Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AMENDED FINANCIAL SERVICES AGREEMENT WITH H.J. UMBAUGH & ASSOCIATES FOR THE HUDSON DOWNTOWN REDEVELOPMENT PROJECT, PHASE II; AND DECLARING AN EMERGENCY.
Executive Summary: The City entered into an agreement with Umbaugh (Brian Cooper’s firm) for financial consulting services related to Phase 2 of the Downtown Project. The cost of the services will exceed $25,000 and therefore requires City Council approval to increase the amount authorized to $50,000.
Body
Legislative History
None.
Purpose & Explanation
The purpose of the agreement is to provide the City with financial analysis of Phase 2 costs, funding strategies, pro formas and projections on the TIF, negotiate funding options with developer, attend and present information to city council, etc.
Timing Considerations
We request passage of the resolution to allow us to pay Umbaugh in a timely manner.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required. Will be included with downtown appropriations
Recommendation
Suggested Action
Staff recommends passage of the resolution.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst. City Manager - Finance and Administration