ORIGINAL
CITY OF FOSTER CITY
CONTRACT AMENDMENT NO. ONE (1)
DATE: MARCH 18, 2024
ACCOUNT NUMBERS: 122-0832-463-4281, 122-0832-463-4284, 122-0832- 463-4285, AND 122-0832-463-4287 OF THE
MODERATE AND LOW INCOME HOUSING FUND
PROJECT NAME: AMENDMENT TO PROFESSSIONAL SERVICES
AGREEMENT FOR PROPERTY MANAGEMENT AND
LEASING
TO: HIP HOUSING AFFORDABLE VENTURES, INC.
CHANGE REQUESTED BY: CITY OF FOSTER CITY STAFF
Based on mutual agreement, HIP Housing Affordable Ventures, Inc. and City of Foster City agree to amend the original Agreement dated February 24, 2021 (“Agreement”) pursuant to Section 3 of the Agreement to for specified amounts, which are identified as follows:
ORIGINAL AGREEMENT AMOUNT $45,000.00
AMOUNT EXPENDED TO DATE $11,008.83
AMOUNT OF AGREEMENT AMENDMENT NO. ONE (1) $122,660.00
REVISED TOTAL AMOUNT OF AGREEMENT $167,660.00
The increased Agreement maximum is needed for substantial repairs (excluding temporary relocation assistance) costs for 833 and 835 Comet Drive totaling $122,660. The supplemental appropriation for repairs was approved by the City Council by Resolution No. 2024-4 on February 5, 2024.
Except as specifically modified herein, all other terms and provisions in the Agreement shall remain unchanged.
We, the undersigned consultant, have given careful consideration to the amendment proposed and hereby agree, if this proposal is approved, to submit all invoices and fees necessary for the work above specified pursuant to the Agreement, as amended herein
CITY OF FOSTER CITY
Dated: _________________________________ Patrick Sullivan, Mayor
ATTEST:
Dated: ________________________________ Priscilla Schaus, City Clerk
APPROVED AS TO FORM
Dated:
Benjamin Stock, City Attorney
HIP HOUSING AFFORDABLE VENTURES
INC
Dated:
Kate Comfort Harr, Executive Director
EXHIBIT B-1
CONSULTANT’S FEE SCHEDULE
Revised March 18, 2024
Agent's Fees. As compensation for Agent's services hereunder, Owner shall pay to Agent (a) a management fee equal to $230.00 per unit per month, paid monthly in arrears; and (b) a leasing fee equal to $1,000.00 paid from the initial rental payment; and (c) a rehab administration and supervision fee equal to 10% of the value of initial rehab work conducted immediately after initial acquisition of the Property to prepare the Property for tenancy. For services which are not enumerated in this Agreement, Agent and Owner shall mutually agree upon any additional fee to be paid to Agent. Services which are not included in this Agreement include management and supervision services relating to fire restoration or major rehabilitation. The total amount of compensation to be paid under this contract shall be less than $167,660.