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HomeMy WebLinkAboutF-2 - Real Estate Consulting Services To Be Performed by Development Research AssociatesCITY OF NEWPORT BEACH OFFICE OF THE CITY MANAGER April 7, 1969 TO: MAYOR AND CITY COUNCIL FROM: City Manager SUBJECT: REAL ESTATE CONSULTING SERVICES TO BE PERFORMED BY DEVELOPMENT RESEARCH ASSOCIATES RECOMMENDATION: It is recommended that the Council authorize the City Manager to execute a Letter of Agreement with the firm of Development Research Assoc- iates for real property consulting services related to the Balboa Bay Club and Beacon Bay properties, subject to a maximum fee for these services of $3,500.00 for the Balboa Bay Club property and $5,000.00 for the Beacon Bay property. DISCUSSION: Attached you will find an outline of the real estate consulting services to be performed by the firm of Development Research Associates. This outline dis- cusses in detail the scope of services to be performed, the method of approach which Development Research Associates will use on each of the properties and the method by which conclusions and recommendations will be reached for subsequent Council consideration. Due to the urgency of completing the analysis of the Balboa Bay Club lease extension request, most attention will be paid during the next two months to evaluating this property. As indicated in the attached out- line of services to be performed, the conclusions and recommendations derived would be developed as a result of the field research which would be reviewed during a series of progress meetings with the City staff and the findings summarized in a written report to the City Council. It is anticipated that a written report on the Balboa Bay Club analysis will be complete and made avail- able to the City Council during the first week of June, 1969. The more complicated analysis of the Beacon Bay property will likely be undertaken in May and June, with a final written report being made available to the City Council no later than July, 1969. A similar method of approach would be undertaken in conjunction with the analysis of this property and the conclusions and recoumiendations again formulated as a result of the field re- search and a series of progress meetings held with the City staff. Findings of this evaluation will likewise be reviewed with the City Council in July. As indicated in the attached outline, the maximum fee for the pro- fessional time and direct expense involved with each of these projects would be $3,500.00 for the Balboa Bay Club property and $5,000.00 for the Beacon Bay property. Professional time would be calculated on the basis of Develop- ment Research Associates' standard hourly billing rates for the individual Mayor and City Council Page 2 April 7, 1969 consultants assigned to the projects. The direct expenses would be limited to travel, subsistence and reproduction costs associated with the project. Resumes of individuals who would be working on the projects are attached for reference. In order that additional time is not lost in the evaluation of these lease exten- sion requests, it is recommended that we employ the services of Development Re- search Associates at this time to undertake the evaluation of these properties. HARVEY L. HURLBURT HLH/JPD:ep att.