PARAGON PARTNERS (4) - 2016 - Laserfiche WebLink

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A-2015-164-1 THIS FIRST AMENDMENT to the above -referenced agreement is entered into on November 2016 by and between Paragon Partners Ltd. ("Consultant"), and the City of Santa Ana, a chatter city and municipal corporation organized and existing under the Constitution and laws of the State of California ("City"). RECITALS A. The parties entered into Agreement #A-2015.164, dated August 5, 2015 ("Agreement"), by which Consultant agreed to provide property management services, D. The term of the Agreement is from August 5, 2015 through August 5, 2018, with provision for extension, and the Agreement remains in effect. C. The parties now wish to amend the Agreement to include in the scope of services going forward an obligation by Consultant to establish and maintain a bank account for the collection of funds received by Consultant on behalf of City and for the payment of property -management related expenditures by Consultant. The Parties therefore agree: 1. Section 1, Scope of Services, is amended to include the following: Consultant shall establish a separate checking account in the name of City and Consultant at a bank approved by City and conform to the following policies: a) At the creation of the account, Consultant shall document all tonancies that currently exist at City -owned properties and provide the following information for each: tenant name, monthly rent amount, security deposit amount, beginning date of tenancy, and ending date of tenancy. This report shall be updated monthly to reflect any new tenants, b) Within three (3) days of receipt, Consultant shall deposit all proceeds received on behalf of City into account, including but not limited to rent, security deposits, and any amount that may become due by tenants. c) Funds may only be withdrawnby Consultant to pay property management related expesiditures, including without limitation repairs, utilities, and maintenance, in all amount up to $1,000. Expenditures in excess of $1,000 must be approved in writing (including e-mail) by an authorized representative of City's Public Works Agency, d) Non -emergency expenditures above $1,000 must be bid competitively to ensure property management fiords are spent efficiently. e) The operating reserve amount in the account shall be $5,000. Consultant is required to remit funds above the operating reserve amount on a monthly basis. The funds shall be remitted by Consultant to City via ACH or wire within fifteen (15) days of the most recently completed month. On a monthly basis, Consultant shall remit an itemized statement identifying revenues and expenditures collected and/or incurred during the period as noted in Section (h) below. (f) All expenditures, regardless of amount, mast be supported by itemized invoice that tracks expenditures by tenant and corresponding City approval if applicable.