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Agreements for On -Call Real Estate Title and Escrow Services <br />April 7, 2015 <br />Page 2 <br />Based on rating and experience, both firms are equipped and capable of meeting the City's <br />needs for these types of services. Both firms offer competitive pricing for producing preliminary <br />title reports, escrow services, and basic title insurance. First American Title Company offers a <br />better rate for producing preliminary title reports, while Commonwealth Land Title Company offers <br />a better rate for escrow services and basic title insurance. Staff recommends that both firms be <br />retained to support the City's public improvement projects. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #6 Community Facilities & <br />Infrastructure, Objective #1 (establish and maintain a Community Investment Plan for all City <br />assets), Strategy G (develop and implement the City's Capital Improvement Program in <br />coordination with the Community Investment and Deferred Maintenance Plans), <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with this action. <br />FISCAL IMPACT <br />Funding for these on -call right -of -way services will be allocated as needed from various project <br />budgets. Funds for housing and /or other development projects as needed will be available in the <br />appropriate program budgets. <br />Exebutive Director <br />Public Works Agency <br />Executive`Director <br />Community Development <br />FM /EWG /ML <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />, RRsg '` ".- A_-) <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br />Exhibits: 1. Agreement and fee schedule - First American Title Company <br />2. Agreement and fee schedule - Commonwealth Land Title Company <br />25F -2 <br />