Loading...
HomeMy WebLinkAboutReso 47-20 Approving Amendment #1 to the Amended and Restated Consulting Services AgreementReso No. 47-20, Item 4.10, Adopted 06/02/20 Page 1 of 1 RESOLUTION NO. 47 - 20 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN * * * * * * * * * APPROVING AMENDMENT #1 TO THE AMENDED AND RESTATED CONSULTING SERVICES AGREEMENT BETWEEN THE CITY OF DUBLIN AND HINDERLITER, de LLAMAS AND ASSOCIATES WHEREAS, pursuant to Ordinance No. 8-82, the City of Dublin entered into a contract with the State Board of Equalization to perform all functions relating to the administration and collections of local sales and use taxes; and WHEREAS, the City Council of the City of Dublin and Hinderliter, de Llamas and Associates entered into an agreement on August 14, 1989 to investigate and review sales and use tax transactions and collections for the City, contained in the records of the St ate Board of Equalization; and WHEREAS, the City and the Consultant amended and restated the Agreement on June 20, 2017 to update the Agreement terms to reflect the City’s current needs and extended the duration of services through June 30, 2020; and WHEREAS, the City and the Consultant now wish to amend the Agreement to extend the duration of services through June 30, 2022. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does hereby approve amendment #1 to the amended and restated consulting services agreement with Hinderliter, de Llamas and Associates, as attached hereto as Exhibit A. PASSED, APPROVED AND ADOPTED this 2nd day of June 2020, by the following vote: AYES: Councilmembers Goel, Hernandez, Josey, Kumagai and Mayor Haubert NOES: ABSENT: ABSTAIN: ______________________________ Mayor ATTEST: ____________________________ City Clerk DocuSign Envelope ID: 7F6C76B6-5ABE-4D56-B943-43857E88D256    $0(1'0(1772$0(1'('$1'5(67$7('&2168/7,1*6(59,&(6 $*5((0(17%(7:((17+(&,7<2)'8%/,1$1' +,1'(5/,7(5GH//$0$6$1'$662&,$7(6  :+(5($6RQ-XO\WKH&LW\RI'XEOLQ KHUHLQDIWHUUHIHUUHGWRDV &,7<  DQG +LQGHUOLWHU GH /ODPDV DQG $VVRFLDWHV KHUHLQDIWHUUHIHUUHG WR DV &2168/7$17  HQWHUHG LQWR DQ $PHQGHG DQG 5HVWDWHG &RQVXOWLQJ 6HUYLFHV $JUHHPHQWIRU6DOHV7D[$QDO\VLV$XGLWDQG,QIRUPDWLRQVHUYLFHV KHUHLQDIWHUUHIHUUHGWR DVWKH³$*5((0(17´ DQG  :+(5($6WKHH[LVWLQJ$*5((0(17ZLOOH[SLUHRQ-XQH :+(5($6WKH&,7<GHVLUHVWRFRQWLQXHWRHQJDJHDSURIHVVLRQDOILUPZLWK WKHWHFKQLFDOH[SHUWLVHWRDQDO\]HDQGPDQDJHWKH&LW\¶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¶VULJKWWRWHUPLQDWHWKH$JUHHPHQWDV SURYLGHGIRULQ6HFWLRQ    6HFWLRQVKDOOEHUHVFLQGHGLQLWVHQWLUHW\DQGUHSODFHGZLWKWKHIROORZLQJ  ,QGHSHQGHQW &RQWUDFWRU $W DOO WLPHV GXULQJ WKH WHUP RI WKLV $JUHHPHQW &RQVXOWDQWVKDOOEHDQLQGHSHQGHQWFRQWUDFWRUDQGVKDOOQRWEHDQHPSOR\HHRI &LW\7KLV$JUHHPHQWVKDOOQRWEHFRQVWUXHGDVDQDJUHHPHQWIRUHPSOR\PHQW &LW\ VKDOO KDYH WKH ULJKW WR FRQWURO &RQVXOWDQW RQO\ LQVRIDU DV WKH UHVXOWV RI &RQVXOWDQW¶VVHUYLFHVUHQGHUHGSXUVXDQWWRWKLV$JUHHPHQWDQGDVVLJQPHQWRI SHUVRQQHOSXUVXDQWWR6XEVHFWLRQKRZHYHURWKHUZLVH&LW\VKDOOQRWKDYHWKH             ULJKWWRFRQWUROWKHPHDQVE\ZKLFK&RQVXOWDQWDFFRPSOLVKHVVHUYLFHVUHQGHUHG SXUVXDQW WR WKLV $JUHHPHQW &RQVXOWDQW IXUWKHU DFNQRZOHGJHV WKDW &RQVXOWDQW SHUIRUPV 6HUYLFHV RXWVLGH WKH XVXDO FRXUVH RI WKH &LW\¶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¶VUDFHVH[JHQGHUUHOLJLRQ LQFOXGLQJUHOLJLRXVGUHVVDQG JURRPLQJ SUDFWLFHV  QDWLRQDO RULJLQ DQFHVWU\ SK\VLFDO RU PHQWDO GLVDELOLW\ PHGLFDOFRQGLWLRQ LQFOXGLQJFDQFHUDQGJHQHWLFFKDUDFWHULVWLFV PDULWDOVWDWXV DJH VH[XDO RULHQWDWLRQ FRORU FUHHG SUHJQDQF\ JHQHWLF LQIRUPDWLRQ JHQGHU LGHQWLW\RUH[SUHVVLRQSROLWLFDODIILOLDWLRQRUEHOLHIPLOLWDU\YHWHUDQVWDWXVRUDQ\ RWKHUFODVVLILFDWLRQSURWHFWHGE\DSSOLFDEOHORFDOVWDWHRUIHGHUDOODZV HDFKD ³3URWHFWHG &KDUDFWHULVWLF´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³6HUYLFHV´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¶VVDOHVWD[WUHQGVE\PDMRUJURXSVDQGJHRJUDSKLFDUHDVZLWKRXW GLVFORVLQJFRQILGHQWLDOLQIRUPDWLRQ     &RQVXOWDQWVKDOOPDNHDYDLODEOHWR&LW\VWDII&RQVXOWDQW¶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³SRLQWRIVDOH´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¶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ϯϱϭϵϳϴϱ͘ϭ