SR-01-09-2007-1F~_ . .
City Council Report
~ City of
Santa Monica~
City Council Meeting: January 9, 2007
Agenda Item: ~--~"
To: Mayor and City Council
From: Martin Kennerly, Acting Director, Resource Management Department
Subject: Contract Amendment with Keyser Marston Associates, Inc. for Real Estate
Economics Consulting Services Involving the Village at the Civic Center
Recommended Action
Staff recommends that Council approve an amendment to contract 8556 (CCS) with
Keyser Marston Associates, Inc. in the amount of $25,000 and extend the contract term
until December 31, 2007.
Executive Summary
Staff is requesting authorization to amend contract 8556 (CCS) with KMA in the current
amount of $75,000 to an amount not to exceed $100,000. The additional $25,000
above the existing contract is for real estate economics analysis and negotiation
assistance involving a Disposition and Development Agreement to be negotiated
between the Redevelopment Agency and the Village developer.
Discussion
Keyser Marston Associates (KMA) has been providing real estate economics consulting
services to staff with regard to the implementation of the Village component of the Civic
Center Specific Plan. To date, KMA has assisted staff with the developer selection
1
process completed in January 2006 and an Exclusive Negotiation Agreement,
completed in October 2006. The next stage of implementing the Village component of
the Civic Center Specific Plan includes the negotiation of a Disposition - and
Development Agreement (DDA) between the Redevelopment Agency and the
developer of the Village. Determining the appropriate terms of the DDA requires the
expert real estate economics analysis and negotiation assistance that KMA can provide
to staff. Staff will present the DDA for Redevelopment Agency consideration in the
latter part of 2007.
Previous Council Actions
On February 14, 2006, the City Council approved an amendment to the KMA contract in
the amount of $20,700 resulting in a total contract amount not to exceed $75,000 and
extended the contract term until December 31, 2006.
Budget/Financial Impact
The funds for the contract amendment of $25,000 are available in account
H16005002.589000, an affordable housing development account funded with
redevelopment tax increment monies.
2
Prepared by:
Bob Moncrief, Housing Manager
Approved: Forwarded to Council:
_._ __.__.._. ; _--- _
, -->
% ~~ '~
~'7-y~.~ ~~=-~-1i1 .v ~
Martin Ke erly, Acting qirector, P. mont Ewell,
Resource Management,bepartment ~ y Manager
Director, Department -
3
e erence
men e
on rac o.
.