TO: Chair and Members of the Board
FROM: Cale Curtis, Acting Executive Director
DATE: March 26, 2020
Title
AUTHORIZING A SIXTH AMENDMENT TO THE AGREEMENT BETWEEN THE MARGATE COMMUNITY REDEVELOPMENT AGENCY AND ADVANCED ASSET MANAGEMENT, INC.
BACKGROUND: An agreement was executed on May 10, 2017 with Advanced Asset Management for property management services for a period of one year, with two additional one-year renewals. Since contract execution, the following amendments have occurred:
Amendment One: Per Resolution 547 on April 11, 2018--Approving the first one-year renewal
Amendment Two: Per Resolution 582 on December 11, 2018--Approving additional property management services at 891 N. State Road 7
Amendment Three: Per Resolution 590 on February 19, 2019--Approving additional services to provide for the coordination and administration of the Ace Plaza improvement project
Amendment Four: Per Resolution 594 on April 10, 2019--Approving the second one-year renewal
Amendment Five: Per Resolution 602 on June 12, 2019--Approving additional services to provide for the coordination and administration of the Chevy Chase maintenance project
This item before the Board is for the Sixth amendment to extend the agreement for an additional year, through May 9, 2021, and provide continuity with the current Chevy Chase maintenance project that is underway. All other terms and conditions of the agreement will remain in effect.
RECOMMENDATION: Approval
FISCAL IMPACT: $122,604 annually, plus up to $19,500 for owner representation services at Chevy Chase Plaza. Leasing fees for new and renewal leases and handyman services are additional.
CONTACT PERSON: Cale Curtis, Acting Executive Director