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AGREEMENT FOR PROFESSIONAL SERVICES <br />THIS AGREEMENT, entered into as of this day of , 1998 between <br />EHLERS AND ASSOCIATES, INC. (herein called the "Firm ") and the CITY OF LINO LAKES <br />(herein called the "CITY "). <br />WITNESSETH, that the CITY desires to engage the Firm to render certain professional <br />services and both parties agree as follows: <br />1. Scope of Services. The Firm shall provide the following professional services: <br />A. Advise the CITY on the maintenance of existing tax increment <br />districts and obligations and the documentation necessary to <br />satisfy existing State of Minnesota laws and recommendations <br />B. Advise the City and assist with the preparation of cash flows and documents <br />related to the establishment of new tax increment districts. <br />C. Other general financial consulting services as requested of the CITY. <br />2. Delivery of Service. Mr. Mark Ruff and Ms. Shelly Eldridge shall assume primary <br />responsibility for delivering the professional services required by this Agreement. Services requested <br />by the CITY pursuant to this Agreement shall be communicated to Mr. Ruff and Ms. Eldridge by its <br />Economic Development Assistant, Finance Director, or a designee. <br />3. Time of Performance. The services of the Firm shall be provided upon request of the <br />CITY and shall continue until services are completed. <br />4. Compensation: Method of Pavment. For the tax increment and development services <br />provided for hereunder, it is agreed that Firm shall be paid at the Firm's regular hourly rate for financial <br />advisory services (currently $120). Increases to the hourly rate shall be approved by the Economic <br />Development Assistant and described in a letter from the Firm on file with CITY. In addition, the <br />Firm shall be entitled to reimbursement for all out -of- pocket expenses incurred in the performance of <br />its services hereunder including, but not limited to, the costs of reproduction of documents, delivery <br />services, postage, long distance telephone call charges, travel, and required meals. It is estimated that <br />the cost of services for the initial review of the existing tax increment districts shall be approximately <br />$1,000 per district. The cost of services for a new district, assuming the Firm authors the tax increment <br />Page 1 of 2 <br />