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HomeMy WebLinkAboutT.M. Wells Valuation Services 1 CONSULTATION CONTRACT THIS CONSULTING CONTRACT (hereinafter called "Contract") entered into this n day of eve,e -e , 2011, effective from and after said date, by and between T. M. LLS VALUATION SERVICES, a Sole Proprietorship operating under the laws of the State of Indiana, (hereinafter called "Consultant ") and the CITY OF JEFFERSONVILLE, INDIANA, A municipal corporation, (hereinafter called "City ") RECITALS Whereas, the City seeks to contract for capital asset services for all owned properties in each of the Departments within the City; and Whereas, the City through its Council and Board of Public Works has elected to hire the firm of Consultant, to perform the appropriate and necessary valuations with respect to performing capital asset and consulting services; and Whereas, the Consultant is duly organized and qualified appraisal and valuation firm ready and available to undertake and immediately perform the appropriate and necessary services required by the City for meeting Indiana State Board of Accounts, and Indiana Department of Transportation requirements, as well as establishment of appropriate replacement or current cost values for insurance purposes regarding City owned capitalized assets. COVENANTS NOW, TI•IEREFORE, for and in consideration of the mutual promises and other valuable consideration, as set forth herein, the City and Consultant agree as follows: 1. Employment of Consultant. The City agrees to engage the Consultant, and the Consultant hereby agrees to perform the services designated in this Contract. 2. Scope of Service. The Consultant shall do, perform, and carry out in good and professional manner the appraisal and capital asset services of this contract. Services shall include the following: 2.1 Service Specifics 1. Verification of street and sidewalk lengths in the most recently annexed areas of the city and establishment of estimated value for these streets and sidewalks for State Board of Accounts and Indiana department of Tranaportation purposes. FEE: Streets $3,500 2. Verification of sewer lines and lift stations in the most recently annexed areas of the city with estimated historical costs and depreciated values as required by State Board of Accounts. FEE: Wastewater $2,500 3. Updating of fixed assets and provision of historical costs for civil city for items at $5,000 or more individual cost that have been added since our last inventory. Provision of replacement cost for buildings, improvements other than buildings, machinery and equipment assets that had purchase costs of $5,000 or more. FEES: Administration $2,000, Parks $2,000, Police $1,000 4. Updating of fixed assets and provision of historical costs for Wastewater Department for items at $5,000 or more individual cost that have been added since our last inventory. Provision of replacement cost for buildings, improvements other than buildings, machinery and equipment assets that had purchase costs of $5,000 or more. FEE: $3,500 2.1 Consultation. 2.1.1 Consultation with City staff for the identification of capital assets, maps, claims, and other documents and resources necessary for the accomplishment of the capital asset project goals. 2.1.2 identification of all city owned buildings and land with current values through the Clark County Assessor's Office and in consultation with engineering and building construction firms. 2.2 Fixed Asset Report 2.2.1 Items to be included in the capital asset report include: land, buildings, improvements other than buildings, vehicles, machinery and equipment, Wastewater: plant, lift stations, collection system, buildings, improvements other than buildings, vehicles, machinery and equipment, and construction in progress. 2.2.2 All capitalized assets shall be listed by item type and location. 2.2.3 Valuation of capital assets shall include historical costs or estimated historical costs derived from current replacement cost of an item and using an appropriate index table to arrive at such estimates. 2.2.4 Replacement cost of capitalized assets shall be provided for insurance purposes. Depreciation estimates shall be provided for Wastewater capital assets other than land 2.2.5 Model numbers, serial numbers, vehicle identification numbers, and other pertinent information shall be included. 2.2.6 Known or estimated date of purchase shall be included. 2.2.7 Claim numbers and fund sources shall be included if such information is available from City records. 2.2.8 Digital still shots of capitalized assets shall be provided. 2.2.9 Excel database will be used for report of all items. 2.2.10 There will be on -site verification of all items cross referenced with the City's asset inventory. 2.2.11 T. M. Wells assures that the work performed will be acceptable to the Indiana State Board of Accounts and the Indiana Department of Transportation 3 Meetings with Other Agencies Regarding Fixed Assets. Consultant fee includes initial contact with the Indiana State Board of Accounts and contacts to determine answers to questions that arise in the context of the report development. The fee does not include costs for Consultant's participation in meetings with Indiana State Board of Accounts, other state agencies, insurance agencies or other entities, after the completion of the report, nor does it include any costs for conflict resolution meetings, litigation or preparation for the same. 4. Time of Performance. The services to be performed hereunder by the Consultant shall be undertaken and completed in such sequence as to assure expeditious completion of the fixed asset report and best carry out the purposes of the contract herein. 5. Compensation. The City agrees to pay the Consultant a total amount of $14,500 for the services. The first half of the fee ($7,250) is due within 2 weeks of the signing of this contract and the second half ($7,250) is due upon delivery of the report to the City of Jeffersonville. 6. Changes. The City may, from time to time, require changes in the scope of the services to be performed hereunder. Such changes which are mutually agreed upon shall be incorporated in a written amendment to this Contract with mutually agreed on compensation for such services. 7. Accomplishment of Consultation Services. The Consultant shall commence, carry on, and complete the fixed asset report with all practicable dispatch, in a sound economical and efficient manner, in accordance with the provisions hereof, and all applicable laws. 8. Parties Bound. The parties agree that the terms and conditions of this Contract are binding upon the Parties hereto. IN WITNESS WHEREOF the CITY and the CONSULTANT have executed this Contract as of the date first written above. "CITY" "CONSULTANT" CITY OF JEFFERSONVILLE, INDIANA T.M. WELLS VALUATION ,,�/ 42 SERVICES Tim Wells, C.A. I &II, Title: Ph.D., Owner of T. M. Wells Valuation Services