HomeMy WebLinkAboutTigan Consulting and Development
Augusta Richmond GA
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BOX NUMBER: J
FILE NUMBER: 1:2 15&
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NUMBER OF PAGES:
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LARRY E. SCONYERS
Chairman
_ FREDDIE L. HANDY
Vice-Chairman
. BOARD OF COMMISSIONERS
HENRY H. BRIGHAM
JERRY BRIGHAM
Wm. 'WILLlE' H. MAYS, III
LEE NEEL. III
J. B. POWELL
MOSES TODD
ROOM 605 -CITY-COUNTY MUNICIPAL BLDG. (11)
AUGUSTA, GEORGIA 30911
Bus. (706) 821-~488
Fax No. (706) 722-5984
July 26, 1996
LINDA W. BEAZLEY
County Administrator
WALTER S. HORNSBY. III
Asst. County Administrator
JAMES B. WALL
County Attomey
Ms. Lena Bonner
Clerk, Commission-Council
City-County Bldg. (11)
Augusta, GA 30911
Reply To:
P. O. BOX 2125
Augusta. GA 30903
Dear Lena:
I enclose herewith the original of the Consulting
Agreement between Augusta~Richmond County and Tigan Consulting and
Development, Inc. Please. place the original of this i'n the
permanent records of Augusta-Richmond County.
Thanking you and with best personal regards, I am
JBWjsjp
truly,
Enclosure
cc: Mr. George Patty
Ms. Sirena Perkins-Rogers (wfenclosure)
~ ~
STATE OF GEORGIA
AUGUSTA-RICHMOND COUNTY
TIGAN CONSULTING
AND DEVELOPMENT, INC.
CONSULTING AGREEMENT
- OLOE TOWN 108 WORKOUT -
THIS AGREEMENT made and entered into this first day of July, 1996 between Augusta-
Richmond County, by and through the Augusta-Richmond County Commission:-Council
(hereinafter referred to as the County) and Tigan Consulting and Development, Inc.
(hereinafter referred to as "Consultant"), a for-profit independent contractor with offices
at 42 Spring Street - Suite #9, Newport, RI 02840.
WITNESSETH:
WHEREAS, both County and Consultant are desirous of entering into an agreement whereby
Consultant would provide certain services for the County.
THEREFORE, and in consideration of the mutual promises contained in this agreement, the
parties agree as follows:
1. TERM OF ASSIGNMENT
This agreement shall be effective as of July 1,1996, and terminate on December 31,1996,
unless extended by consent of both parties. The agreement may be terminated by the County at
the completion of one or more "Scopes" (see below) by providing the Consultant with written
notice thereof at least ten business days in advance of such cancellation, and provided expenses
and fees incurred prior to termination are honored by the County.
2. SCOPE OF SERVICES
The services to be performed by the Consultant are as follows:
SCOPE #1: Verify the existence and value of the remaining Low Income Housing Tax Credits
(L1HTCs). This would include consultation with accountants and lawyers familiar
with tax credits as well as with the State of Georgia's Housing Finance Agency.
This also may entail discussions with U.S. government agencies such as
Department of Treasury and the Internal Revenue Service. To the extent
necessary, previous accountants, lawyers and partners (such as Fannie Mae and
National Housing Partnership) will be consulted. Ideally, most of this consultation
could be completed over the phone, however in an accelerated project completion
schedule, on site visits may be necessary.
TIME ESTIMATE: 60 hours
~ .~
~ Consllltina Aareement: Tiaan Consultina and Development. Inc. and Auausta-Richmond County - P. 2
. .
SCOPE #2: Ascertain Low Income Housing Tax Credit compliance during the period following
foreclosure. This would include discussions with and examinations of property
management records, rental records, and may necessitate the involvement of an
expert in L1HTC tenant compliance to be involved.
TIME ESTIMATE: 40 hours
SCOPE #3: Determine the availability and willingness of the local public housing authority
(LPH)to assign Project Based Section 8 certificates to the project, thus enhancing
the value and creating more income as well as marketability for the project.
TIME ESTIMATE: 10 hours
SCOPE #4: Verify the debt obligation and current status of existing lien holders. To the extent
necessary negotiate debtor/creditor agreements.
TIME ESTIMATE:. 20 hours
SCOPE #5: Seek new development partners and/or equity partners to assist in the work-out.
This could include exploring a 'work-out' arrangement with know Debtors in
exchange for L1HTCs where creditors are provided the L1HTC benefit in return for
debt reduction or forgiveness. Assist the County in securing a purchaser for the
project or work-out, including necessary marketing of the project and furnishing
necessary information to prospective purchasers or partners. Follow-up as
necessary with assistance through closing, including coordination with HUD,
Georgia Housing Finance Agency, the County, the new equity owners and others.
TIME ESTIMATE: 50 hours
CONTINGENCY TIME ESTIMA TE:20 hours
TOTAL TIME ESTIMATE: 200 hours
3. COMPENSATION
For satisfactory performance under this Agreement, the County shall pay Consultant the fees
set forth below:
(a) An hourly rate of $85 per hour will be billed monthly. Each billing will be accompanied by
a Progress Report related to each Scope for which services are invoiced. The overall
time will not exceed 200 hours. The Consultant requires a retainer of one thousand
dollars ($1,000) upon execution of this agreement which will offset against the first billing.
Consultant will consider a retainer as authorization to proceed.
(b) Expenses: all approved out-of-pocket expenses including travel, FedEx, printing,
advertising, telephone, etc., will be billed with fees. The County will expedite
reimbursement of Consultant expenses, and to the extent practical will pay third party
expenses directly (e.g., airline tickets, printing, etc.).
'"
"'
" Consultina Aareement: Tiaan Consultina and Development. Inc. and Auausta-Richmond County - P. 3
(c) All third party costs including lawyers and accountants, marketing cost, and L1HTC
specialists in tenant documentation will not exceed $8,000 without written permission
from the County. The County shall be billed on monthly basis.
4. CHANGES IN SCOPE OF SERVICES
County, by written notice to the Consultant, may modify the scope and quantity of the services
to be furnished under this agreement.
5. FACILITIES. SUPPLIES AND EQUIPMENT
The Consultant shall be responsible for providing all facilities, supplies, and equipment which
may be required to perform the services under this agreement.
6. DEVOTION OF TIME
The Consultant shall devote as many hours as needed to perform the duties under this
agreement, subject to the maximum hours in Item #3 above.
7. INSURANCE
The Consultant shall be an independent corporation and not an employee of the County under
this agreement and shall maintain the appropriate amount for liability insurance to cover any
claims arising out of the performance of the services under this agreement and shall further
indemnify, save harmless and defend the County from any claims arising from any act or
omission of the Consultant or Consultant's agents or employees.
8. DUTIES OF CONSULTANT
County is to have no control over the manner, method or details of performance, or over the
selection, direction, or dismissal or Consultant's employees, and will look to the Consultant for
results only.
9. DISCLAIMER
The County agrees that Consultant's liability hereunder for any damages, regardless of the form of action,
shalf not exceed the total amount paid for the service described herein. This shalf be your exclusive
remedy. The County agrees that the Consultant will not be liable for any lost benefits, or for any claim or
demand against you by any party. In no event will the Consultant be liable for incidental or consequential
damages, even if the Consultant has been advised of the possibility of such damages. No action,
regardless of form arising out of the services under this agreement, may be brought by either party more
than three years after the date of the last service provided under this agreement. This letter comprises the
complete and exclusive statement of the agreement between the parties, superseding all proposals(s), oral
or written, and all other communications between the parties. If any provision of this letter is determined to
be unenforceable, all other provisions shall remain in force.
-
...
, Consultinc Acreement: rican Consultinc and Development. Inc. and Aucusta-Richmond Oounty - P. 4
IN WITNESS WHEREOF, the parties have executed this agreement the day and year
first written above:
AGREED:
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Mark Tigan, President
Tigan Consulting and Development, Inc.
42 Spring Street - Suite #9
Newport, Rhode Island 02840
Tax ID # 05-0451201
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Witness: /tw. do. Jur '
AUGUSTA3.CON
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STATE OF GEORGIA
AUGUSTA-RICHMOND COUNTY
TIGAN CONSULTING
AND DEVELOPMENT, INC.
CONSULTING AGREEMENT
- OLOE TOWN 108 WORKOUT -
THIS AGREEMENT made and entered into this first day of July, 1996 between Augusta-
Richmond County, by and through the Augusta-Richmond County Commission-Council
(hereinafter referred to as the County) and Tigan Consulting and Development, Inc.
(hereinafter referred to as "Consultant"), a for-profit independent contractor with offices
at 42 Spring Street - Suite #9, Newport, RI 02840.
WITNESSETH:
WHEREAS, both County and Consultant are desirous of entering into an agreement whereby
Consultant would provide certain services for the County.
THEREFORE, and in consideration of the mutual promises contained in this agreement, the
parties agree as follows:
1. TERM OF ASSIGNMENT
This agreement shall be effective as of July 1, 1996, and terminate on December 31, 1996,
unless extended by consent of both parties. The agreement may be terminated by the County at
the completion of one or more "Scopes" (see below) by providing the Consultant with written
notice thereof at least ten business days in advance of such cancellation, and provided expenses
and fees incurred prior to termination are honored by the County.
2. SCOPE OF SERVICES
The services to be performed by the Consultant are as follows:
SCOPE #1: Verify the existence and value of the remaining Low Income Housing Tax Credits
(L1HTCs). This would include consultation with accountants and lawyers familiar
with tax credits as well as with the State of Georgia's Housing Finance Agency.
This also may entail discussions with U.S. govemment agencies such as
Department of Treasury and the Internal Revenue Service. To the extent
necessary, previous accountants, lawyers and partners (such as Fannie Mae and
National Housing Partnership) will be consulted. Ideally, most of this consultation
could be completed over the phone, however in an accelerated project completion
schedule, on site visits may be necessary.
TIME ESTIMATE: 60 hours
r Consultina Aareement: Tiaan Consultina and Development. Inc. and Auausta-Richmond County - P. 2
SCOPE #2: Ascertain Low Income Housing Tax Credit compliance during the period following
foreclosure. This would include discussions with and examinations of property
management records, rental records, and may necessitate the involvement of an
expert in L1HTC tenant compliance to be involved.
TIME ESTIMATE: 40 hours
SCOPE #3: . Determine the availability and willingness of the local public housing authority
(LPH) to assign Project Based Section 8 certificates to the project, thus enhancing
the value and creating more income as well as marketability for the project.
TIME ESTIMATE: 10 hours
SCOPE #4: Verify the debt obligation and current status of existing lien holders. To the extent
necessary negotiate debtor/creditor agreements.
TIME ESTIMATE: 20 hours
SCOPE #5: Seek new development partners and/or equity partners to assist in the work-out.
This could include exploring a 'work-out' arrangement with know Debtors in
exchange for L1HTCs where creditors are provided the L1HTC benefit in return for
debt reduction or forgiveness. Assist the County in securing a purchaser for the
project or work-out, including necessary marketing of the project and furnishing
necessary information to prospective purchasers or partners. Follow-up as
necessary with assistance through closing, including coordination with HUD,
Georgia Housing Finance Agency, the County, the new equity owners and others.
TIME ESTIMATE: 50 hours
CONTINGENCY TIME ESTIMATE: 20 hours
TOTAL TIME ESTIMATE: 200 hours
3. COMPENSATION
For satisfactory performance under this Agreement, the County shall pay Consultant the fees
set forth below:
(a) An hourly rate of $85 per hour will be billed monthly. Each billing will be accompanied by
a Progress Report related to each Scope for which services are invoiced. The overall
time will not exceed 200 hours. The Consultant requires a retainer of one thousand
dollars ($1,000) upon execution of this agreement which will offset against the first billing.
Consultant will consider a retainer as authorization to proceed.
(b) Expenses: all approved out-of-pocket expenses including travel, Fed Ex, printing,
advertising, telephone, etc., will be billed with fees. The County will expedite
reimbursement of Consultant expenses, and to the extent practical will pay third party
expenses directly (e.g., airline tickets, printing, etc.).
;, ". 'l
· Consurtina Aareement: Tiaan Consultina and Development. Inc. and Auausta-Richmond C()untv - P. 3
(c) All third party costs including lawyers and accountants, marketing cost, and L1HTC
specialists in tenant documentation will not exceed $8,000 without written permission
from the County. The County shall be billed on monthly basis.
4. CHANGES IN SCOPE OF SERVICES
County, by written notice to the Consultant, may modify the scope and quantity of the services
to be furnished under this agreement.
5. FACILITIES. SUPPLIES AND EQUIPMENT
The Consultant shall be responsible for providing all facilities, supplies, and equipment which
may be required to perform the services under this agreement.
6. DEVOTION OF TIME
The Consultant shall devote as many hours as needed to perform the duties under this
agreement, subject to the maximum hours in Item #3 above.
7. INSURANCE
The Consultant shall be an independent corporation and not an employee of the County under
this agreement and shall maintain the appropriate amount for liability insurance to cover any
claims arising out of the performance of the services under this agreement and shall further
indemnify, save harmless and defend the County from any claims arising from any act or
omission of the Consultant or Consultant's agents or employees.
8. DUTIES OF CONSULTANT
County is to have no control over the manner, method or details of performance, or over the
selection, direction, or dismissal or Consultant's employees, and will look to the Consultant for
results only.
9. DISCLAIMER
The County agrees that Consultant's liability hereunder for any damages, regardless of the form of action,
shall not exceed the total amount paid for the service described herein. This shall be your exclusive
remedy. The County agrees that the Consultant will not be liable for any lost benefits, or for any claim or
demand against you by any party. In no event will the Consultant be liable for incidental or consequential
damages, even if the Consultant has been advised of the possibility of such damages. No action,
regardless of form arising out of the services under this agreement, may be brought by either party more
than three years after the date of the last service provided under this agreement. This letter comprises the
complete and exclusive statement of the agreement between the parties, superseding all proposals(s), oral
or written, and all other communications between the parties. If any provision of this letter is determined to
be unenforceable, all other provisions shall remain in force.
~. '" .. 'i.
Consultina Aareement: Tiaan Consultina and Development. Inc. and Auausta-Ric/.1mond Oounty - P. 4
IN WITNESS WHEREOF, the parties have executed this agreement the day and year
first written above:
AGREED:
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Mark Tigan, Pr Ident
Tigan Consulting and Development, Inc.
42 Spring Street - Suite #9
Newport, Rhode Island 02840
Tax 10 # 05-0451201
.
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Date
Witness:
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AUGUSTA3.CON