PSA - Zimmerman-Volk Associates, Inc. - Housing Market Study

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SCOPE OF SERVICES AND FEE ESTIMATE An Analysis of Residential Market Potential City of South Bend, St. Joseph County, Indiana August 9, 2017 {revisedl PROFESSIONAL FEE/EXPENSES Page 8 Depending on how many neighborhood study areas are to be analyzed, the professional fee for the above -described scope of services will likely range between $30,000 and $45,000. The professional fee will thus be agreed upon at the first client .meeting. Reimbursable expenses for the analysis have been estimated based on two visits to South Bend —the first visit will include a Zimmerman/Volk Associates' principal and an associate; the second visit, for the presentation, will be by a Zimmerman/Volk Associates' principal only. Reimbursable expenses are charged as follows, with estimates based on current fares and recent comparable assignments: • Census, demographic, and consumer data, At cost Estimated at $250 • Air transportation (air fare, airport transit), At cost, three round -trips— Estimated at $1,500 • Auto rental and/or mileage, tolls, gasoline, and parking, At cost, two trips— Estimated at $400 • Lodging and meals, At cost, two persons trip one; one person trip two— Estimated at $850 Total estimated expenses------ $3,000 BILLING, PAYMENT AND TERMINATION The total professional fee will be invoiced as follows: $15,000 upon acceptance of this proposal, $10,000 upon delivery of the draft study. Fee balance upon delivery of the complete study and presentation of findings, plus travel expenses associated with the presentation. Expenses of the first trip will be included in the second invoice. Additional meeting and/or charrette fees and expenses would be invoiced as incurred. No expenses above $3,000.00 will be incurred without prior approval by the City. All payments are within 30 days of the billing date. Payments received after 30 days may be assessed a one -and -a -half percent (1.5%) per month late payment charge at the discretion of Zimmerman/Volk Associates. This proposal can be terminated by either parry with written notice. In the event the contract is terminated by the client, Zimmerman/Volk Associates will cease all work upon receipt of written notice. The amount due Zimmerman/Volk Associates shall be calculated according to the actual work completed as a percentage of the total project. ZIMMERMANNOLK AssoCIA` ES, INC.