Amendment No 2 to PSA - Implement CDFI Friendly South Bend Contract Board and Additional Program Management - MPinsky, LLC dba Five Four Advisors

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same $2,500/day (prorated by hour, as required) that the prior contract provided. We budget Sonja Karnovsky at $1,000/day (prorated as required). In addition, reasonable expenses (travel, lodging, incidentals) will be bill in addition to professional costs. Billing would occur on the last business day of each month based on actual days delivered and would be due within 30 calendar days. Our estimates include assumptions that CDFI Friendly America will seek to use the lowest possible cost approaches, including use of pro bono or City attorneys on legal matters, public and contributed spaces for meeting, etc. CDFI Friendly America will use materials given by others in the CDFI industry where possible, to minimize costs. The actual costs will vary if work is completed sooner than budgeted. For example, costs could decrease significantly if the new entity is able to hire a permanent Executive Director in less than six months, funders and investors step forward more readily than anticipated, or the founding Board of Directors requires less support than estimated. We estimate the following maximum time requirements of 27.25 days for Pinsky, 24 days for Abramowitz, and 58.5 days for Karnovsky. The maximum total costs for professional services would be $186,625 plus expenses. For the purposes of the budget under this agreement, however, we are seeking a contract of $125,000 + expenses for completion of the proposed scope of work. This assumes that we will achieve significant efficiencies in implementation, that we will deliver some of the goals earlier than anticipated, and that the Board of Directors will operate with the goal of completing this scope of work no later than June 30th. Unanticipated delays by the Board of Directors could increase the costs of implementation. We assume that the contract and its responsibility for the work of CDFI Friendly America will transfer to it from the City when the new entity is chartered, formed, and funded. Conclusion The purpose of this memo is to provide information to extend the November 13, 2018, contract to implement CDFI Friendly South Bend promptly and smoothly. Please let us know if you have any questions. Submitted on behalf of CDFI Friendly America, LLC By Mark A. Pinsky, Partner 240 East Evergreen Avenue Philadelphia, PA 19118 215-736-9525 r r rk xis. "y,—co tl 5'1F1age