File #: 21-209    Version: 1 Name:
Type: Resolution Status: Passed
File created: 4/30/2021 In control: City Council
On agenda: 5/10/2021 Final action: 5/10/2021
Title: Amend City Council Resolution 4365-2021 Approving a Professional Services Agreement with Parker Lucas & Associates DBA Community Development Services for Community Development Block Grant (CDBG) Funded Business Loan Services and Authorizing City Manager to Execute Same (Amount Not to Exceed $105,774; Account No. 331-5035-0630)
Indexes: Community Development
Attachments: 1. RESO 4365-2021 (as amended), 2. RESO 4365-2021 (as adopted), 3. Community Development Services Contract, 4. E&O Insurance Quote

Title

Amend City Council Resolution 4365-2021 Approving a Professional Services Agreement with Parker Lucas & Associates DBA Community Development Services for Community Development Block Grant (CDBG) Funded Business Loan Services and Authorizing City Manager to Execute Same (Amount Not to Exceed $105,774; Account No. 331-5035-0630)

 

Summary

The City Council adopted Resolution No. 4365-2021 on March 22, 2021 approving a contract with Community Development Services (CDS) for CDBG business loan services in the amount of $102,013. In order to comply with Section 5.0(d) of the Professional Services Agreement, CDS must obtain professional errors and omissions (E&O) liability insurance with limits of One Million Dollars. The cost of the E&O insurance is $3,761 which CDS has asked to be included in the amount of the contract. Approval of the amended resolution will increase the contract amount from $102,013 to $105,774.