Agmt21 Ace Parking, Inc. - Laserfiche WebLink

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2. The City shall pay Contractor a monthly fee for staffing equal to the product of the number of hours worked and the applicable hourly parking attendant rate ("Staffing Fee," and together with the "Management Fee," the "Consultant Fees"). Such amount shall not exceed the amount allocated for "Staffing Fee" in the annual budget. The hourly rate for full-time and part-time parking attendants, respectively, is set forth on Exhibit B, incorporated herein by reference. Such hourly rate may be increased or decreased in each year's budget, subject to approval by the Parking Manager. C. All costs, expenses, obligations and liabilities incurred by Contractor in the performance of this Agreement shall be paid by Contractor, provided, however, that Contractor may be reimbursed for the Operating Expenses set forth in Section 10(D) below. D. Annual Operating Budget 1. Initial Term. The budget for the Initial Term (the "Initial Term Budget") is provided as Exhibit "B" to this Agreement, which is incorporated herein by reference. The Initial Term Budget shall form the basis on which Operating Expenses are incurred in each operating year of the Initial Term, and Contractor shall not be reimbursed in any month for any expense that is in excess the amount allocated for that particular Operating Expense line item in the Initial Term Budget, without the Parking Manager's prior written consent in each such case. Any amendments to the Initial Term Budget that increase the sum of all Operating Expenses and Consultant Fees for any given year shall require an amendment to this Agreement. The City Manager, in their sole discretion, may approve amendments that increase the sum of all Operating Expenses and Consultant Fees for any given year by 10% or less. 2. Option Terms. Beginning in 2025, prior to December 1st of each calendar year during the term of this Agreement, Contractor shall submit for the Parking Manager's approval a pro forma budget (each an "Option Term Budget"), based on the calendar year (Jan 1 -Dec 31), including detailed projections of revenues, Consultant Fees, and Operating Expenses (as defined below). Such Option Term Budget, if approved by the City Manager or their designee in writing, shall be included in the amendment authorizing the corresponding Option Term and shall form the basis on which Operating Expenses are incurred during such Option Term. Contractor shall not be reimbursed in any month for any expense that is in excess of the amount allocated for that particular Operating Expense line item in such Option Term Budget, without Parking Manager's prior written consent in each such case. Any amendments to an Option Term Budget that increase the sum of all Operating Expenses and Consultant Fees for any given year shall require an amendment to this Agreement. The City Manager of the City, in her/his sole discretion, may approve amendments that increase the sum of all Operating Expenses and Consultant Fees for any given year by 10% or less. 3. Annual Increase. The sum of all Operating Expenses and Consultant Fees in the annual budget for any Option Term may exceed the sum of all Operating Expenses and Consultant Fees in the prior year's annual budget by an amount equal to the lesser REV: 12-10-2020 RL ATTY/AGR.2020.291/ACE Parking (Page 16 of 31)