TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: March 8, 2017
Title
A RESOLUTION OF THE MARGATE COMMUNITY REDEVELOPMENT AGENCY, AUTHORIZING AN AMENDMENT TO THE AGREEMENT WITH ADVANCED ASSET MANAGEMENT FOR PROPERTY MANAGEMENT SERVICES; PROVIDING FOR AN EFFECTIVE DATE
BACKGROUND: The CRA Board approved the execution of one (1) year agreement with option to renew for two (2) additional years with Advanced Asset Management, Inc., for property management services on April 9, 2014. The current contract will expire on April 9, 2017.
A Request for Proposal (RFP) for Property Management Services was issued on February 6, 2017 and the proposals submitted are currently under review by a selection committee. It is anticipated a recommendation will be forthcoming at the April 12, 2017 CRA meeting.
Since Advanced Asset Management’s agreement will expire prior to the next Board meeting date, staff is requesting an extension of the term of the current agreement with Advanced Asset Management until the Board has had opportunity to review the selection committee recommendation and a new agreement is approved and goes into effect.
RECOMMENDATION: Approve extending the term of the agreement with Advanced Asset Management Services, Inc.
FISCAL IMPACT: Funding is allocated for Property Management services in the following accounts: 140-0510-512.31-38 Other Property Maintenance; Property Maintenance Chevy Chase 140-0510-512.31-70; and Property Maintenance Ace Plaza 140-0510-512.31-71.
CONTACT PERSON: Kim Vazquez, Project Manager