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6.A.(1) Agreement for Services with Downtown South Bend
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6.A.(1) Agreement for Services with Downtown South Bend
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L Revision o Requested Services. If, as a result of any review hereunder, it <br />is the opinion of the Commission that revisions to the scope of the Requested Services <br />are necessary or the methods employed by the Provider are inappropriate, the <br />Commission may require such revisions to the scope or methods by notifying the <br />Provider in writing. <br />J. Additional Auditing Requirements for Not-For-Pro ~t Organizations. The <br />Provider understands that not-for-profit entities receiving City of South Bend funds, <br />including funds received from the Commission, equal to or greater than $ i 00,000.00 are <br />required to supply an independent audit. Audited financial reports must be provided to <br />the City's [nternal Auditor on an annual basis, including any A-133 Audits. If the <br />Provider is required to submit an E-1 form to the Indiana State Board of Accounts, the <br />Provider shall also forward a copy of the E-1 to the City's Internal Auditor. The City <br />may also make an examination of the Provider's fidelity bonding and fiscal and <br />accounting procedures to determine whether these procedures meet the requirements of <br />this Agreement. <br />K Com,~etitive Bidding Requirements. To the extent funds provided to <br />DTSB are used for construction, reconstruction, alteration, repair or renovation of a <br />structure or improvement, Competitive Bidding Requirements shall be followed. <br />SECTION 4. Compensation. <br />A. Fees,for Services. As compensation for services performed pursuant to <br />this agreement, the Commission agrees to pay the Provider a fee of Two Hundred Fifty <br />Thousand Dollars ($250,000) for services rendered, along with all reimbursable <br />expenses specifically agreed to in writing by the Provider and the Commission, but <br />excluding Parking Lot fees (the "Contract Amount"). <br />B. Shared Parking Lot Fees. As compensation for services provided in <br />managing the Parking Lots described in this Agreement, the Provider and the <br />Commission shall divide gross revenues generated from the use of the Parking Lots as <br />follows: <br />(i) 50% of gross revenues will be retained by the Provider as a management <br />fee; <br />(ii) 50% of gross revenues will be used to comply with the Provider's <br />obligations under paragraph 2 of EXHIBIT "A-1 ". <br />C. Invoices. The Provider shall submit an invoice for progress payments to <br />the Commission for services performed under this Agreement, which invoice shall <br />identify the project, the task, and a description of the services completed. Invoices shall <br />be submitted within five (5) days of the preceding month for which services were <br />rendered. For example, the invoice seeking payment for services rendered in January, <br />20091 shall be submitted no later than February 5, 2009. In the event of termination of <br />6 <br />
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