named as additional insureds in respect to: liability arising out of activities performed by or on behalf of the Contractor; products and completed operations of the Contractor; premises owned, occupied or used by the Contractor; or automobiles owned, leased, hired or borrowed by the Contractor. The coverage shall contain no special limitations on the scope of protection afforded to the City, its officers, officials, employees or volunteers.
2) For any claims related to this project, the Contractor's insurance coverage shall be primary insurance as respects the City, its officers, officials, employees and volunteers. Any insurance or self-insured maintained by the City, its officers, officials, employees or volunteers shall be excess of the Contractor's insurance and shall not contribute with it.
3) Any failure to comply with reporting or other provisions of the policies including breaches of warranties shall not affect coverage provided to the City, its officers, officials, employees or volunteers.
4) The Contractor's insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the limits of the insurer's liability.
5) Each insurance policy required by this clause shall be endorsed to state that coverage shall not be suspended, voided, canceled by either party, Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 6 A0130-CCMYR-2026
reduced in coverage or in limits except after thirty (30) days' prior written notice has been given to the City. Contractor agrees to oblige its insurance agent or broker and insurers to provide City with a thirty (30) day notice of cancellation (except for nonpayment for which a ten (10) day notice is required) or nonrenewal of coverage for each required coverage.
6) Waiver of subrogation. All insurance coverage maintained or procured pursuant to this Agreement shall be endorsed to waive subrogation against the City, its elected or appointed officers, agents, officials, employees, and volunteers or shall specifically allow Contractor or others providing insurance evidence in compliance with these specifications to waive their right of recovery prior to a loss. Contractor hereby waives its own right of recovery against the City and shall require similar written express waivers and insurance clauses from each of its subcontractors.

F. Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best's rating of no less than A:VII, unless otherwise acceptable to the City.

Self insurance shall not be considered to comply with these insurance requirements.

G. Verification of Coverage. Contractor shall furnish the City with original endorsements, specifically naming the City of Agoura Hills, its officers, officials, employees and volunteers as additional insured, effecting coverage required by this clause.. The endorsements are to be signed by a person authorized by that insurer to bind coverage on its behalf. The endorsements are to be on forms acceptable to the City. Insurance certificates and endorsements must be received and approved by City’s Risk Manager prior to commencement of performance. Current insurance certificates and endorsements shall be kept on file with the City at all times during the term of this Agreement. City reserves the right to require complete, certified copies of all required insurance policies, at any time.

H. Mailing Instructions. Insurance documents shall be mailed with the signed Agreement to the attention of the staff person indicated on the cover sheet of this Agreement, to the City of Agoura Hills, 30001 Ladyface Court, Agoura Hills, CA 91301.

Executed Agreement(s) cannot be released nor may any work commence on a project until the signed Agreement and appropriate insurance documents are on file with the City Clerk.

10. INDEPENDENT CONTRACTOR
A. Contractor is and shall at all times remain as to the City a wholly independent Contractor. The personnel performing the services and tasks under this Agreement on behalf of Contractor shall not be City employees and shall at all times be under Contractor's exclusive direction and control. Contractor and all of Contractor’s personnel shall possess the qualifications, permits, and licenses required by state and local law to perform the services and tasks under this Agreement, including, without limitation, a City business license as required by the Agoura Hills Municipal Code. Contractor shall determine the means, methods, and details by which Contractor’s personnel will perform the services and tasks. Contractor shall be solely responsible for the satisfactory work performance of all personnel engaged in performing the services Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 7 A0130-CCMYR-2026
and tasks, and compliance with the customary professional standards. Neither City nor any of its officers, employees, agents, or volunteers shall have control over the conduct of Contractor or any of Contractor's officers, employees, or agents.

B. Contractor shall not at any time or in any manner represent that it or any of its officers, employees, or agents are in any manner officers, employees, or agents of City. Contractor and Contractor’s personnel shall not supervise any of City’s employees; and City’s employees shall not supervise Contractor’s personnel. Contractor’s personnel shall not wear or display any City uniform, badge, identification number, or other information identifying such individual as a City employee; and Contractor’s personnel shall not use any City e-mail address or City telephone number in the performance of any of the services and tasks under this Agreement. Contractor shall acquire and maintain at its sole cost and expense such vehicles, equipment, and supplies as Contractor’s personnel require to perform any of the services and tasks required by this Agreement. Contractor shall perform all services and tasks off of City premises at locations of Contractor’s choice, except as otherwise may from time to time be necessary in order for Contractor’s personnel to receive projects from City, review plans on file at City, pick up or deliver any work product related to Contractor’s performance of any services and tasks under this Agreement, or as may be necessary to inspect or visit City locations and/or private property to perform the services and tasks. City may make a computer available to Contractor from time to time for Contractor’s personnel to obtain information about, or to check on, the status of projects pertaining to the services and tasks performed under this Agreement. Contractor shall not incur or have the power to incur any debt, obligation or liability whatever against City, or bind City in any manner.

C. No employee benefits shall be available to Contractor in connection with the performance of this Agreement. Except for the fees paid to Contractor as provided in the Agreement, City shall not pay salaries, wages, or other compensation to Contractor for performing services and tasks hereunder for City. City shall not be liable for compensation or indemnification to Contractor for injury or sickness arising out of performing services and tasks hereunder. Contractor shall be responsible for and pay all salaries, wages, benefits and other amounts due to Contractor’s personnel in connection with their performance of the services and tasks under this Agreement, and as required by law. Contractor shall be responsible for all reports and obligations respecting such additional personnel, including, but not limited to, Social Security taxes, other retirement or pension benefits, income tax withholding, unemployment insurance, disability insurance, and workers' compensation insurance. Notwithstanding any other agency, state, or federal policy, rule, regulation, statute, or ordinance to the contrary, Contractor and any of its officers, employees, agents, and subcontractors providing any of the services and tasks under this Agreement shall not become entitled to, and hereby waive any claims to, any wages, salaries, compensation, benefit, or any incident of employment by City, including, but not limited to, eligibility to enroll in, or reinstate to membership in, the California Public Employees Retirement System (“PERS”) as a City employee, and entitlement to any contribution to be paid by City for employer contributions or employee contributions for PERS benefits.

D. Contractor shall indemnify and hold harmless City and its elected officials, officers, employees, servants, designated volunteers, and agents serving as Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 8 A0130-CCMYR-2026
independent contractors in the role of City officials, from any and all liability, damages, claims, costs, and expenses of any nature to the extent arising from, caused by, or relating to Contractor’s personnel practices, or to the extent arising from, caused by, or relating to the violation of any of the provisions of this Section. In addition to all other remedies available under law, City shall have the right to offset against the amount of any fees due to Contractor under this Agreement any amount due to City from Contractor as a result of Contractor’s failure to promptly pay to City any reimbursement or indemnification arising under this Section. This duty of indemnification is in addition to Contractor’s duty to defend, indemnify, and hold harmless as set forth in any other provision of this Agreement.

11. PERS COMPLIANCE AND INDEMNIFICATION
A. General Requirements. The parties acknowledge that City is a local agency member of PERS, and as such has certain pension reporting and contribution obligations to PERS on behalf of qualifying employees. Contractor agrees that, in providing its employees and any other personnel to City to perform the services and tasks under this Agreement, Contractor shall assure compliance with the Public Employees’ Retirement Law, commencing at Government Code Section 20000, the regulations of PERS, and the Public Employees’ Pension Reform Act of 2013, as amended. Without limitation to the foregoing, Contractor shall assure compliance with regard to personnel who have active or inactive membership in PERS and to those who are retired annuitants and in performing this Agreement shall not assign or utilize any of its personnel in a manner that will cause City to be in violation of the applicable retirement laws and regulations.

B. Indemnification. Contractor shall defend (with legal counsel approved by City, whose approval shall not be unreasonably withheld), indemnify, and hold harmless City, and its City and its elected officials, officers, employees, servants, designated volunteers, and agents serving as independent contractors in the role of City officials, from any and all liability, damages, claims, costs and expenses of any nature to the extent arising from, caused by, or relating to Contractor’s violation of any provisions of this Section. This duty of indemnification is in addition to Contractor’s duty to defend, indemnify, and hold harmless as set forth in any other provision of this Agreement.

12. LEGAL RESPONSIBILITIES
The Contractor shall keep itself informed of all local, State and Federal ordinances, laws and regulations which in any manner affect those employed by it or in any way affect the performance of its service pursuant to this Agreement. The Contractor shall at all times observe and comply with all such ordinances, laws and regulations. The City, and its officers and employees, shall not be liable at law or in equity occasioned by failure of the Contractor to comply with this section.

13. RELEASE OF INFORMATION
A. All information gained by Contractor in performance of this Agreement shall be considered confidential and shall not be released by Contractor Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 9 A0130-CCMYR-2026
without City's prior written authorization. Contractor, its officers, employees, agents or subcontractors, shall not without written authorization from the City Manager or unless requested by the City Attorney, voluntarily provide declarations, letters of support, testimony at depositions, response to interrogatories or other information concerning the work performed under this Agreement or relating to any project or property located within the City. Response to a subpoena or court order shall not be considered "voluntary" provided Contractor gives City notice of such court order or subpoena.

B. Contractor shall promptly notify City should Contractor, its officers, employees, agents or subcontractors be served with any summons, complaint, subpoena, notice of deposition, request for documents, interrogatories, request for admissions or other discovery request, court order or subpoena from any party regarding this Agreement and the work performed there under or with respect to any project or property located within the City. City retains the right, but has no obligation, to represent Contractor and/or be present at any deposition, hearing or similar proceeding. Contractor agrees to cooperate fully with City and to provide City with the opportunity to review any response to discovery requests provided by Contractor. However, City's right to review any such response does not imply or mean the right by City to control, direct, or rewrite said response.

14. NOTICES
Any notices which either party may desire to give to the other party under this Agreement must be in writing and may be given either by: (i) personal service, (ii) delivery by a reputable document delivery service, such as but not limited to, Federal Express, that provides a receipt showing date and time of delivery, or (iii) mailing in the United States Mail, certified mail, postage prepaid, return receipt requested, addressed to the address of the party as set forth below or at any other address as that party may later designate by Notice. Notice shall be effective upon delivery to the addresses specified below or on the third business day following deposit with the document delivery service or United States Mail as provided above.

To City: City of Agoura Hills
30001 Ladyface Court
Agoura Hills, California 91301
Attention: City Manager
To Contractor: Kimley-Horn and Associates, Inc.
660 South Figueroa Street, Suite 2050
Los Angeles, CA 90017
Attention: Sri Chakravarthy

15. ASSIGNMENT
The Contractor shall not assign the performance of this Agreement, nor any part thereof, nor any monies due hereunder, without prior written consent of the City.

Upon termination of this Agreement, Contractor's sole compensation shall be payment Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 10 A0130-CCMYR-2026
for actual services performed up to, and including, the date of termination or as may be otherwise agreed to in writing between the City Council and the Contractor.

16. LICENSES
At all times during the term of this Agreement, Contractor shall have in full force and effect, all licenses required of it by law for the performance of the services described in this Agreement.

17. GOVERNING LAW
The City and Contractor understand and agree that the laws of the State of California shall govern the rights, obligations, duties and liabilities of the parties to this Agreement and also govern the interpretation of this Agreement. Any litigation concerning this Agreement shall take place in the municipal, superior, or federal district court with geographic jurisdiction over the City of Agoura Hills. In the event such litigation is filed by one party against the other to enforce its rights under this Agreement, the prevailing party, as determined by the Court's judgment, shall be entitled to reasonable attorney fees and litigation expenses for the relief granted.

18. PROHIBITED INTEREST
No officer, or employee of the City of Agoura Hills shall have any financial interest, direct or indirect, in this Agreement, the proceeds thereof, the Contractor, or Contractor’s subcontractors for this project, during his/her tenure or for one year thereafter. The Contractor hereby warrants and represents to the City that no officer or employee of the City of Agoura Hills has any interest, whether contractual, noncontractual, financial or otherwise, in this transaction, or in the business of the Contractor or Contractor’s subcontractors on this project. Contractor further agrees to notify the City in the event any such interest is discovered whether or not such interest is prohibited by law or this Agreement.

19. EXHIBITS
Exhibits A and B constitute a part of this Agreement and are incorporated into this Agreement by this reference. If any inconsistency exists or arises between a provision of this Agreement and a provision of any exhibit, the provisions of this Agreement shall control.

20. ENTIRE AGREEMENT
This Agreement contains the entire understanding between the parties relating to the obligations of the parties described in this Agreement. All prior or contemporaneous Acontrgreements, understandings, representations and statements, oral or written, are merged into this Agreement and shall be of no further force or effect.

Each party is entering into this Agreement based solely upon the representations set forth herein and upon each party's own independent investigation of any and all facts such party deems material.

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21. AMENDMENT OF AGREEMENT
This Agreement may be amended only by a writing signed by both parties.

The City Manager is authorized to sign an Amendment to this Agreement on the City Council’s behalf and without the City Council’s prior approval to make the following nonsubstantive modifications to the Agreement: (a) name changes; (b) extensions of time that do not result in monetary changes; (c) non-monetary changes in the scope of work; and (d) termination of the Agreement. All monetary changes to this Agreement require City Council approval.

22. AUTHORITY TO EXECUTE THIS AGREEMENT
The person or persons executing this Agreement on behalf of Contractor warrants and represents that he or she has the authority to execute this Agreement on behalf of the Contractor and has the authority to bind Contractor to the performance of its obligations hereunder. In lieu of a handwritten or wet signature from the Contractor, the City may electronically process and execute this Agreement and request that the Contractor sign the Agreement electronically via DocuSign or similar electronic signature software.

23. COUNTERPARTS
This Agreement may be executed in counterparts, all such executed counterparts shall constitute the same Agreement, and the signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart.

Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 12 A0130-CCMYR-2026
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and year first above written.

CITY OF AGOURA HILLS
Jeremy Wolf,
Mayor
ATTEST:

Kimberly M. Rodrigues, MMC
City Clerk
Date Approved by City Council: _______________
APPROVED AS TO FORM:

Candice K. Lee,
City Attorney

CONTRACTOR
Kimley-Horn and Associates, Inc.
660 South Figueroa Street, Suite 2050
Los Angeles, CA 90017
Sri Chakravarthy
213-261-4040
[email protected]
By:

Name: Matthew Stewart
Title: Assistant Secretary
By:

Name: Srikanth Chakravarth
Title: Senior Vice President
[Signatures of Two Corporate Officers Required]
Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 13 A0130-CCMYR-2026

EXHIBIT A

TASKS TO BE PERFORMED
The specific elements (scope of work) of this service include:

Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054

SCOPE OF WORK
Scope of Work
The scope below covers the full 7th Cycle Housing Element and the tasks described in the RFP, organized into ten tasks with detailed subtasks and explicit deliverables so that responsibilities, procedures, and work products are clear and are not left to interpretation. Where a specific procedural commitment is stated, such as an advance-notice period, a number of review rounds, or a number of meetings, it defines the base scope.

Assumptions and exclusions follow this section, and supplemental tasks are described separately and priced in the fee proposal.

Task 1: Project Management and Coordination
Kimley-Horn will provide continuous project management, schedule maintenance, budget monitoring, quality control, and coordination for the full term of the engagement, including coordination with the concurrent Agoura Road Specific Plan. Bryant de la Torre, AICP serves as project manager and the City's single point-of-contact. Ines Galmiche, AICP leads the technical workstreams, and Sri Chakravarthy, PE, TE provides independent principal-level QC/QA review of every major deliverable before it is transmitted to the City. This task assumes one consolidated round of City comments per deliverable within the review windows established in the project schedule.

1.1 Project Kickoff. An in-person kickoff meeting with City staff will be held within two (2) weeks of contract execution to confirm scope, schedule, roles and communication protocols, the data request, key City contacts, the review-and-comment process, and any legislative or regulatory changes since issuance of the RFP, and will confirm the interface and coordination expectations with the Agoura Road Specific Plan team.

Deliverables
Kickoff meeting agenda and minutes
Confirmed project schedule with all tasks, milestones, and start and finish dates Data request memorandum identifying City-held data needed to commence work

1.2 Progress Meetings and Communication. Regular progress meetings with City staff will be held for the active project period, assumed monthly with additional check-ins at key milestones and during HCD review. Agendas will be circulated at least three (3) business days in advance and minutes within three business days afterward. The project schedule will be reviewed and updated at each meeting, with any schedule risks identified. The project manager is available to City staff between meetings by phone and email.

Deliverables
Meeting agendas and minutes for all progress meetings
Updated project schedule distributed at each meeting

1.3 Schedule, Budget, and Quality Management. Kimley-Horn will track schedule and budget continuously and provide monthly invoices with a narrative progress report on completed tasks, work in progress, milestones, and risks. Every major deliverable follows a three-stage QC/QA protocol:
task-lead review against statute and the HCD Completeness Checklist, project manager review for completeness and consistency, and independent principal review by Sri Chakravarthy, PE, TE. This covers the Administrative, Public Review, and HCD Submittal Drafts, the sites inventory, all staff reports and resolutions, and the CEQA document.

Deliverables
Monthly invoices with narrative progress reports
Ongoing project management for the term of the engagement

1.4 Coordination with the Agoura Road Specific Plan. Kimley-Horn will maintain standing coordination with the Specific Plan consultant and City staff to reconcile corridor assumptions between the two efforts. This includes maintaining a shared parcel list for the corridor so capacity is counted once at reconciled densities, aligning the objective design standards and development standards applied to housing sites, and settling early in the project the CEQA relationship between the Housing Element and the Specific Plan so that environmental review is neither duplicated nor left with a gap. Coordination items will be tracked and confirmed in writing.

Deliverables
Corridor coordination log
Reconciled corridor sites and assumptions memorandum
Task 2: Specific Plan Sites Opportunity, Constraints, and Market Analysis Kimley-Horn will perform an opportunity, constraints, and market analysis of the sites in the proposed Agoura Road Specific Plan area, early enough to inform the corridor's land use program and development standards and, because the Housing Element draws its corridor sites from the Specific Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 Plan, the sites inventory realistic-capacity assumptions. The full analysis is completed in-house. It informs, not prepares, the Specific Plan, which is the City's separate solicitation.

Opportunity analysis. For each Specific Plan property, we assess development potential, parcel size and configuration, ownership and any known development interest, and adaptive-reuse potential, with particular attention to converting underused office space to housing or mixed-use development.

Constraints analysis. We evaluate fire and evacuation exposure, including whether a site would evacuate onto Kanan Road, along with access, infrastructure, existing uses and leases, and environmental limits, so constraints are settled before capacity is claimed.

Market and feasibility analysis. We test what the corridor will actually build and what it will support: product type and demand, the community's height preference against the market's height preference, density-bonus stacking, and the economics of office-to-residential conversion. The findings translate into recommended development standards for the corridor, gathering spaces fronting Agoura Road with housing behind, heights, and intensities calibrated to what pencils.

The findings feed directly into the Specific Plan's land use intensities and development standards and, because the Housing Element's corridor sites are drawn from the Specific Plan, into the sites inventory's realistic-capacity assumptions. The task is coordinated with the Specific Plan effort throughout.

Deliverables
Opportunity and constraints analysis for all Specific Plan sites, including a parcel-level matrix and map Market and feasibility analysis memorandum addressing demand, product type, achievable intensity and yield, and office-to-residential conversion economics, with recommended development standards for the corridor Summary of findings supporting the Specific Plan's land use program and development standards, with the resulting inputs to the Housing Element sites inventory
Task 3: SCAG RHNA Monitoring, Methodology, and Appeal Analysis Kimley-Horn monitors SCAG's 7th Cycle RHNA process from contract execution through final allocation. Because the 6th Cycle fire-hazard appeal was denied and HCD directed the City to sites outside the Very High Fire Hazard Severity Zone, the analysis addresses whether a second appeal is warranted and, either way, a sites strategy sized to the full allocation. We review the draft methodology against the five statutory objectives of Government Code § 65584(d), evaluate how the draft allocation was derived, and assess any defensible basis for appeal. The written analysis covers the methodology as applied to Agoura Hills, the draft and final allocation by income category (including the acutely low-income category at or below 15 percent of area median income, required for the first time under AB 3093 (2024)), comparison to the 6th Cycle figure of 318 units and the sites-inventory implications, and appeal considerations (what a valid appeal must show, the odds given HCD's posture on fire-constrained land, and the City's options and timeline). Formal appeal representation before the SCAG Appeals Board is supplemental.

Deliverables
Written analysis of the draft RHNA methodology, transmitted upon SCAG's release Written analysis of the final allocation, including an income-category breakdown table, transmitted upon SCAG finalization RHNA appeal considerations memorandum identifying the basis, probability of success, timeline, and tradeoffs Task 4: 6th Cycle Program Status Review
Kimley-Horn will establish an accurate 7th Cycle baseline by auditing the City's 6th Cycle commitments and their implementation status, reviewing the 2035 General Plan for consistency considerations that affect capacity and program alignment, and completing a preliminary ProHousing readiness review. This task grounds every downstream analysis in what the City actually committed to and delivered, which is the starting point for the sites strategy and programs in Task 6.

4.1 6th Cycle Program Status Review. Kimley-Horn will evaluate every 6th Cycle program's implementation status, satisfying the pastperformance evaluation under Government Code § 65588(a). Focus areas: the Affordable Housing Overlay (how many of the 20 overlay properties developed, the income mix produced, and whether the assumed lower-income capacity materialized), ADU commitments and production, AFFH actions and evidence of implementation, and any ongoing programs needing a status determination before carry-forward or modification.

Deliverables
6th Cycle program status matrix identifying each program, its status (complete, in progress, or not initiated), any corrective action, and whether it should be continued, modified, or replaced
Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 Affordable Housing Overlay performance summary documenting produced income mix and remaining assumed capacity

4.2 ProHousing Readiness Assessment. Kimley-Horn will complete a preliminary ProHousing Designation readiness review, identifying which existing and proposed policies carry ProHousing scoring value across HCD's four policy categories and where gaps exist, so the City can decide which commitments to advance.

Deliverables
ProHousing readiness preliminary assessment (gap analysis and recommended program commitments) Task 5: Community Engagement
Kimley-Horn will lead, document, and incorporate public participation, coordinated with the Agoura Road Specific Plan. Engagement is calibrated to a high-resource community and targets residents least likely to attend a weeknight hearing including lower-wage workers, seniors, people with disabilities, and renters. All materials are bilingual English and Spanish, with virtual participation at public meetings.

Per Housing Element Law and the HCD AFFH Guidance Memo (April 2021), the program must produce a fair housing outreach-capacity summary documenting engagement with all economic segments, including protected-class, lower-income, and special-needs populations.

5.1 Community Outreach Plan. Within 30 days of contract execution, Kimley-Horn will prepare a Community Outreach Plan documenting all engagement activities and schedule with a responsible party for each, targeted strategies for hard-to-reach and special-needs populations (seniors, persons with disabilities, lower-wage workers), and a stakeholder list covering community-based organizations, the area’s regional center and independent living center, housing and homeless-services providers, and fair housing agencies. It also sets out methods for documenting engagement for HCD review and coordination with the Specific Plan outreach.

Deliverables
Community Outreach Plan, prepared within 30 days of contract execution

5.2 Online Survey and Digital Engagement (PublicCoordinate). Kimley-Horn will design and deploy a bilingual, mobile-optimized survey using survey tools that add no licensing expense to the City, distributed through City channels, partner organizations, a shareable link, and QR codes. Residents complete bilingual surveys across languages and devices, and the survey addresses housing needs, affordability, housing-type preferences, and community priorities, reaching residents who do not attend meetings. As an optional enhancement, the City may add PublicCoordinate, Kimley-Horn’s interactive mapping platform, which lets residents drop location-specific comments on a project map and produces geotagged input that feeds the sites and fair housing analyses directly. PublicCoordinate carries a separate annual licensing cost and is provided at the City’s option.

Deliverables
Bilingual, mobile-optimized online survey, with an optional PublicCoordinate interactive mapping presence Results summary with response totals, key findings, geographic patterns where applicable, and an explanation of how results informed the analysis

5.3 Community Meetings (up to three [3]). Up to three (3) community meetings will be held outside business hours at accessible, transit-served venues where possible, in a format (in-person, virtual, or hybrid) set with City staff. Kimley-Horn facilitates in English and Spanish and prepares materials, and the City coordinates venue, AV, and advertising. Meeting 1 (early) introduces the process, preliminary needs, and early fair housing analysis, aligned with the Specific Plan visioning. Meeting 2 (mid-project) presents the draft corridor and infill sites strategy, input to date, and the draft goals and policies. Meeting 3 (pre-submittal) presents the Public Review Draft. Post-submittal meetings are optional but encouraged, and are supplemental.

Deliverables
Bilingual presentation materials and facilitation for all meetings Meeting summaries documenting attendance, key themes, and fair housing concerns raised

5.4 Planning Commission and City Council Workshops. Up to one (1) Planning Commission study session and one (1) City Council study session will be held during element development, each structured for that body's role. The Commission session will cover process, preliminary needs and fair housing findings, and the sites implications of the RHNA. The Council session will cover policy choices and their tradeoffs, including any decision on overlay density and affordability. Draft presentations will be provided to City staff at least five (5) business days in advance. The City is responsible for scheduling, noticing, and agendizing.

Deliverables
Presentations for both study sessions
Summaries prepared within five business days of each session Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 Task 6: Housing Element Preparation
Kimley-Horn will prepare the 7th Cycle Housing Element in compliance with Government Code §§ 65580–65589.8, the HCD 7th Cycle Completeness Checklist, and HCD's current technical guidance, updating the Housing Needs Assessment, Housing Constraints Assessment, Housing Resources Assessment, Housing Plan, Affirmatively Furthering Fair Housing assessment, and Sites Inventory. Analyses will use HCD's or SCAG’s pre-approved data package for Agoura Hills, the U.S. Census and the American Community Survey, California Department of Finance projections, and other state-required sources. Where local data supplements state sources, the basis will be documented. Drafting proceeds through the sequence defined in subtask 6.6.

6.1 Housing Needs Assessment. Kimley-Horn will prepare an updated needs analysis per Government Code § 65583(a) covering demographic and employment trends and projections, household characteristics, income distribution, housing stock and conditions, overcrowding, overpayment by income, special-needs populations, units at risk of conversion, energy-conservation opportunities, and projected need by income category, including the acutely low- and extremely low-income categories under AB 3093 (2024).

Deliverables
Housing Needs Assessment chapter for the Housing Element draft

6.2 Fair Housing and AFFH Assessment. Kimley-Horn will complete a fair housing and AFFH assessment per Government Code § 65583(c)(10) and the HCD AFFH Guidance Memo (April 2021), covering the four required components: integration and segregation, racially or ethnically concentrated areas of poverty and affluence mapped geographically, disparities in access to opportunity (including for persons with disabilities), and disproportionate housing needs and displacement risk. Given the City's near-uniform high resource tiers, it centers on access and integration and a sites strategy placing lower-income capacity in high-opportunity areas. Contributing factors are prioritized and linked through a matrix to at least one action each, with a responsible party, timeframe, and measurable outcome. Findings inform subtask 6.3.

Deliverables
AFFH assessment chapter, including the contributing-factors-and-actions matrix, for the Housing Element draft

6.3 Sites Inventory and RHNA Accommodation. Kimley-Horn will complete GIS-based parcel screening and realistic-capacity analysis per Government Code § 65583.2 and the HCD Sites Inventory Guidebook. Part A, site identification: utility availability, an AFFH consistency determination, income-category designation, and environmental and hazard screening, including against the 2025 CAL FIRE Fire Hazard Severity Zone maps. Part B, lower-income site analysis: a prior-cycle audit under AB 1397 for carried-over sites and the by-right requirements that apply. Part C, capacity analysis: assumptions calibrated to local trends and overlay performance, the 20 dwelling units per acre default density HCD accepted for the City in the 6th Cycle, and each adjustment factor documented. Part D, nonvacant-site analysis: existing use, development likelihood, and market and lease conditions, with site-by-site treatment where nonvacant sites carry more than half of the lower-income need. Part E: adequate-sites determination or a rezoning program. Corridor sites are reconciled with the Specific Plan so capacity is counted once at reconciled densities, and No Net Loss accounting under Government Code § 65863 maintains adequate capacity by income category throughout the cycle. Any shortfall drives candidate rezoning areas and a rezoning program in subtask 6.5, designed for AB 130 and SB 131 CEQA exemptions. The electronic inventory is in HCD-approved Excel format.

Deliverables
Parcel-level sites inventory table with all required data fields GIS-based parcel map of all inventory sites
Electronic sites inventory in HCD-approved Excel format Capacity methodology memorandum documenting assumptions and adjustment factors No Net Loss accounting framework tracking capacity by income category

6.4 Constraints Analysis. Kimley-Horn will prepare a governmental constraints analysis per Government Code § 65583(a)(5) and (6): zoning and land use standards (uses, height, setbacks, parking, coverage), objective design standards and their effect on effective density, fees and exactions, permit procedures and timelines, building code and enforcement, and constraints on housing for persons with disabilities and on emergency shelters and transitional and supportive housing. Explicit treatment of wildfire, wildland-urban-interface, and evacuation constraints and of water and sewer capacity with the serving districts. Non-governmental constraints: land and construction costs, financing availability including for affordable housing, and infrastructure limits at specific sites. Fair housing constraints are analyzed separately and feed subtask 6.2.

Deliverables
Constraints Analysis chapter for the Housing Element draft

6.5 Goals, Policies, and Programs. Updated goals, policies, programs, and quantified objectives per Government Code § 65583(b) and (c), developed with City staff. Programs will address the full set of 7th Cycle requirements, including housing for acutely low-income and extremely lowincome households under AB 3093, ADU promotion under current standards, No Net Loss monitoring, the AFFH actions from subtask 6.2, removal Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 of the governmental constraints identified in subtask 6.4, energy-conservation opportunities, water and sewer priority for lower-income developments, zoning for a range of housing types including emergency shelters and transitional and supportive housing, General Plan consistency, and preservation of at-risk units. Any rezoning program, including any adjustment to the Affordable Housing Overlay's density or affordability terms that the sites analysis shows is needed, will be written to determine eligibility for the AB 130/SB 131. Every program will specify the responsible City department, a concrete timeframe stated as a specific year or quarter, a funding source or strategy, and a quantified objective. During drafting, we will flag which commitments carry ProHousing scoring value so the City can decide what to advance.

Deliverables
Goals, Policies, and Programs chapter with a quantified-objectives table and the contributing factors and actions matrix

6.6 Document Preparation. Kimley-Horn will prepare the element in a defined sequence. The Administrative Draft is submitted to City staff for one (1) consolidated round of comments. The Public Review Draft incorporates City comments and is posted for the public review period, and Kimley-Horn will prepare a written summary of comments received with proposed responses. The HCD Submittal Draft incorporates the outreach documentation (Task 5), the public comment responses, the tribal consultation results (Task 8), and the CEQA determination (Task 7), and is submitted with a transmittal letter and the completed HCD Completeness Checklist. A revised draft responds to HCD comments (up to two [2] rounds under Task 10). The Adopted Housing Element is the final version for adoption and certification. Drafts will be provided in Microsoft Word, and final and submitted versions in both Microsoft Word and PDF, per RFP requirements.

Deliverables
Administrative Draft Housing Element
Public Review Draft Housing Element and public comment response summary HCD Submittal Draft with transmittal letter and completed Completeness Checklist Revised draft(s) responding to HCD comments (up to two [2] rounds) Adopted Housing Element in Microsoft Word and PDF
Task 7: CEQA Compliance
Project Understanding
The City of Agoura Hills is proactively initiating steps required for its 7th Cycle Housing Element, which will require environmental review under the California Environmental Quality Act (CEQA) for its implementing actions, hereinafter referred to as “Project” or “proposed Project.” Kimley-Horn understands that the City has determined that preparation of a Programmatic Environmental Impact Report (PEIR) will be required to evaluate the reasonably foreseeable environmental impacts associated with the proposed Project, including candidate housing sites, associated rezoning and General Plan amendments, and any other related implementing actions. Kimley-Horn will prepare a PEIR that can streamline later project-level housing approvals, while preserving the City’s ability to tier from the PEIR, rely on addenda, use consistency analyses, or apply statutory or categorical exemptions where available. This key objective is particularly important in light of recent regulations (e.g., AB 130 and SB 131), which introduced significant CEQA and housing streamlining reforms, including a new statutory exemption for qualifying urban infill housing projects, a CEQA exemption for certain Housing Element rezonings, and a narrowed CEQA review pathway for housing projects that narrowly miss qualifying for an exemption.

Proposed CEQA Strategy
Kimley-Horn will prepare a PEIR to evaluate the project at a policy and programmatic level, while also organizing the analysis to support future streamlining for individual housing projects. The PEIR will be structured to:

Evaluate the full Housing Element program, including the sites inventory, potential rezoning, density changes, objective development standards, infrastructure and government facility needs, and reasonable buildout assumptions.

Consider/preserve CEQA tiering opportunities under State CEQA Guidelines Sections 15152, 15162, 15168, and 15183, where applicable.

Integrate AB 130 and SB 131 into the environmental review strategy, including:
» Identifying candidate housing sites that may qualify for the new AB 130 urban infill housing exemption. » Identifying rezoning actions that may qualify for the new Housing Element rezoning exemption. » Identifying “near miss” housing projects that may qualify for narrowed CEQA review under SB 131. » Identifying candidate housing sites with potential disqualifying constraints, including natural and protected lands, wildfire hazard areas, biological resources, tribal cultural resources, hazardous materials conditions, flood hazards, or historic resources.

Create a clear post-EIR implementation framework so the City can determine, on a project-by-project basis, whether a future housing project may proceed through available exemptions/streamlined reviews (e.g., AB 130 statutory exemption, SB 131 narrowed CEQA review, Class 32 categorical exemption, State CEQA Guidelines Section 15183 consistency analysis).

Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 Ultimately, the PEIR’s scope and level of effort will be informed by the City's 7th Cycle RHNA allocation, the universe of candidate housing sites, the extent to which those sites may be eligible for CEQA exemptions or streamlining provisions under AB 130, SB 131, or other statutes in effect or subsequently adopted, and the infrastructure, public service, and government facility improvements necessary to support projected growth. Because these factors cannot yet be fully identified or evaluated, the Scope of Services presented herein is preliminary. Kimley-Horn assumes the scope, budget, and schedule will be refined at key project milestones, including completion of the housing sites inventory, environmental constraints screening, and determination of potential eligibility for statutory exemptions, tiering opportunities, or other streamlined CEQA pathways.

CEQA Scope of Services
This CEQA Scope assumes the following:

The PEIR will evaluate the Housing Element (i.e., up to 15 candidate housing sites) at a programmatic level and will not serve as project-level clearance for every future housing development. Changes to the CEQA strategy may require a budget augment.

The City will provide GIS and spatial data for candidate housing sites, including existing and proposed General Plan land use designations and zoning, City infrastructure and public facility mapping, citywide environmental constraints/resources, and other resource mapping relevant to environmental analysis. Kimley-Horn assumes this data will be adequate to support preliminary screening of candidate housing sites for potential environmental constraints and opportunities for CEQA streamlining.

Baseline conditions, Project Description, and approach (e.g., impact analysis assumptions) will not change once City issues the Notice to Proceed (NTP) with the PEIR. Project revisions/changes (e.g., change in inventory of candidate housing sites or in dwelling unit yields) requiring re-analysis (e.g., change in methodology, assumptions, etc.) are excluded and would require a budget augment.

The PEIR will proceed upon receipt of the City’s confirmation that the sites inventory, AFFH analysis, housing programs, and policy framework are stable. It is assumed these will be based on SCAG’s RHNA allocation for the City.

City will not request substantial new analysis that has not previously been prepared or considered in the “Administrative” deliverables cycle.

Substantial changes to the Project Description or analysis required to address City comments will require a budget augment.

The City Attorney will provide legal review of AB 130/SB 131 applicability and eligibility and CEQA findings.

Future housing projects may still require supplemental analysis, addenda, consistency analyses, or exemption documentation.

A 12-month Schedule. If substantial delay occurs (90 calendar days or more), a budget augment may be required to accommodate additional Project management time and other costs.

Per deliverable and unless otherwise noted below, Kimley-Horn will:
» Respond to one City review cycle (including City Attorney). Additional review cycles are excluded and would require a budget augment.

City comments will be provided as one reconciled set in Word redline format. » Per review cycle, provide a “redline copy” that reflects the proposed edits and responds to comments and a “check copy” for approval prior to finalizing.
» Provide to City in electronic format (Word/pdf).

7.1 CEQA Project Initiation

7.1.1 CEQA Project Kick-Off. Kimley-Horn will organize and facilitate a Kick-Off Meeting with the City to discuss the “CEQA Project” in greater detail. This initial meeting with the City is a key milestone, which is vital to the Project’s success and CEQA compliance. The primary objectives will be to confirm the City’s expectations and Project goals and develop/refine the Project Description and Environmental Schedule. The analysis parameters (e.g., approach, assumptions, etc.), scheduling, and overall communications protocol will also be established.

7.1.2 Data Collection and Review. Kimley-Horn will collect, compile, and review available background information and reference materials necessary to support preparation of the PEIR. This review will include, but not be limited to, the draft 7th Cycle Housing Element (i.e., housing sites inventory, AFFH analysis, and housing programs and policies), the Agoura Hills General Plan 2035 EIR, the environmental documentation prepared for the 6th Cycle Housing Element and Affordable Housing Overlay, and supporting technical studies, and applicable planning, environmental, and regulatory documents prepared by the City, State, federal, and other relevant agencies.

Kimley-Horn will evaluate the adequacy, completeness, and applicability of available data for environmental review purposes and will identify any information gaps, data limitations, or additional technical information needed to support the PEIR. Information collected under this task will provide the foundation for defining the project description, environmental setting, impact analysis methodology, and overall CEQA strategy for the Housing Element Update.

7.1.3 Project Description. Kimley-Horn will prepare a Project Description, which will detail the Project’s location, environmental setting, background and history, characteristics, discretionary actions, goals and objectives, construction schedule and phasing, agreements, and required permits and approvals. The Project Description will provide the level of detail needed to evaluate the reasonably foreseeable consequences of Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 implementing the Project, while avoiding unnecessary overcommitment to site-specific development assumptions that may change over time.

Kimley-Horn will prepare exhibits to depict the regional and local site vicinities, and key Project components.

Deliverables
City Data Needs List; Meeting Agenda, Minutes, and Action Items CEQA Schedule
Draft and Final Project Descriptions

7.2 Tribal Cultural Communications. Kimley-Horn will provide SB 18 and AB 52 Native American communications assistance, as directed by the City. Kimley-Horn will contact the Native American Heritage Commission (NAHC) to request a Sacred Lands File (SLF) Search and an SB 18 list of Native American tribes and individuals to contact. Using the NAHC SB 18 list, Kimley-Horn will draft SB 18 letters and distribute them on behalf of the City. Using the City’s California Native American AB 52 tribal contacts list, Kimley-Horn will draft AB 52 letters for City distribution. Noticing results will be incorporated into the PEIR. A request for consultation would require the City to enter a consultation process. Consultation is excluded from this scope but may be provided as an additional service through a mutually agreed-upon amendment.

Deliverables
SB 18 and AB 52 Consultation Letters
Tribal Correspondence PEIR Appendix

7.3 Technical Studies. Kimley-Horn will prepare the technical analyses necessary to support the PEIR. Because the PEIR will be programmatic, the technical analyses will be calibrated to the level of detail available for the Project and will identify when future project-specific analyses that may be required. As appropriate for each environmental topic, the analyses will identify the assumptions, thresholds, methodologies, mitigation measures, and significance determinations that may be used to support future CEQA streamlining and tiering. One Housing Element buildout scenario will be analyzed. Based upon representative residential developments in the City/nearby jurisdictions, appropriate screening thresholds will be determined to identify the scale of residential development project that can be presumed to result in a less than significant impact. The proposed technical analyses are listed below:

Air Quality: A quantitative analysis of the Project’s potential impacts, which will be presented in a PEIR section and the modeling results presented in an Appendix.

Biological Resources: A sensitive species and habitat database search. No field surveys or site-specific conditions are included.

Cultural Resources: An analysis of a City-provided GIS layer of known historic resources.

Greenhouse Gas Emissions: A qualitative analysis of the Project’s potential impacts based on the City’s Climate Action and Adaptation Plan (Adopted April 27, 2022). The analysis will be presented in a PEIR section.

Noise & Vibration: A qualitative analysis of the Project’s potential impacts, which will be presented in a PEIR section.

Transportation: A quantitative analysis of the Project’s potential impacts, which will be presented in a PEIR section.

Wildfire: The PEIR will address fire hazard severity, evacuation route conditions, and Safety Element consistency using the City’s adopted Safety Element, existing evacuation analysis, and CAL FIRE Fire Hazard Severity Zone mapping. That mapping also governs AB 130 site eligibility. The scope and budget for an update to the City’s Evacuation Analysis, if needed, will be determined at a later date, based upon the locations and distribution of candidate housing sites.

Deliverables
Draft and Final Analyses/Studies

7.4 Notice of Preparation (NOP) & Checklist

7.4.1 Administrative NOP & Checklist. Kimley-Horn will prepare a Notice of Preparation (NOP) and Checklist that will be patterned after State CEQA Guidelines Appendix G. The NOP will describe the Project’s location, environmental setting/baseline conditions, and characteristics. The main body will consist of an environmental checklist and the supporting environmental analyses. The significance criteria/threshold used to evaluate each question will be identified. The responses will consider the whole action involved with the Project: on- and off-site, Project- and cumulative-level, direct and indirect, and short-term construction and long-term operational impacts. Kimley-Horn will explain all responses and “No Impact” responses will be supported by cited information sources. Upon Checklist completion, a conference call will be scheduled to communicate to the City preliminary environmental review findings and critical path items/issues. In consultation with and as directed by the City, Kimley-Horn will proceed with finalizing the Checklist, initiating the CEQA compliance documentation through the NOP, and preparing the PEIR.

7.4.2 NOP & Checklist Completion. Kimley-Horn will respond to one reconciled set of City comments on the Administrative NOP and Checklist.

Kimley-Horn will provide the City with a redline copy that reflects the proposed edits and responds to the City’s comments. A check copy NOP and Checklist will be provided to the City for approval prior to finalizing/reproduction.

Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 Deliverables
Administrative Draft #1
Check Copy
Final NOP and Checklist

7.5 Scoping Meeting. A Public Scoping Meeting will be scheduled during the NOP public review period to orient the community on CEQA’s intent and review processes, and the environmental issues to be addressed in the PEIR. The Public Scoping Meeting will also enable the community to understand the Project and comment on environmental concerns. Kimley-Horn will provide graphics to supplement the discussion, as appropriate.

Comment forms will be provided for this purpose, and the written comments, along with oral comments, will become a part of the Project record. The City will be responsible for meeting room and equipment rental costs.

Deliverables
Scoping meeting graphics and comment forms
Summary of scoping comments received

7.6 CEQA Notices. Kimley-Horn will prepare and distribute the PEIR CEQA Notices (i.e., Notice of Preparation (NOP), Notice of Completion (NOC), Notice of Availability (NOA), and Notice of Determination (NOD) (one filing is assumed)). The Notices will be distributed via certified mail to responsible, trustee, and interested agencies, community groups, and individuals, and filed with the County Clerk and SCH. This Scope excludes radius mailing, newspaper notices, and payment of CDFW fees.

Deliverables
Draft and Final Notices

7.7 Housing Sites CEQA Streamlining Chapter

7.7.1 Natural and Protected Lands Screening Matrix. Kimley-Horn will prepare a parcel-by-parcel focused screening matrix to identify resources/conditions that may affect AB 130/SB 131 eligibility, including habitat, conservation lands, wetlands, open space restrictions, wildfire hazard areas, and other environmentally constrained lands.

7.7.2 Housing Sites CEQA Streamlining Matrix. Kimley-Horn will prepare a parcel-by-parcel matrix identifying the likely future CEQA pathway for each candidate site. The preliminary categories are presented below.

AB 130 eligible
Potential SB 131 near miss
Potential Class 32 exemption
Potential 15183 consistency analysis
Requires project-level Initial Study
Likely requires focused EIR or supplemental review
Deliverables
Draft and Final Table and Matrix

7.8 Draft PEIR. Following a determination that the proposed Project could have a significant effect on the environment, and during the NOP public review period, Kimley-Horn will initiate PEIR preparation.

7.8.1 Administrative Draft PEIR. Kimley-Horn will prepare the Draft PEIR, which will consist of the following sections:

7.8.1.1 Executive Summary

7.8.1.2 Introduction and Purpose

7.8.1.3 Project Description

7.8.1.4 Basis for Cumulative Analysis. This Task assumes up to 8 hours, including for consultation with other jurisdictions, and preparation of letters and cumulative projects list.

7.8.1.5 Environmental Analysis. Building on the Checklist's findings, Kimley-Horn will conduct an analysis to evaluate the Project's potentially significant effects on the environment. The environmental analysis will be based upon readily available data, the Technical Analyses identified above, and results from additional research. The significance criteria/thresholds used to evaluate each issue will be identified and patterned after Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 State CEQA Guidelines Appendix G. The environmental analysis will consider all project phases, including planning, acquisition, development, and operation. The analysis will consider the whole action involved with the proposed Project: on- and off-site, project- and cumulative-level, direct and indirect, and short-term construction and long-term operational. The environmental analysis will identify and focus on the Project's significant environmental effects, as well as environmental issues raised during the scoping process (NOP responses, Public Scoping Meeting, and other relevant and valid informative sources). For each significant adverse impact, the environmental analysis will also identify applicable General Plan policies, Municipal Code standards, and feasible mitigation measures, which could avoid or reduce the impact. Preliminarily, the Project's key environmental considerations are:
▪ Aesthetics
▪ Air Quality
▪ Biological Resources
▪ Cultural Resources
▪ Geology & Soils
▪ Greenhouse Gas Emissions
▪ Hazards & Hazardous Materials
▪ Hydrology & Water Quality
▪ Land Use & Planning
▪ Noise & Vibration
▪ Population & Housing
▪ Public Services & Recreation
▪ Transportation
▪ Tribal Cultural Resources
▪ Utilities & Service Systems
▪ Wildfire
The Checklist findings will be used to verify the environmental issues.

7.8.1.6 Other CEQA Considerations

7.8.1.7 Housing Sites CEQA Streamlining Chapter

7.8.1.8 Alternatives to the Proposed Action. Kimley-Horn will provide an analysis of a “reasonable range” of alternatives, comparing each alternative’s impacts in each environmental issue to the project. Kimley-Horn will analyze the No Project Alternative and up to two other Alternatives to be developed through the environmental analysis process in consultation with the City. Additional alternatives will require a Scope/Budget amendment. For each alternative, Kimley-Horn will qualitatively analyze the environmental issues outlined in Task 7.8.1.5 above.

7.8.1.9 Effects Found Not to be Significant

7.8.1.10 Organizations and Persons Consulted

7.8.1.11 Technical Appendices
Kimley-Horn will also prepare exhibits to enhance the written text and clarify the proposed Project’s environmental impacts, including the presence/absence of conditions and hazards to substantiate candidate sites’ eligibility for streamlining/exemptions. Our in-house graphic design team will create black and white or full-color exhibits, as well as outside covers and dividers for the PEIR and Technical Appendices. This Task assumes the City will provide high-resolution base maps.

7.8.3 Draft PEIR Completion. Kimley-Horn will respond to one reconciled set of City comments on the Administrative Draft PEIR. Kimley-Horn will provide the City with a redline copy that reflects the proposed edits and responds to the City’s comments. A check copy Draft PEIR will be provided to the City for approval prior to finalizing/reproduction.

Deliverables
Administrative Draft PEIR #1
Check Copy Draft PEIR
Draft PEIR

7.9 Final PEIR. Kimley-Horn will initiate preparation of the Final PEIR during the public review period.

7.9.1 Administrative Final PEIR. Kimley-Horn will prepare the Final PEIR, which will consist of the following sections:

7.9.1.1 Introduction

7.9.1.2 List of Commenting Persons, Organizations, and Public Agencies

7.9.1.3 Comment Letters

7.9.1.4 Responses to Comments. Kimley-Horn will respond to written comments received during the public review period and additional comments raised during public hearings concerning significant environmental issues. It is noted that the extent of public/agency comments that will result from the public review process is presently unknown. Kimley-Horn has budgeted up to 40 hours for completion of the Administrative Responses to Comments. Should the level of comments and responses exceed the assumed effort, services will be provided on a time and materials basis.

Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054

7.9.1.5 Errata to the Draft PEIR, if required.

7.9.1.6 Mitigation Monitoring and Reporting Program (MMRP). Kimley-Horn will prepare a MMRP to be defined through coordinating with the City to identify appropriate monitoring steps/procedures, to provide a basis for monitoring such measures during and upon project implementation. The MMRP Checklist will serve as the foundation of the proposed project’s MMRP. The Checklist indicates the mitigation measure number, mitigation measure, monitoring milestone, method of verification (documentation, field checks, etc.), and a verification section for the initials of the verifying individual, date of verification, and pertinent remarks.

7.9.2 Final PEIR Completion
Kimley-Horn will respond to one reconciled set of City comments on the Administrative Final PEIR. Kimley-Horn will provide the City with a redline copy that reflects the proposed edits and responds to the City’s comments. A check copy Final PEIR will be provided to the City for approval prior to finalizing/reproduction.

Deliverables
Administrative Final PEIR #1
Check Copy Final PEIR
Final PEIR

7.10 Project Management and Meetings/Hearings

7.10.1 Project Management
The Kimley-Horn Project Manager will be responsible for Project Management, including overall Team management and coordination, and ongoing consultation with the City. The Project Manager will undertake consultation and coordination of the Project and review the PEIR for CEQA compliance. The Project Manager will coordinate with all technical staff, consultants, and support staff, toward completion of the PEIR. This task assumes a Project duration of 12 months, which is anticipated to commence upon receipt of the City’s confirmation that the sites inventory, AFFH analysis, housing programs, and policy framework are stable.

7.10.2 Meetings and Hearings
The Kimley-Horn Project Manager and one additional staff will attend the meetings/hearings and conference calls and represent the Team, as appropriate. This Task assumes up to 80 hours for meetings/calls, including preparation, attendance, and follow-up, as appropriate. Should the City determine that additional time beyond the assumed is required, services will be provided on a time and materials basis. The assumed meetings/hearings (virtual, unless otherwise noted) are as follows:
• 1 Project Kick-Off Meeting
• 1 Checklist Findings Conference Call
• 1 Scoping Meeting, In-Person
• 10 Progress Conference Calls
• 2 Public Hearings, In-Person
Deliverables
Meeting Agenda, Minutes, and Action Items (per meeting, as appropriate).

Task 8: Tribal Consultation (AB 52/SB 18)
Kimley-Horn supports the tribal consultation required under SB 18 (General Plan amendments) and AB 52 (CEQA), initiated within 30 days of contract execution to allow the mandatory windows. We prepare a draft Native American Heritage Commission letter requesting the tribal contact list and once provided, individual consultation letters to each identified tribe, all on City letterhead for City execution and mailing. If a tribe requests consultation, we assist City staff with process, materials, and documentation. Issues needing specialized analysis or a negotiated agreement may require additional scope. Outcomes are documented in a written consultation summary in the element's record and the CEQA document.

Deliverables
Draft Native American Heritage Commission letter for City execution Draft consultation letters to identified tribes for City execution and mailing Written consultation summary documenting responses, issues raised, and how they were addressed Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 Task 9: Staff Reports, Resolutions, Ordinances, and Public Hearings Kimley-Horn will prepare all documents for Planning Commission and City Council consideration and adoption and present at and support the hearings. Documents will use current City templates and comply with noticing requirements and Housing Element Law, with one consolidated comment round per document and delivery at least 14 calendar days before each hearing. The base scope assumes one Planning Commission and one City Council adoption hearing. Additional hearings are supplemental.

Planning Commission documents will include a staff report (procedural background, compliance with state law, the fair housing analysis and program commitments, community input, recommended findings, and a recommended action) and a resolution with findings of General Plan consistency and Housing Element Law compliance. City Council documents will include a staff report in the same structure updated for Planning Commission action, an adopting resolution, and any implementing ordinance. At least two (2) Kimley-Horn staff will attend and present at each hearing, prepared on the element, sites inventory, fair housing analysis, programs, and CEQA determination.

Deliverables
Planning Commission staff report and resolution
City Council staff report, resolution, and any implementing ordinance Presentations at both hearings in editable and PDF formats All documents provided in Microsoft Word and PDF
Task 10: HCD Coordination and Certification Support
Kimley-Horn will serve as the City's liaison to HCD from pre-submittal through certification. We will initiate informal pre-submittal coordination with HCD within 60 days of contract execution to introduce the City's circumstances to the assigned analyst before formal submission. This does not substitute for formal review, but it reduces the risk of unexpected findings. Throughout the project, Kimley-Horn uses HCD's 7th Cycle Completeness Checklist as a live compliance-tracking tool, with every required item assigned to a specific task and subtask.

When HCD issues comments, Kimley-Horn will engage the assigned analyst directly, by phone and in writing, to clarify intent and explore resolutions before submitting formal written responses. Each response will state the finding, the revision made, and the specific location of the revision in the document, and any response that disputes a finding will cite the applicable statute, guideline, or prior HCD practice.

Up to two (2) rounds of substantive HCD comment and response are included in the base scope. Following adoption, Kimley-Horn will prepare the final submittal package for HCD's compliance finding and maintain communication through issuance of the certification letter.

Deliverables
Pre-submittal coordination memorandum summarizing discussions and any alignment achieved HCD transmittal letter and completed Completeness Checklist Written HCD comment-response matrix for each review round (up to two [2]) Adopted Housing Element submitted for HCD certification a) Service Management
Bryant de la Torre, AICP, as project manager, is accountable for schedule, budget, scope, and quality, and is the City's single point of contact. Management includes an in-person kickoff within two weeks of contract execution, regular progress meetings with City staff, monthly invoicing accompanied by a narrative progress report that identifies completed work, work in progress, upcoming milestones, and emerging risks, and a project risk register maintained throughout the engagement. Level of effort is tracked continuously against the task budget, and any scope change is identified in writing before work proceeds. Coordination with the Agoura Road Specific Plan consultant is a standing item, with shared assumptions on corridor capacity, densities, and CEQA reconciled as the work proceeds. A change of designated project manager on either the City's or
Kimley-Horn's side requires prior written approval, consistent with the City's standard agreement.

Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 b) Supplemental Tasks
Consistent with Section III.A.4.c of the RFP, the following supplemental tasks are available by written amendment to enhance the services or to respond to how the update evolves. Fees for supplemental tasks are established at the time of amendment, except where an indicative fee is shown in the fee proposal.

Preparation of the Agoura Road Specific Plan
RHNA appeal preparation and representation before the SCAG Appeals Board Substantive Safety Element update addressing current wildfire, evacuation-route, and environmental justice requirements (Government Code § 65302(g) and (h), AB 747, SB 99, and SB 1000)
Other General Plan Element consistency updates
Objective Design Standards update and Agoura Road corridor rezoning implementation, coordinated with the Specific Plan ProHousing Designation application preparation
Post-adoption implementation support (Annual Progress Reports, No Net Loss tracking, ongoing HCD correspondence) PublicCoordinate interactive mapping platform for map-based public comment, available at an additional annual licensing cost Standalone Initial Study/Mitigated Negative Declaration or EIR, if the CEQA pathway requires it Additional HCD review rounds beyond two, additional public hearings, or translation beyond English and Spanish, on a time-and-materials basis
Assumptions and Exclusions
Kimley-Horn's scope and schedule are premised on the following City responsibilities. Material changes to these assumptions may affect scope, schedule, or fee.

City staff provide one consolidated set of comments on each major deliverable within the review windows in the project schedule. Iterative or uncoordinated comments may affect the timeline
The City coordinates meeting logistics (venue, audiovisual equipment, advertising, and scheduling) and sends all tribal consultation mailings following Kimley-Horn's preparation of draft letters
The City is responsible for all CEQA document filings with the State Clearinghouse and County, required newspaper noticing, radius mailings, other required local postings, and CDFW fees
The City provides base GIS, assessor parcel, existing land use, zoning, and building-permit data in a compatible format within three weeks of the project kickoff
SCAG finalizes the 7th Cycle RHNA on a schedule compatible with the project timeline. Significant regional delays are addressed collaboratively
A project-level EIR for the Agoura Road corridor, RHNA appeal representation, substantive amendments to other elements beyond internal consistency, corridor rezoning and Objective Design Standards, ProHousing application preparation, and post-adoption implementation are supplemental tasks
The base scope assumes up to two (2) HCD review rounds, up to one (1) Planning Commission and one City Council adoption hearing, up to three (3) community meetings, and materials in English and Spanish Any change of designated project manager on either side requires prior written approval, consistent with the City's standard agreement Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 14 A0130-CCMYR-2026

EXHIBIT B

PAYMENT RATES AND SCHEDULE
Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 Category/Title
Billing Rate $345 $315 $270 $225 $200 $185 $145 $125
Task 1 Project Management and Coordination 36 7 18 176 20 10 12 279 $ 65,735

1.1 Project Kick-off 6 2 2 16 26 $ 6,840

1.2 Progress Meetings and Communication 12 5 16 82 20 135 $ 32,185

1.3 Schedule, Budget, and Quality Management 18 36 10 12 76 $ 17,260

1.4 Coordination with the Agoura Road Specific Plan 42 42 $ 9,450 Task 2 Specific Plan Sites Opportunity, Constraints, and Market Analysis 30 32 60 122 $ 28,650

2.1 Specific Plan Sites Opportunity, Constraints, and Market Analysis 30 32 60 122 $ 28,650 Task 3 SCAG RHNA Monitoring, Methodology, and Appeal Analysis 14 14 $ 3,150

3.1 SCAG RHNA Monitoring, Methodology, and Appeal Analysis 14 14 $ 3,150 Task 4 6th Cycle Program Status Review 6 10 6 22 $ 4,460

4.1 6th Cycle Program Status Review 2 4 6 12 $ 2,360

4.2 Prohousing Readiness Assessment 4 6 10 $ 2,100
Task 5 Community Engagement 93 72 4 88 257 $ 58,390

5.1 Community Outreach Plan 4 2 6 $ 1,530

5.2 Online Survey and Digital Engagement 4 4 10 18 $ 3,730

5.3 Community Meetings (3) 55 40 60 155 $ 34,950

5.4 Planning Commission and City Council Workshops (2) 30 30 18 78 $ 18,180 Task 6 Housing Element Preparation 26 96 81 195 398 $ 80,895

6.1 Housing Needs Assessment 8 8 34 50 $ 9,690

6.2 Fair Housing and AFFH Assessment 4 10 18 36 68 $ 13,590

6.3 Sites Inventory and RHNA Accommodation 6 30 32 40 108 $ 22,170

6.4 Constraints Analysis 4 14 56 74 $ 14,590

6.5 Goals, Policies, and Programs 6 26 15 15 62 $ 13,245

6.6 Document Preparation 6 8 8 14 36 $ 7,610
Task 7 CEQA Compliance 206 7 74 7 445 590 41 8 1,378 $ 299,925

7.1 CEQA Project Initiation

7.1.1 CEQA Project Kick-Off 3 8 11 $ 2,635

7.1.2 Data Collection & Review 2 5 7 14 $ 2,985

7.1.3 Project Description 18 8 26 $ 5,080

7.2 Tribal Cultural Communications 1 2 8 11 $ 2,225

7.3 Technical Studies
Air Quality 5 29 66 100 $ 22,755
CNDDB/CNPS/IPaC Desktop Bio Constraints Review 1 8 1 10 $ 2,070 Cultural Resources 1 3 8 12 $ 2,425
Energy 2 6 26 1 35 $ 7,245
GHG Emissions 3 7 41 1 52 $ 10,635
Noise and Vibration 6 11 74 1 92 $ 18,855
Trip Generation and Distribution Memo 3 7 16 26 $ 6,200 Vehicle Miles Traveled Analysis 6 15 7 38 66 $ 14,725

7.4 Notice of Preparation & Checklist

7.4.1 Administrative NOP & Checklist 4 8 18 30 $ 6,310

7.4.2 NOP and Checklist Completion 2 4 9 4 19 $ 3,655

7.5 Scoping Meeting 9 9 14 32 $ 7,495

7.6 CEQA Notices 2 5 9 16 $ 3,355

CITY OF AGOURA HILLS
7th Housing Cycle Element
Kimley-Horn and Associates, Inc.

Professional II Professional I Analyst III Project
Support TOTAL
HOURS
TOTAL
COST
Sr.

Professional III
Sr.

Professional II Analyst I Sr.Professional I
Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054 Category/Title
Billing Rate $345 $315 $270 $225 $200 $185 $145 $125

CITY OF AGOURA HILLS
7th Housing Cycle Element
Kimley-Horn and Associates, Inc.

Professional II Professional I Analyst III Project
Support TOTAL
HOURS
TOTAL
COST
Sr.

Professional III
Sr.

Professional II Analyst I Sr.Professional I

7.7 Housing Sites CEQA Streamlining Chapter

7.7.1 Natural and Protected Lands Screening Matrix 5 5 9 19 $ 4,390

7.7.2 Housing Sites CEQA Streamlining Matrix 5 10 15 30 $ 6,500

7.8 Draft PEIR

7.8.1 Administrative Draft PEIR 57 162 165 19 403 $ 85,345

7.8.2 Draft PEIR Completion 28 78 81 10 197 $ 41,695

7.9 Final PEIR

7.9.1 Administrative Final PEIR 4 4 13 29 50 $ 10,425

7.9.2 Final PEIR Completion 3 2 5 15 25 $ 5,350

7.10 PEIR Project Management and Meetings/Hearings

7.10.1 Project Management 18 12 12 42 $ 10,350

7.10.2 PEIR Meetings and Hearings 36 24 60 $ 17,220
Task 8 Tribal Consultation (SB 18 / AB 52) - See Task 7.2 $ - Task 9 Staff Reports, Resolutions, Ordinances, and Public Hearings 4 42 18 12 76 $ 16,650

9.1 PC and CC staff reports (2) and resolutions/ordinances (2) / Presentations at each meeting (2) 4 42 18 12 76 $ 16,650 Task 10 HCD Coordination and Certification Support 6 4 30 22 22 84 $ 18,370

10.1 HCD Pre-Submittal Coordination / HCD First-Round Comment Response / 2nd Round Responses 6 4 30 22 22 84 $ 18,370
TOTAL HOURS 252 44 215 475 640 933 51 20 2,630
Subtotal Labor: $86,940 $13,860 $58,050 $106,875 $128,000 $172,605 $7,395 $2,500 $ 576,225 Other Direct Costs $ 36,247
Escalation $ 24,997
External Expenses $ 10,500
CoStar Data Purchase $ 750
TOTAL COST: $ 612,472
Optional Tasks
Task 5 Community Engagement

5.2 Kimley-Horn Proprietary Software (PublicCoordinate) - Annual fee of $3000/year Note: The cost shown herein represents an estimate based on the anticipated scope of work, level of effort, and assumed labor categories and rates. The labor categories shown are for estimating purposes only. The categories and rates presented are not intended to represent all personnel or billing rates, and actual staff and billing rates may vary from those shown. All work will be performed in accordance with the contract terms and will not exceed the agreed upon not-to-exceed amount.

Docusign Envelope ID: 8BFE301E-8164-8E4D-81D0-AE816907A054

REPORT TO CITY COUNCIL
DATE: AUGUST 26, 2026
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: NATHAN HAMBURGER, CITY MANAGER
BY:

JOSHUA KECK, ENGINEERING AIDE II

CHARMAINE YAMBAO, DIRECTOR OF PUBLIC WORKS / CITY ENGINEER SUBJECT:

APPROVE AGREEMENT FOR DESIGN PROFESSIONAL CONSULTANT SERVICES, WITH KIMLEYHORN AND ASSOCIATES, INC., FOR THE BICYCLE MASTER PLAN IMPLEMENTATION PROJECT -

REYES ADOBE ROAD CLASS II BIKE LANE GAP CLOSURE
On July 7, 2026, the City initiated the solicitation process for design engineering services for the Bicycle Master Plan Implementation Project – Reyes Adobe Road Class II Bike Lane Gap Closure. The requested services include, but are not limited to, the following:

Project management, coordination, and public outreach
Assessment of existing conditions and project development Agency coordination and permitting
Preliminary engineering and design
Final design, preparation of plans, specifications, and estimates (PS&E), and bid support Grant administration support
On July 31, 2026, the City received proposals from four (4) firms: AYCE Consulting Engineers, Inc.; BKF Engineers; Kimley-Horn and Associates, Inc.; and Sikand Engineering Associates.

A selection committee comprised of City staff reviewed and evaluated each proposal based on the following criteria:

Responsiveness to the terms, conditions, and requirements of the solicitation.

Presentation, completeness, and thoroughness of the proposal.

Understanding of the scope of work and services to be performed.

Innovative design alternatives consistent with Caltrans and City standards.

Qualifications and experience of key personnel.

The firm’s relevant experience and proposed approach to similar work.

Following its evaluation, the selection committee unanimously determined that Kimley-Horn and Associates, Inc. (Kimley-Horn) was the most qualified firm and best suited to provide the requested services.

Kimley-Horn has served as an engineering consultant to the City since 2007, consistently delivering high-quality work products and providing exceptional technical expertise and guidance on engineering-related issues. In addition, they have successfully supported the delivery of numerous capital improvement projects, including the Agoura Road Widening Project, Kanan/Agoura Ultimate Intersection Project, and Reyes Adobe Road High-Intensity Activated Crosswalk (HAWK) Signal Project. The firm has also provided transportation planning and traffic operations services, including preparation of the recently approved Bicycle Master Plan and Traffic Impact Study Guidelines, as well as the 2025 Transportation Impact Fee (TIF) Program Update.

The proposed agreement contains a not-to-exceed amount of $244,679.05 for the term commencing August 26, 2026, and ending July 31, 2028. A detailed Scope of Services is provided in Exhibit A to the attached agreement.

The proposed agreement has been reviewed by the City Attorney and approved as to form.

FISCAL IMPACT
The project’s design budget includes $280,000 of funding awarded to the City through the Fiscal Year 2024 Community Project Funding Grant, which is administered by the U.S. Department of Housing and Urban Development (HUD). Funds are appropriated in account 260-4505-6305.

RECOMMENDATION
Staff respectfully recommends the City Council approve an Agreement for Design Professional Consultant Services, with Kimley-Horn and Associates, Inc., for the Bicycle Master Plan Implementation Project – Reyes Adobe Road Class II Bike Lane Gap Closure.

Attachments
Kimley-Horn Design Engineering Services Agreement for Reyes Adobe Class II Gap Closure Project.pdf Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Matt Stewart
Associate, PE 90465Senior Vice President, PE 73629
Sri Chakravarthy
Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD Docusign Envelope ID: 59F36422-7B05-853F-819B-1EEF1826F6AD

REPORT TO CITY COUNCIL
DATE: AUGUST 26, 2026
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: NATHAN HAMBURGER, CITY MANAGER
BY: DIEGO IBANEZ, DIRECTOR OF FINANCE
SUBJECT:

DISCUSSION REGARDING A PRESENTATION BY KING CAPITAL ADVISORS TO ASSIST THE CITY

OF AGOURA HILLS WITH INVESTMENT MANAGEMENT OF FUNDS IN ACCORDANCE WITH THE CITY'S ANNUAL INVESTMENT POLICY AND CALIFORNIA CODE SECTION 53600 AND IN PARTNERSHIP WITH CAMBRIDGE INVESTMENT RESEARCH INC., A BROKER DEALER FOR

MANAGING INVESTMENTS AND EXECUTING INVESTMENT TRANSACTIONS In previous years, City staff was asked by Councilmembers about the use of investment management agencies such as the California Asset Management Program (CAMP), Cooperative Liquid Asset Security System (CLASS), or any other agency to assist with the management of City funds. The City currently invests funds in the Local Agency Investment Fund (LAIF) Staff met with financial agencies and after reviewing multiple candidates, asked King Capital (KC) to present a sample investment portfolio and how it could benefit the City.

On July 7, 2026, the Finance Subcommittee received a presentation from Mark Edelman, Executive Vice President of King Capital Advisors. Mark presented a hypothetical investment portfolio, costs associated with portfolio management, and possible investment returns given the City's strict investment policy. Mark explained the investment, transaction, and approval process as well as how in partnership with Cambridge Investment Research Inc., (CIRI), a broker-dealer, an effective portfolio would be executed.

Currently, the City of Agoura Hills invests public funds in accordance with California Government Code Sections 53600 et seq. and the City’s adopted Investment Policy, with the objectives of safety, liquidity, and yield. The City of Agoura Hills uses investment services through the Local Agency Investment Fund (LAIF), a specialized, voluntary investment program in California that allows local agencies to pool their funds and participate in the state’s massive investment portfolio. It is managed by the California State Treasurer's Office, City Staff has no input into LAIF's investment decisions. During the FY 2025-26, the City maintained an average of $30M in the LAIF account and received approximately $412,220 in investment income.

Using the services of KC/CIRI, City Staff would develop a portfolio that is diversified, consistent with safety risk and flexible depending on the outlook of the economy, as well as time receipt of funds to maximize investment and any unforseen cash flow needs. Staff would budget these proceeds, for cash flow needs late in the fiscal year, an emergency fund in case of disaster assistance, and would be able to forecast revenues for this investment portfolio. For transparency, the additional funds received would be booked into a new revenue line in the General Fund; and City Staff would require KC to provide monthly reports, quarterly presentations to City Council, and continued adherence to the investment policy.

Along with the services of KC, the City would need to open an account with CIRI. CIRI is a registered broker-dealer and member of the Financial Industry Regulatory Authority (FIRNA) that provides brokerage services for government accounts. FINRA is a not-for-profit self-regulatory organization that is subject to oversight by Congress and the Securities and Exchange Commission (SEC). It works to protect investors by overseeing the broker-dealer industry and ensuring that brokers are fair and truthful in their operations. FINRA regulates trading in equities, corporate bonds, securities futures, and options. In addition, it monitors over 624,000 brokers nationwide and analyzes billions of market events daily.

Establishing a government entity brokerage account with KCA/CIRI will allow the City to efficiently purchase and hold eligible securities while maintaining third-party custody and strong internal controls. The proposed account will be structured as a non-advisory account, with all investment decisions remaining under the authority of the City and its authorized personnel. KCA/CIRI will not have discretionary authority over City funds.

Account Structure and Use
The account will primarily be used for the purchase of securities permitted under the City’s Investment Policy and the California Government Code Sections 53600 et seq.

Authorization and Governance
In order to open and maintain the account, CIRI requires account information pertaining to opening the account and identifying the authorized signers for the account. Finance Staff recommends a professional service agreement governing authorized signers’ information. The account will designate the City officials authorized to:
• Open and maintain the investment account
• Execute account documents
• Provide instructions for transactions consistent with City policy These authorizations are consistent with standard municipal investment governance practices and ensure compliance with CIRI regulatory requirements.

Risk Management and Controls
The City will retain full ownership and control of all funds held in the account. CIRI will act as a broker-dealer executing transactions as directed, with Cambridge Investment Research Inc. serving as the brokerage platform.

Funds will remain subject to:
• Third-party custody
• Monthly statements and reporting
• Oversight by the Finance Department
• Review by the City’s independent auditors
This structure preserves appropriate segregation of duties and minimizes operational and financial risk.

King Capital staff acknowledges the requirements of the City and has provided an Investment Policy Certification; it is attached to the this staff report along with the audited financial statements ending December 31, 2025 for Cambridge Investment Research Inc.

FISCAL IMPACT
There is no direct fiscal impact associated with establishing the KCA/CIRI account to the City Council approved FY 2026-27 budget. No advisory or transaction fees will be charged by KCA/CIRI, as the account will be nondiscretionary and brokerage-only.

Monies to fund the account would be transferred from the City's LAIF account in an amount that the City Council would deem sufficient to begin the relationship; the Finance Subcommittee recommended between $1M - $1.5M as preliminary investment; returns received from this KCA/CIRI account would be received into the City's General Fund and adjusted at Mid-Year.

RECOMMENDATION
Staff respectfully recommends that City Council review and provide direction to the City Manager in regard to creating an agreement with King Capital and if supportive of establishing a broker dealer account with Cambridge Investment Research Inc. to assist with managing the City of Agoura Hills' funds in accordance with the annually established and approved Investment Policy, provide authority to the City Manager to sign the agreement(s) necessary.

Attachments
City of Agoura Hills Presentation August 26.pdf
Investment Policy Certification.pdf
CIRI FINANCIALS 2025.pdf

FIXED INCOME

PORTFOLIO

MANAGEMENT
Investment Presentation

PREPARED FOR
August 2026

KING CAPITAL

ADVISORS
Cambridge Investment Research, Inc.

Mark Edelman
Executive Vice President
Registered Representative | FINRA/SIPC
About King Capital Advisors
Specialized fixed income expertise backed by an industry-leading broker-dealer

KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP

KING CAPITAL ADVISORS
Fixed Income Specialists for Public Agencies
Specialists in the fixed income marketplace for public agencies, cities, counties, and special districts throughout California Deep expertise in California Government Code Section 53601 — the legal framework governing all public fund investments Broad access to fixed income product inventory and markets through Cambridge Investment Research
Tailored portfolio construction fully aligned with each client's Investment Policy Statement
Long-term partnership model — we become a trusted extension of your finance team

CAMBRIDGE INVESTMENT RESEARCH
Broker-Dealer | FINRA/SIPC Member | Est. 1981
Founded in 1981 — over 45 years serving independent financial advisors across the country
Named Broker-Dealer of the Year by Investment Advisor magazine 13 times
Full-service broker-dealer offering comprehensive investment solutions and technology
Core values: Integrity, Commitment, Flexibility, and Kindness Robust compliance infrastructure, back-office support, and portfolio reporting capabilities
1 Cambridge and its predecessor broker-dealer.
2 Investment Advisor magazine, 2007, 2008, 2010, 2012–2020, Division IV; a broker-dealer becomes eligible for this honor only after a minimum of 10% of its producing financial professionals cast valid ballots. The ballots rate the broker-dealer in 15 different categories defined by Investment Advisor as relevant challenges and concerns. Broker-dealers receiving the highest marks in each of four divisions are declared Broker-Dealer of the Year. Results are based on experiences and perceptions of participants surveyed in June of each of the years listed. Experience may vary. This recognition is not representative of investment performance or returns of financial professionals.

What Is a Broker-Dealer?
Understanding your broker-dealer

KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP WHAT IS A BROKER-DEALER?
An intermediary that never holds your assets
A broker-dealer acts as the intermediary between your financial professional and the clearing firm and never maintains custody of client assets. Its core responsibilities:
• Open, oversee, and monitor your accounts
• Maintain appropriate books and records on your accounts • Receive funds and securities and deposit them directly with your clearing firm
• Provide support and infrastructure to financial professionals serving you
• Help ensure your account complies with industry rules and regulations
WHO OVERSEES THESE COMPANIES?
Independent regulatory oversight
Broker-dealers, RIAs, and clearing firms are regulated and periodically audited for compliance with industry standards by:
• Financial Industry Regulatory Authority (FINRA)
• The Securities and Exchange Commission (SEC)
• Other federal and state regulatory agencies
In addition, our broker-dealer and clearing firms must undergo an annual audit by a third-party CPA to analyze and document their financial position.

King Capital Advisors & Cambridge, Together
The strength of a national firm with the service of a boutique

KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP Partnered together to provide white-glove service and access to a network of institutional investment opportunities.

CAMBRIDGE INVESTMENT RESEARCH
The scale of a large independent firm
• Wide range of investment options
• Deep resources and infrastructure
• National reach and institutional scale

KING CAPITAL ADVISORS
The care of a relationship-driven boutique
• Personalized, high-touch service
• Specialized fixed-income expertise
• A people-first, relationship-driven culture
The best of both worlds — Cambridge’s national strength paired with KCA’s people-first culture, creating a seamless, relationshipdriven experience for you.

Your Dedicated Advisor
Mark Edelman, Executive Vice President — King Capital Advisors

KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP Mark Edelman
Executive Vice President
18+
Years Experience
Public Funds
CA
Gov. Code 53601
Specialist
Public Fund Expertise
18+ years managing fixed income portfolios for
California public agencies, cities, counties, and
special districts across the state.

California Code Section
53601
Comprehensive knowledge of the legal
framework governing public fund investments
— ensuring every recommendation is fully
compliant.

Investment Policy Assistance
We work with your City to review and
strengthen your Investment Policy Statement to
reflect current market best practices.

Long-Term Partnership
Built on lasting relationships — not
transactions. We become a trusted extension of
your finance team, available year-round.

Our Investment Philosophy
The foundation of everything we do — for Agoura Hills and every public agency we serve

KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP For public funds, the priority order is non-negotiable and informs every recommendation we make:
01 SAFETY
Capital Preservation First
Protecting the City's principal is the
paramount objective. Every investment
recommendation is evaluated first through
credit quality, issuer strength, and downside
risk.

We only recommend securities appropriate
for public funds under California Government
Code Section 53601.
02 LIQUIDITY
Meeting Cash Needs On Demand
Agoura Hills must be able to meet its
obligations at all times. We structure
maturities and maturity ladders around the
City's specific cash flow calendar — payrolls,
capital projects, debt service — so funds are
always available when needed. The portfolio
is an additional layer to the cash reserves
and can be quickly accessed.
03 YIELD
Maximizing Return Within Constraints
Only after safety and liquidity are fully
satisfied do we pursue yield enhancement.

We leverage our broad market access and
deep fixed income expertise to identify the
best available return within your Investment
Policy Statement.

How We Manage Your Portfolio
A disciplined, four-step process built around the City of Agoura Hills' specific needs

KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP 1 Understand Your
Cash Flow Needs
We map the City's full financial
calendar — payroll cycles, debt
service dates, capital project
disbursements, and seasonal
revenue patterns — to ensure
funds are always accessible
precisely when required.
2 Align to Your
Investment Policy
Every decision is made together
within the boundaries of your
Investment Policy Statement and
California Government Code
Section 53601. We assist in
updating the policy to reflect
current market best practices as
needed.
3 Construct a
Laddered Portfolio
Together we build a diversified,
maturity-laddered fixed income
portfolio providing regular cash
flow and protection against interest
rate volatility — optimizing yield
without compromising safety or
liquidity.
4 Monitor, Report
& Adapt
We provide ongoing portfolio
monitoring, credit quality
surveillance, and regular reporting
for City management and council
review. We proactively adjust
positioning as market conditions or
City needs evolve.

Fixed Income Products Available
Broad access to California-compliant securities through Cambridge Investment Research

KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP U.S. Treasury Securities
Bills, notes, and bonds backed by the full faith
and credit of the U.S. government — the gold
standard of safety for public agency portfolios.

U.S. Agency Securities
Securities issued by federal agencies (FHLB,
FNMA, FHLMC, FFCB) offering higher yields
than Treasuries with implied government
backing.

Municipal Bonds
Obligations issued by state and local
governments, offering favorable yields for
qualifying public fund portfolios.

Certificates of Deposit
FDIC-insured or NCUA-insured CDs placed
through banks and credit unions— ideal as a
core holding for small to medium-size
portfolios.

Investment-Grade Corporate Bonds
High-quality corporate debt offering yield
enhancement for appropriate allocations,
always within Investment Policy Statement
guidelines.

Money Market Instruments
Short-term, highly liquid instruments including
commercial paper and bankers' acceptances
for day-to-day liquidity management.

All securities recommended are fully compliant with California Government Code Section 53601 and the City's Investment Policy Statement.

Authorized Investment Term Allowable % In Policy Issuer Limit CA Code Allowable % US Treasuries 5-year Max 100% N/A 100%
US Agencies 5-year Max 75% 30% 100%
US Agencies (Callable) 5-year Max 20% 30% 100%
Corporates – “A Rated” 5-year Max 30% 5% 30%
FDIC Bank CDs
NCUA Credit Union CDs 5-year Max 30% 5% 30%
Municipal Securities 5-year Max 30% 5% 100%
City of Agoura Hills Policy Approved Investments KING CAPITAL ADVISORS Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP * Of the 75% US Agency asset class, only 20% may be callable.

City of Agoura Hills Example Investment Portfolio KING CAPITAL ADVISORS Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP * Rates and availability subject to change. Rates as of 8/12/26 Issuer Type Price CPN SIZE YTM MAT. CASH FLOW Call Feature Quill Bank CD $100.00 4.10% $ 240,000 4.10% 8/27/2027 $ 9,840.00 N/A Toyota Financial Savings CD $100.00 4.25% $ 244,000 4.25% 8/21/2028 $ 10,370.00 N/A Bank of America NA CD $100.00 4.20% $ 244,000 4.20% 8/21/2028 $ 10,248.00 N/A BMW Bank North America CD $100.00 4.35% $ 244,000 4.25% 2/14/2029 $ 10,614.00 N/A Capital One Bank NA CD $100.00 4.35% $ 244,000 4.35% 8/20/2029 $ 10,614.00 N/A UBS Bank USA CD $100.00 4.45% $ 249,000 4.45% 8/19/2030 $ 11,080.50 N/A Morgan Stanley Bank NA CD $100.00 4.45% $ 244,000 4.45% 8/19/2030 $ 10,858.00 N/A Sallie Mae Bank CD $100.00 4.45% $ 244,000 4.45% 8/19/2031 $ 10,858.00 N/A JP Morgan Chase Bank NA CD $100.00 4.70% $ 238,000 4.70% 8/19/2031 $ 11,186.00 NC4yr-1X Call Investment Avg. Yield Yr 1 - Cash Flow Weighted Average Maturity $ 2,191,000 4.36% $ 95,668.50 3.19 YRS
This example portfolio is fully FDIC Insured. FDIC allows up to $250,000 of coverage in each institution.

Benefits of Building a Fixed Income Portfolio KING CAPITAL ADVISORS Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP Predictable Cash Flow
A laddered bond portfolio delivers scheduled
interest payments, enabling the City to
forecast revenue streams and plan budgets
with greater confidence.

Reduce Interest Rate Risk
Overexposure to cash and money markets
leaves the City vulnerable to declining shortterm rates. Fixed income locks in yields across maturities.

Portfolio Diversification
Spreading investments across maturities,
issuers, and instrument types enhances the
overall safety and stability of the City's
portfolio.

Organic Portfolio Growth
Reinvesting earned interest compounds
returns over time, growing the portfolio
organically without requiring additional
principal from the City.

Fund City Initiatives
Investment income can fund critical priorities
— enhancing public safety, wildfire prevention
programs, facility upgrades, and other
community initiatives.

Stronger Credit Position
A well-managed portfolio strengthens the
City's financial standing, supporting higher
credit ratings and more favorable terms when
issuing bonds.

All securities recommended are fully compliant with California Government Code Section 53601 and the City's Investment Policy Statement.

Why Choose King Capital
for the City of Agoura Hills?
Safety-first philosophy — protecting City assets is our primary mandate, not an afterthought.

Cash flow planning built around Agoura Hills' specific calendar — payrolls, projects, and debt service — so funds are always available.
18+ years of California public fund experience with deep knowledge of all Government Code Section 53601 requirements.

Enhanced yield through broad market access and wide fixed income inventory — always within policy guidelines.

A true long-term partner: responsive, transparent, and fully aligned with the City's best interests.

OUR

COMMITMENT
#1
SAFETY
#2

LIQUIDITY
#3
YIELD
Mark Edelman, EVP
Other CA Public Agencies We Serve KING CAPITAL ADVISORS Cambridge Investment Research
Byron-Bethany ID City of Rosemead City of San Fernando City of Solvang Imperial Irrigation Templeton CSD & Many More
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP Professional Reference KING CAPITAL ADVISORS
Cambridge Investment Research
Economic and Interest Rate Outlook August 2026
Economic Outlook
• GDP Growth: Slowed to 1.5% annualized in Q2 2026 (advance est.) from

2.1% in Q1; full-year forecasts near 2.1%
• Labor Market: Cooling — unemployment 4.2%; 7.1M unemployed vs.

7.6M openings; 2026 payroll gains averaging ~35,000/month • Inflation Elevated: Headline CPI 3.5% YoY (June), core at 2.6% — above the Fed's 2% target for a fifth year
• Consumer Pressure: Sentiment near record lows; gas above $4/gal after Middle East supply shock; real wages up only 1.3%
Interest Rate Outlook
• Fed Funds Rate: Held at 3.50%–3.75% on July 29 — the fifth consecutive hold, on a divided 9–3 vote
• Hawkish Shift: Presidents Hammack, Kashkari and Logan dissented in favor of a 25bps hike; Chair Warsh has dropped forward guidance • Policy Path: June dot plot puts year-end 2026 at 3.6%–4.1%; markets price two 25bps hikes this year, with cuts off the table • Next FOMC Decision — September 16: Warsh speaks at Jackson Hole in late August; we continue to watch hike probabilities shift daily Impact on the City of Agoura Hills, CA
• Housing: 30-year mortgage at 6.69%, highest in over a year. Local median sale price ~$1.4M = ~$7,200/mo at 20% down. • Daily Costs: LA-area CPI up 3.3% YoY; energy +15.1% and gasoline +23.6% over the year; CA cost of living well above national. • Local Economy: City unemployment of 5.5% exceeds the 4.2% national rate; per capita personal income $79,244 (ACFR FY2025). • Revenue & Investment: Taxable assessed value $6.69B, up 4.0% in FY2025. Higher-for-longer rates favor the City's new portfolio.

How the Firm is Compensated
Fee transparency and cost to the City

KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP 1 No Account Fees
There are no invoices or additional fee line items
associated with this type of account (excluding
custodian).

Management, monitoring, and advice all included.
2 Issuer-Paid Concession
Typically, the issuer pays a set concession by their
firm, offered the same to everyone.
3 Embedded 2–10 Basis Points
Typically, 2–10 basis points built into the net return the City receives, whether a purchase or a sale.

Purchased yields reflect the yields the City receives.
4 Competitive & Market-Based
All transactions are competitive and within market
context.

New Account Process and Next Steps
The next steps:

KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP 1 New Account
Paperwork
Cambridge Investment Research Inc
new account paperwork: We will
safely collect sensitive information
about the City and authorized City
personnel on the account.
2 DocuSign
& E-Sign
We will securely input this
information into DocuSign for the
authorized signers to e-sign and
establish the account.
3 Deposit
Funds
Deposit funds to begin the
investment program. We provide
wiring instructions and can add
standing ACH instructions for free,
next-day transfers between the
City's brokerage and linked bank
account.
4 Investment
Partnership
We build a plan together based on
the City's cash needs. King Capital
Advisors presents options allowed
by the investment policy, and the
City has final approval of each
selection.

Important Disclosures KING CAPITAL ADVISORS
Cambridge Investment Research
Prepared exclusively for the City of Agoura Hills | King Capital Advisors | Mark Edelman, EVP Regulatory and Legal Disclosures
Registered Representative: Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC.

Investment Advisor Representative: Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor.

Non-Affiliation: Cambridge Investment Research, Inc. and King Capital Advisors Inc. are not affiliated entities.

General Disclosure: This presentation has been prepared for informational purposes only and is intended solely for the City of Agoura Hills. It does not constitute an offer or solicitation for the purchase or sale of any security. Past performance is not indicative of future results. All investments involve risk, including possible loss of principal. Recommendations are subject to the City Investment Policy Statement and California Government Code Section 53601.

Recognition Disclosure: The Broker-Dealer of the Year recognition was awarded to Cambridge Investment Research, Inc. by Investment Advisor magazine in 2007, 2008, 2010, and 2012 through 2020, Division IV. Eligibility requires a minimum of 10% of producing financial professionals to cast valid ballots. This recognition is not representative of investment performance or returns.

Cambridge Investment Research, Inc.

Financial Report
December 31, 2025
This report is deemed PUBLIC in accordance with Rule 17a-5(d) under the Securities Exchange Act of 1934 and Regulation 1.10(g) under the Commodity Exchange Act.

Contents
Report of Independent Registered Public Accounting Firm 1 Statement of Financial Condition 2
Notes to Financial Statement 3 – 12
1 Report of Independent Registered Public Accounting Firm

Shareholder and the Board of Directors
Cambridge Investment Research, Inc.

Opinion on the Financial Statement
We have audited the accompanying statement of financial condition of Cambridge Investment Research, Inc. (the Company) as of December 31, 2025, and the related notes. In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion
This financial statement is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement.

We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company’s auditor since 2006.

Cedar Rapids, Iowa
February 27, 2026
2 Cambridge Investment Research, Inc.

Statement of Financial Condition
December 31, 2025
Assets
Cash and cash equivalents 21,119,340 $
Receivables:

Clearing brokers 23,725,304
Commissions 81,372,281
Loans to registered and investment advisor representatives, net of allowance for estimated credit losses of $784,454 79,689,912 Insured bank deposit program 9,158,495
Other 5,679,738
Due from affiliate 35,517,167
Deposits with clearing brokers 360,000
Securities owned, at fair value 12,293,786
Intangible assets, net of accumulated amortization of $7,206,198 31,601,583 Goodwill 6,849,271
Officer life insurance 12,091,791
Deferred income taxes 209,999
Other assets 7,085,563
Total assets $ 326,754,230
Liabilities and Shareholder's Equity
Liabilities:

Commissions payable 87,941,658 $
Accounts payable 2,420,600
Accrued expenses 356,168
Due to clearing broker 395,196
Securities sold, not yet purchased, at fair value 93,826 Due to affiliates 14,320,906
Total liabilities 105,528,354
Commitments and Contingencies (Note 7)
Shareholder's Equity:

Common stock, $.01 par value; 750,000 shares authorized; 10,000 shares issued and outstanding 100
Additional paid-in capital 38,373,581
Retained earnings 182,852,195
Total shareholder's equity 221,225,876
Total liabilities and shareholder's equity $ 326,754,230 See Notes to Financial Statement.

Cambridge Investment Research, Inc.

Notes to Financial Statement
3 Note 1. Summary of Significant Accounting Policies
Organization and business: Cambridge Investment Research, Inc. (Company) was incorporated in Iowa on October 2, 1995, and provides services throughout the United States. The Company is a whollyowned subsidiary of Cambridge Investment Group, Inc. (Parent). The Company is registered as a broker dealer in securities with the Securities and Exchange Commission (SEC); a member of the Financial Industry Regulatory Authority (FINRA) and also registered as an introducing broker with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).

For transactions in mutual fund shares, alternative investments, and variable products, the Company is exempt from the Computation of a Reserve Requirement because the Company’s other business activities met the requirements specified in Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5 (“Footnote 74”).

With respect to all other securities transactions, the Company operates under the provisions of paragraphs (k)(2)(i) and (k)(2)(ii) of Rule 15c3-3 of the SEC. Accordingly, the Company clears all transactions on behalf of customers on a fully disclosed basis with clearing broker-dealers and promptly transmits all customer funds and securities to the clearing broker-dealers. The Company’s agreements with its clearing brokers provide that as clearing brokers, these firms will carry all of the accounts of the customers and maintain and preserve all related books and records as are customarily kept by a clearing broker dealer.

As a result of the above two paragraphs, the Company is exempt from the remaining provisions of Rule 15c3-3.

Cash and cash equivalents: The Company considers liquid investments with maturities of three months or less to be cash equivalents.

Receivables from clearing brokers and commissions: Receivables from clearing brokers and commissions receivable primarily consist of commission and transaction-related receivables.

Receivables from loans to registered and investment advisor representatives: From time to time, the Company provides forgivable loans to certain registered and investment advisor representatives primarily for recruiting and retention purposes. These loans are recorded at face value at the time the loan is made. If the registered and investment advisor representative does not meet specific requirements or terminates his or her registration with the Company prior to the forgiveness of the loan, management will evaluate the collectability of the remaining loan amount. Forgivable loans, net of cumulative forgiveness, to registered and investment advisor representatives totaled $71,733,621 as of December 31, 2025 and are included in receivables on the statement of financial condition. The forgivable loans are amortized to general and administrative expense for financial reporting purposes over the term of the loan.

Loans to registered and investment advisor representatives that are not subject to a forgiveness contingency totaled $8,740,745 as of December 31, 2025. These loans are repaid to the Company by deducting a portion of the representatives’ commission and fee payouts throughout the compensation cycle until the loans are paid off. Interest charged on these loans to representatives ranges up to 11.50% annually.

The Company’s allowance for expected credit losses represents the portion of forgivable and nonforgivable (repayable) loans receivable from registered and investment advisor representatives that the Company does not expect to collect over the receivable’s contractual life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions.

Cambridge Investment Research, Inc.

Notes to Financial Statement
4 Note 1. Summary of Significant Accounting Policies (Continued) The Company’s significant estimates and judgments included quantitative and qualitative measures, the former based on historical experience with actual credit losses, the latter on assessments of current loans past their maturity dates and the number of historical involuntary terminations of registered and investment advisor representatives with unpaid loan balances.

Loans receivable from registered and investment advisor representatives are reviewed on a quarterly basis to assess the adequacy of reserves for expected credit losses and contractual allowances.

Revisions in allowances for expected credit loss estimates will be recorded as an adjustment to credit loss expense.

The following table reflects the roll-forward of the allowance for expected credit losses:

Balance, January 1, 2025 848,553 $
Provision for expected credit losses 276,103
Charge-offs (71,058)
Other - allocation to affiliate (269,144)
Balance, December 31, 2025 784,454 $
The other activity relates to the allocation of certain loans and the related allowance for expected credit losses to the Company’s affiliate as described in Note 5.

Intangible assets: The Company has recorded intangible assets. The intangible assets will be amortized over estimated useful lives of 5 to 10 years. Under ASC Topic 350, intangible assets are subject to at least annual assessments for impairment. No impairment was recorded for intangible assets in 2025.

Goodwill: The Company records goodwill as the excess of the cost of an acquisition over the fair value of the net assets acquired, including the intangible assets, consists of goodwill Under ASC Topic 350.

Goodwill is subject to at least annual assessments for impairment by applying a fair value-based test.

The Company reviews goodwill annually with a testing date of December 31. No impairment was recorded on goodwill in 2025.

Income taxes: The Company has consented to be included in its Parent’s consolidated income tax returns. The Company accounts for income taxes in accordance with Accounting Standards Codification (ASC) 740, which requires the Company to record deferred tax assets and liabilities on temporary timing differences.

In connection with the provision for income taxes, the financial statements reflect certain amounts related to deferred tax assets and liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes. The deferred tax assets are reduced by a valuation allowance, when in the opinion of management, it is more likely than not that some portion or all of the tax assets will not be reduced.

Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. As of and for the year ended December 31, 2025, the Company had no material uncertain tax positions that are required to be recorded as a liability. The Company’s Parent files income tax returns in U.S. federal jurisdiction and various states. With few exceptions, the Company and its Parent are no longer subject to U.S. federal, state and local tax examinations by tax authorities for years before 2022.

Cambridge Investment Research, Inc.

Notes to Financial Statement
5 Note 1. Summary of Significant Accounting Policies (Continued) Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue recognition: Commission revenue and related expenses arising from securities transactions are recorded on a trade-date basis. 12b-1 fees are earned over a period of time in accordance with what is outlined in the mutual fund prospectus and are based on the amount of assets held in those mutual funds at the time of payment. Revenues from 12b-1 fees are variable consideration which are constrained due to market volatility and the duration for which the investment is held by the customer. The 12b-1 fees are not recognized until it is probable that a significant reversal will not occur. Revenue from investment advisory fees, as well as program and platform fees, is earned over specified periods of time, such as monthly or quarterly, as agreed to in the client’s investment advisory agreement and the Company’s agreements with its investment advisor representatives. Insured bank deposit program revenue is recognized for cash as interest is accrued at the depository institutions, and at the US Treasury in regard to treasury bills, notes, and bonds. Other revenues primarily consist of revenue that is typically earned in accordance with ancillary service agreements with registered and investment advisor representatives of the Company.

Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised services to the customers. The performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised service. Performance obligations over time are recognized progressively as services are provided.

Fair value measurements: The Fair Value Measurements Topic of the Financial Accounting Standards Board (FASB) Codification defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. This topic applies to all assets and liabilities that are measured and reported on a fair value basis. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined under this topic as assumptions market participants would use in pricing an asset or liability.

Securities owned by the Company are recorded at fair value and related changes in fair value are reflected in income. The Company records securities transactions on a trade date basis. Securities owned are valued using quoted market prices.

The three levels of the fair value hierarchy under this topic are described below:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. The type of investments included in Level 1 include listed equities and listed derivatives.

Level 2: Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies. Investments which are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-thecounter derivatives. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement.

Cambridge Investment Research, Inc.

Notes to Financial Statement
6 Note 1. Summary of Significant Accounting Policies (Continued) Level 3: Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation. Investments that are included in this category generally include equity and debt positions in private companies.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. The following section describes the valuation techniques used by the Company to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized.

Investments in securities traded on a national securities exchange are stated at the last reported sales price on the day of the valuation. Investments in mutual funds are stated at the net asset value of shares held by the funds as of the end of trading on the day of valuation. These financial instruments are classified as Level 1 in the fair value hierarchy.

Investments in U.S. treasury securities are stated at the last reported sales price on the day of valuation.

Municipal and corporate bonds are stated as quoted prices for similar or comparable securities. Based on the Company’s intent and ability to hold its certificates of deposit to maturity, such securities are carried at amortized cost. These financial instruments are classified as Level 2 in the fair value hierarchy.

There were no financial instruments classified as Level 3 in the fair value hierarchy as of December 31, 2025.

There have been no changes in valuation techniques used for any assets measured at fair value during the year ended December 31, 2025.

There were no significant transfers of assets between Levels 1, 2 and 3 of the fair value hierarchy during the year ended December 31, 2025.

Officer life insurance: Officer life insurance is carried at cash surrender value, net of surrender and other charges.

Recently issued accounting pronouncements: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides for improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.

This ASU is effective for public business entities for annual periods beginning after December 15, 2024.

The Company adopted this guidance for the year ended December 31, 2025, and the adoption did not have a material impact on the financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides all entities with a practical expedient and entities other than public business entities with an accounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising from revenue transactions accounted for under Topic 606, Revenue from Contracts with Customers. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. ASU 2025-05 is effective for the Company, on a prospective basis, for annual reporting periods beginning in 2026 and is not expected to have a significant impact on the Company’s financial statements.

Cambridge Investment Research, Inc.

Notes to Financial Statement
7 Note 2. Securities Owned
Marketable securities owned, consist of trading and investment securities at fair values, measured on a recurring basis, as of December 31, 2025, are as follows:

Level 1 Quoted Level 2 Level 3
Prices in Active Significant Other Significant Other
Market for Observable Observable
Identical Assets Inputs Inputs Total
Securities owned, consisting of approximately 64% fixed income funds with remaining invested in equity funds and equities 1,128,437 $ - $ - $ 1,128,437 $ U.S. treasury securities - 8,430,256 - 8,430,256
Municipal bonds - 2,735,093 - 2,735,093
$ 11,165,349 1,128,437 $ - $ 12,293,786 $
Securities sold, not yet purchased, consisting of municipal bonds and corporate debt - $ 93,826 $ - $ 93,826 $
Note 3. Indemnifications
In the normal course of its business, the Company indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the Company or its affiliates. The Company also indemnifies some clients against potential losses incurred in the event specified third-party service providers, including subcustodians and third-party brokers, improperly execute transactions. The maximum potential amount of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for these indemnifications.

The Company provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The Company may also provide standard indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or adverse application of certain tax laws. These indemnifications generally are standard contractual terms and are entered into in the normal course of business. The maximum potential amount of future payments that the Company could be required to make under these indemnifications cannot be estimated. However, the Company believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for these indemnifications.

Note 4. Net Capital Requirements
The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the maintenance of a minimum amount of net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Rule 15c3-1 also provides that equity capital may not be withdrawn if it causes the net capital ratio to exceed 10 to 1.

The Company is exempt from the reserve requirements, the possession and control requirements and related computation for the determination thereof under paragraphs (k)(2)(i) and (k)(2)(ii) of Rule 15c3-3 under the SEC, and the Company’s other business activities met the requirements in Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5 (“Footnote 74”).

Cambridge Investment Research, Inc.

Notes to Financial Statement
8 Note 4. Net Capital Requirements (Continued)
The Company is also subject to the CFTC minimum financial requirements for introducing brokers (CFTC Rule 1.17), which requires the maintenance of a minimum amount of net capital equal to or in excess of the greater of $45,000 or the amount of net capital required by SEC Rule 15c3-1.

As of December 31, 2025, the Company had net capital of $37,508,967, which was $30,479,998 in excess of its required net capital of $7,028,969. The Company’s net capital ratio was 2.81 to 1.

Note 5. Related Party Transactions
The Company has a management agreement with an affiliated entity. Under the agreement, all normal administrative and overhead costs, including but not limited to employee salaries and benefits, office space, telephone and internet functionality, management information systems, office supplies, postage, etc., will be paid by the affiliate. The Company pays the affiliate a portion of these costs monthly. The Company has a payable with this affiliate of $1,739,517 as of December 31, 2025.

The Company receives payments for conferences and events. In 2025, the Company received $1,330,572 in such payments to an affiliate of its Parent.

The Company’s affiliate paid member regulatory fees on behalf of the Company totaling $1,332,318 in 2025. The payment was applied against a prepaid balance previously recorded by the Company. The Company paid referral fees to its registered and investment advisor representatives on behalf of this affiliate totaling $632,486 in 2025.

The Company offers succession and acquisition consulting services in the areas of succession planning and merging or acquiring another registered and investment advisor’s business. The Company will make capital financing available to its registered and investment advisor representatives through an affiliated entity. The Company collects, on behalf of this affiliate, payments of principal and interest along with origination fees due to the affiliate from some of the Company’s registered and investment advisor representatives. In 2025, the Company collected $7,277,457 of principal and interest payments and $1,800 of origination fees. In relation to these services, the Company also collects and transfers, on behalf of this affiliate, consulting fees to the affiliate totaling $467,056. The Company has a payable with this affiliate of $695,417 as of December 31, 2025.

The Company bills, collects, and transfers fee revenue and incurs related expenses for an affiliate of its Parent. In 2025, the Company transferred $1,114,825,581 of such revenue and $1,058,932,720 of related expenses. In connection with this revenue, the Company transferred program fee revenue totaling $118,884,771 and $25,629,899 in related expenses. The Company also transferred strategist fees totaling $4,776,580. The Company collects, on behalf of and remits to this affiliate, certain fees from the affiliates’ investment advisor representatives, including affiliation fees totaling $654,880 and registration fees totaling $448,007. The Company also collects, on behalf of and remits to the affiliate, sales tax applicable to the affiliate’s investment advisor representatives’ asset management and financial planning services, totaling $39,287.

The Company also allocates its loans to registered and investment advisor representatives and related loan expenses between the Company and its affiliate based on the business mix of registered and investment advisor representatives with outstanding loans, weighted by the respective loan balances. The allocation is reviewed periodically and adjusted as necessary to reflect current business activity. In 2025, the Company allocated loan balances and related loan expenses totaling $65,315,644 and a deferred tax benefit totaling $2,089,230 to the affiliate. The Company has a receivable with the affiliate of $35,517,167 as of December 31, 2025.

Cambridge Investment Research, Inc.

Notes to Financial Statement
9 Note 5. Related Party Transactions (Continued)
An affiliate of the Company transferred to the Company $18,379,415 in insurance related commissions earned by the Company. The Company has a payable with this affiliate of $3,190 as of December 31, 2025.

The Company collects and transfers payments for professional services for an affiliate of its Parent. In 2025, the Company collected $28,675 of such payments.

The Company paid $27,088,100 to the Parent for federal and state income taxes for the year ended December 31, 2025. The Company has a payable to the Parent in the amount of $11,882,782 for federal and state income taxes as of December 31, 2025.

Note 6. Segment Reporting
The Company follows the guidance in ASC 280 and operates in a single reportable segment consisting of its brokerage services. This segment derives its revenues from various brokerage and financial services, including commission-based revenue, fee-based advisory services, program and platform fees, bank deposit programs, and other financial products and services.

The accounting policies of the brokerage services segment are consistent with those described in the summary of significant accounting policies and are based on the management approach, which aligns with the internal reporting used by the Chief Operating Decision Maker (CODM). The CODM consists of the executive council, which includes the chief executive officer and co-chairman of the board, the president of growth and development, the president of innovation and experience, and the president of advocacy and administration.

The CODM evaluates the Company’s performance and allocates resources based on net income, which is the reported measure of profit and loss for the Company’s single reportable segment and is the measure most consistent with U.S. GAAP. In assessing performance, the CODM considers net income in relation to budgeted expectations, operational efficiency, and other key operating and financial performance measures included in the Company’s internal management reporting. The CODM also reviews liquidity measures, including total cash and net capital information, to ensure adequate liquidity to support brokerage operations.

Customer demographics for the segment include a wide range of clients across the United States, with no single customer identified as a key customer.

The segment has not experienced any impairment of assets, including intangible assets and goodwill.

Note 7. Financial Instruments, Off-Balance Sheet Risks and Contingencies In the normal course of business, the Company’s client activities through its clearing brokers involve the execution, settlement and financing of various client securities transactions. These activities may expose the Company to off-balance sheet risk. In the event a client fails to satisfy their obligations, the Company may be required to purchase or sell financial instruments at prevailing market prices in order to fulfill the client’s obligations.

The Company bears the risk of financial failure by its clearing brokers. If the clearing brokers should cease doing business, the Company’s receivables from the clearing brokers could be subject to forfeiture.

In the Company’s trading activities, the Company has purchased securities for its own account and may incur losses if the fair value of these securities declines subsequent to December 31, 2025. In addition, the Company has sold securities that it does not currently own and will therefore be obligated to purchase such securities at a future date. The Company has recorded the obligations in the financial statements as of December 31, 2025, at fair values of the related securities and will incur a loss if the fair value of the securities increases subsequent to December 31, 2025.

Cambridge Investment Research, Inc.

Notes to Financial Statement
10 Note 7. Financial Instruments, Off-Balance Sheet Risks and Contingencies (Continued) The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.

The Company is involved with various legal, regulatory, and arbitration proceedings concerning matters arising in connection with the conduct of its business. Some of these matters include claims for substantial or unspecified compensatory and/or punitive damages. In addition, in the normal course of business, the Company discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry. These matters could result in restitution, censures, fines, penalties or other sanctions.

Under ASC 450, the Company accrues for losses that are considered both probable and reasonably estimable. Legal fees are accrued as the services are provided. The Company may incur losses in addition to the amounts accrued where the losses are greater than estimated by management, or for matters for which an unfavorable outcome is considered reasonably possible, but not probable.

At December 31, 2025, the Company was named as a defendant/respondent to pending and threatened legal, regulatory, and arbitration proceedings. Management believes, based on current available information, that the results of such proceedings in the aggregate will not have a material adverse effect on the Company's statement of financial condition, results of operations, or cash flows. The Company maintains various insurance policies to protect itself from potential damages and/or legal costs associated with certain legal, regulatory and arbitration proceedings and, as a result, in a majority of cases, the Company’s exposure is limited to applicable policy limitations, exclusions and deductibles.

Note 8. Income Taxes
The components of the net deferred income taxes included in the statement of financial condition as of December 31, 2025 were as follows:

Deferred tax assets:

Allowance for credit losses 192,933 $
Forgivable loan amortization 2,206,041
Other 246,825
Total deferred tax assets 2,645,799
Deferred tax liabilities:

Intangible assets (2,063,611)
Prepaid expenses (334,581)
Other (37,608)
Total deferred tax liabilites (2,435, 800)
Deferred income taxes, net 209,999 $
Note 9. Asset Acquisitions
Effective July 31, 2025, an affiliate of the Company under the common control of the Parent received the customer relationship intangible asset originally acquired from PearTree Advisory Group in 2024. The transfer was executed as part of a realignment of operations within the Parent’s corporate structure.

Cambridge Investment Research, Inc.

Notes to Financial Statement
11 Note 9. Asset Acquisitions (Continued)
The transaction was accounted for as a transfer of assets between entities under common control in accordance with ASC 805-50, Business Combinations – Related Issues. In accordance with this guidance, the Company derecognized the customer relationship intangible asset at its historical carrying amount as of the transfer date. No gain or loss was recognized.

The carrying amounts of the customer relationship intangible asset transferred were as follows:

Gross Carrying Accumulated Net Book
Amount Amortization Value
Customer relationships 2,340,000 $ (23,079) $ 2,316,921 $ Because the transaction represented a transfer of assets under common control, the Company did not apply business combination accounting and did not recognize any step-up in basis or goodwill related to the transferred asset. Prior-period financial statements were not retrospectively adjusted, consistent with the Company’s accounting policy for common-control transactions.

The Company previously acquired customer relationships and accounts from Cantella & Co., Inc. in 2024, which were recorded as an intangible asset. During 2025, the carrying value of the related intangible asset was increased by $1,047,966 as a result of a purchase price adjustment related to the acquisition.

On July 18, 2025, the Company acquired from William Eric Bishoff (Bishoff) the customer relationships and accounts maintained and serviced by Bishoff. Total consideration of $868,608 was funded by the Parent and contributed to the Company. The Company capitalized the cost of acquiring Bishoff’s customer relationships and accounts, which together constitute the single intangible asset. The Company allocated the purchase price to this single intangible.

On November 20, 2025, the Company acquired from Dempsey Lord Smith, LLC (DLS) the customer relationships and accounts maintained and serviced by DLS. Total consideration of $5,152,053 was funded by the Parent and contributed to the Company. The Company capitalized the cost of acquiring DLS’s customer relationships and accounts, which together constitute the single intangible asset. The Company allocated the purchase price to this single intangible.

On December 30, 2025, the Company acquired from Mark Presley and Sterling Capital, LLC (Presley) the customer relationships and accounts maintained and serviced by Presley. Total consideration of $119,053 was funded by the Parent and contributed to the Company. The Company capitalized the cost of acquiring Presley’s customer relationships and accounts, which together constitute the single intangible asset. The Company allocated the purchase price to this single intangible.

On December 31, 2025, the Company acquired from IBN Financial Services, Inc. and IBN Advisory Services, Inc. (IBN) the customer relationships and accounts maintained and serviced by IBN. Total consideration of $353,985 was funded by the Parent and contributed to the Company. The Company capitalized the cost of acquiring IBN’s customer relationships and accounts, which together constitute the single intangible asset. The Company allocated the purchase price to this single intangible.

Effective December 31, 2025, the Company received the operations of Nettuno & Associates, LLC (Nettuno) from the Parent, an entity under common control. The transferred business included identifiable intangible assets and goodwill carried by Nettuno at the time of the transfer. The transfer was executed in connection with the Parent’s acquisition of the remaining membership interest in Nettuno and an internal realignment under common ownership.

Cambridge Investment Research, Inc.

Notes to Financial Statement
12 Note 9. Asset Acquisitions (Continued)
The transaction was accounted for as a transfer of a business between entities under common control in accordance with ASC 805-50, Business Combinations – Related Issues. As required by this guidance, the Company recognized the identifiable intangible assets and goodwill received at their historical carrying amounts as of the transfer date. No gain or loss was recognized.

The major classes of assets transferred were as follows:

Gross Carrying Accumulated Net Book
Amount Amortization Value
Customer relationships 10,080,000 $ (2,016,000) $ 8,064,000 $ Trade names and trademarks 1,536,000 (307,200) 1,228,800 Goodwill 4,217,271 - 4,217,271
$ (2,323,200) 15,833,271 $ 13,510,071 $
Because the transfer represented a transaction between entities under common control and constituted a transfer of a business, the Company has retrospectively adjusted its financial statements to include the results of the transferred business for all periods presented, as if the business had been part of the Company since the earliest period presented.

Goodwill recognized by the Company represents the historical goodwill previously recorded by Nettuno.

No new goodwill was recognized as part of the transaction.

On December 31, 2025, the Company acquired customer relationships and accounts associated with Wealth Planners, LLC (Wealth Planners), maintained and serviced by Wealth Planners’ registered and investment advisor representatives. The acquisition was accounted for as an asset acquisition, as substantially all of the fair value of the acquired assets was concentrated in customer relationships and accounts. Accordingly, the Company recorded an intangible asset of $1,722,164 related to the acquired customer relationships and accounts, which was contributed to the Company by the Parent.

Note 10. Goodwill and Intangible Assets
The carrying amount of goodwill as of December 31, 2025 was $6,849,271. During 2025, goodwill increased by $4,217,271 as a result of the transfer of the Nettuno business under common control as described in Note 9.

Intangible assets at December 31, 2025 are as follows:

Gross Carrying Accumulated Unamortized
Amount Amortization Amount
Customer relationships 37,271,781 $ (6,898,998) $ 30,372,783 $ Trade names and trademarks 1,536,000 (307,200) 1,228,800 $ (7,206,198) 38,807,781 $ 31,601,583 $
As of December 31, 2025, the weighted-average remaining lives of customer relationships and trade names and trademarks were 8.94 years and 8.00 years, respectively.

Note 11. Subsequent Events
The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued, noting none.

Agoura Hills City CouncilAugust 26, 2026

Agoura Hills City Council
August 26, 2026