25D - AGMT - PARKING FACILITIES OPERATOR

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I. "Reimbursable Expenses" shall mean expenses incurred by Operator for equipment or supplies, or paid to a third party vendor, which are not included as part of the operating fee and which shall be reimbursed by the City. 2. SCOPE OF SERVICES Operator shall perform those services as specified in detail in the RFP and the attached Proposal dated January 2, 2013, attached hereto and incorporated as Exhibit B. Operational services shall include valet parking services and the installation of certain improvements to enhance garage/parking lot security and operations, as requested by the City. These improvements may include, but are not limited to: upgrading/adding lighting, installation of security cameras, and improving circulation, where possible. Budgets shall be submitted for each Fiscal Year or portion thereof occurring during the term of this Agreement showing the estimated Operating Expenses for such Fiscal Year or portion thereof occurring during the term of this Agreement, in such format as is required by the Contract Administrator, or his/her designee. The initial proposed budget shall be submitted by Operator to the Contract Administrator prior to the commencement date set forth herein. Subsequent proposed budgets should be submitted prior to the commencement of the Fiscal Year to which they pertain. Operator and the Contract Administrator shall cooperate in good faith to develop reasonable approved budgets, provided, however, that the Contract Administrator shall retain ultimate authority to determine each approved budget in the event of disagreement. Any approved budget may be amended at any time by a written amendment approved by the Contract Administrator and Operator. In the event that the City incurs any obligation for Operating Expenses, which are not in accordance with an approved budget, City may deduct the amount of such obligation from the Management Fee. 3. TERM OF AGREEMENT 3.1 Initial Term - The initial term of this Agreement is a two (2) year term, from March 1, 2013 to February 28, 2015. 3.2 Options - City has the right to extend the term of this Agreement for three (3) additional one-year periods (the "Additional Terms"), based upon the same conditions of the Initial Term, subject to adjustments for compensation. City shall notify Operator in writing of its exercise of its option for an Additional Term no less than thirty (30) days prior to the end of the then current Term. 4. COMPENSATION a. As total compensation for Operator's services under this Agreement, City agrees to pay and Operator agrees to accept, a management fee in the amount of Two Thousand Five Hundred Dollars ($2,500) per month. b. Adjustments to Charges. The parties may agree to an annual adjustment (not to exceed 2%) at the end of the first year of the Agreement every year thereafter, utilizing the month of December statistics and supporting documentation. The two indices which 25D-7