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b) Within three (3) days of receipt, Consultant shall deposit all proceeds received on behalf
<br />of City into account, including but not limited to rent, security deposits, and any amount
<br />that may become due by tenants.
<br />c) Funds may only be withdrawn by Consultant to pay property management related
<br />expenditures, including without limitation repairs, utilities, and maintenance, in an
<br />amount up to $1,000. Expenditures in excess of $1,000 must be approved by City,
<br />d) Non -emergency expenditures above $1,000 must be bid competitively to ensure property
<br />management funds are spent efficiently.
<br />e) The operating reserve amount in the account shall be $5,000 per parcel, Consultant is
<br />required to remit Hinds above the operating reserve amount after subtracting the projected
<br />expenses on a monthly basis. The funds shall be remitted by Consultant to City via ACH
<br />or wire within fifteen (15) days of the most recently completed month, On monthly
<br />basis, the Consultant should remit an itemized statement identifying revenues and
<br />expenditures collected and/or incurred during the period as noted in Section (h) below.
<br />(1) All expenditures, regardless of amount, must be supported by itemized invoice that tracks
<br />expenditures by tenant and corresponding City approval if applicable.
<br />g) Changes to the rental information, such as addition of tenants, and/or rental termination,
<br />must be approved by the Public Works Agency. Within ten (10) days of such approval,
<br />Consultant shall conium all changes in writing to City's Public Works and Finance and
<br />Management Agencies.
<br />h) Consultant is required to maintain books and records in compliance with Generally
<br />Accepted Accounting Principles. On a monthly basis or upon City's request, Consultant
<br />shall provide a listing of the following:
<br />i. Rental income by tenant (identify property address)
<br />ii. Expenditures by category (e.g., utilities, maintenance, property management fees,
<br />etc,)
<br />i) Consultant shall make available all books and records related to the services provided to
<br />City Finance staff or independent Certified Public Accounting Film acting on behalf of
<br />City.
<br />j) City maintains the right, either by itself or through a CPA firm acting on its behalf, to
<br />conduct an examination of Consultant's books and records related to above -referenced
<br />service. The examination may be conducted on annual basis or upon City's discretion on
<br />reasonable notice.
<br />WEEKLY STATUS REPORTS:
<br />Consultant shall provide to the City Weekly Status reports relating to the management and
<br />operation of the premises for the preceding calendar week, These documents shall include the
<br />following, but not limited to:
<br />Proper records with respect to leasing, management, and operation of the premises (i.e.
<br />receipts, disbursements, etc.)
<br />• Contractor competitive bids
<br />• Tenant information, Owner's information, beginning date of tenancy, ending tenancy and
<br />vacate date, rent amount, security deposit, past due rents, 90 -day notice dates, Fencing,
<br />Board Up, and Testing date, Utility shut off and meter removal dates.
<br />Status report must also include inspection dates and any action items needed during the
<br />inspection and follow up of the action items.
<br />City of Santa Ana RFP 17-066
<br />Page Al -9
<br />25L-74
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