HomeMy WebLinkAboutWORK ORDER - PURCHASE ORDER - 9126096EXHIBIT "A"
WORK ORDER FORM
PURSUANT TO AN AGREEMENT BETWEEN
THE CITY OF FORT COLLINS
AND.
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c.; Cb�bm 1 c } 1 lC�tii �
DATED: 43-'22--
Work Order Number:
Purchase Order Number. y 2 g I 1
Project Title:
Commencement. Date:
Completion Date;
Maximum Fee: (time. and reimbursable direct costs): �ti a n
Project Description:
Scope of Services: ( �"' C1 QCQII �
Professional agrees to perform the services
identified" above and on the attached forms in
accordance with the terms and conditions
contained herein and in the Professional Services
Agreement between the parties. In the event of a
conflict between or ambiguity in the terms of the
Professional Services Agreement and this work
order_ (including the attached forms) the
Professional Services Agreement shall control.
The attached forms consisting of Exhibits _,
consisting off (j) pages are hereby accepted
and incorporated herein, by this reference, and
Notice to Proceed is hereby given.
Professional:
By:
Dater Z
City of Fort Collins
t
Submitted By: 1�.6 A
ro e Pt Manager
Date: 4 l�
Reviewed by:
6enior-Utility-Engineer-
Approved by:
Utilities General Manager
Date:
Approved by:
Director of Purchasing & Risk Management
(if over $60,000.)
Date:
Attachment A
Aspen Heights TIF Evaluation
Work Plan and Budget
Work Program
Task 1: Development Program
EPS will review and evaluate the proposed development program, schedule, cost and revenue
assumptions, and needed public Improvements. Based on our knowledge of the Fort Collins market,
we will also evaluate the underlying market assumptions on rents and/or sales prices, occupancy
rates, and absorption.
Task 2: Financial Model Review
EPS will also obtain and review the applicant's submitted financial pro forma model and analysis with
and without the requested public financial Investments. EPS will sign a confidentiality statement
agreeing to keep the project proprietary financial Information confidential and will provide to the City
summary information regarding estimated performance on an unleveraged basis. EPS will then
construct its own financial model to evaluate the project against acceptable measures of return for
public investment in a real estate development project. The analysis will calculate the developer's
Internal rate of return on a leveraged and/or unleveraged basis with and without public investment
to determine 1) "but for" the public investment the project is financially infeasible, and 2) with the
public investment the project Is feasible with a reasonable IRR given current financial conditions and.
the associated level of developer risk. The analysis will be transmitted to the EHO/URA staff and the
applicant in draft form for review and discussion.
Task 3: Applicant Meeting
EPS will meet with the applicant and staff in person or by phone to review the draft financial
analysis, identify any corrections needed, and to discuss any outstanding Issues. If needed, the
financial model will be revised and any additional sensitivity analyses will be performed.
Task 4: Report
EPS will prepare a concise report to summarize its analysis and conclusions regarding the project's
financial feasibility with and without TIF or other financing incentives.
Task S. City Council Meeting (optional task)
If requested, EPS will attend a City Council meeting to present our conclusions and respond to
Council questions. This item will be billed as a separate cost item.
Budget
The above Task 1-4 work program will be performed on a time and materials basis not to exceed
$5,000 without the prior approval of the .City. Task 5 will be billed as an additional cost item on a
time and materials basis.