TO: Margate CRA Chair and Members of the Board
FROM: Cale Curtis, CRA Executive Director
DATE: September 10, 2025
Title
RATIFYING THE THIRD AMENDMENT TO THE AMENDED AND RESTATED PROFESSIONAL SERVICES AGREEMENT BETWEEN THE MCRA AND ADVANCED ASSET MANAGEMENT, INC. FOR PROPERTY MANAGEMENT SERVICES
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BACKGROUND: The MCRA and Advanced Asset Management, Inc., entered into an Amended and Restated Professional Services Agreement on March 10, 2021 for commercial property management services for all MCRA owned properties. A First Amendment to the Amended and Restated Agreement was approved via Resolution 685 on May 11, 2022, to provide for additional property management services for the MCRA owned property located at 6030 N.W. 9th Street. A Second Amendment to the Amended and Restated Agreement was approved via Resolution 704 on April 12, 2023, to provide for additional property management services for the MCRA owned property located at 1301 N. State Road 7.
The MCRA recently acquired properties located at 1100 North State Road 7, 6012 N.W. 9th Court, 5915 Park Drive and 5713 Park Drive and subsequently took over responsibility for their management and maintenance. As a result, a Third Amendment to the Amended and Restated Professional Services Agreement between the MCRA and Advanced Asset Management was entered into on July 16, 2025, to oversee the management, procurement and demolition of structures, and ongoing maintenance of the newly acquired MCRA properties (see Third Amendment with Exhibits A through E attached). The Board is being asked to ratify the Third Amendment to the Agreement.
RECOMMENDATION: For Review and Ratification
FISCAL IMPACT: $13,140 for property and demolition management, and property maintenance services through September 30, 2025 and $7,200 annually ($600 monthly) thereafter. Funding is available through the Professional Property Maintenance account #140-0510-512.31-38.
CONTACT PERSON: Cale Curtis, CRA Executive Direc...
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