Amendment No. 1 to the contract between City of Miami Beach and Public Trust Advisors, LLC. � - 313ai
AMENDMENT NO. 1 TO THE CONTRACT
BETWEEN
THE CITY OF MIAMI BEACH, FLORIDA
AND
PUBLIC TRUST ADVISORS, LLC
This Amendment No. 1 (Amendment) to the Contract, dated September 4, 2015, is
entered into this 4th day of September, 2020 (Effective Date), by and between the City of
Miami Beach, Florida, a municipal corporation organized and existing under the laws of
the State of Florida, having its principal place of business at 1700 Convention Center
Drive, Miami Beach, Florida 33139 (City), and Public Trust Advisors, LLC, a Colorado
limited liability company, having its principal place of business at 717 17' Street, Suite
1850, Denver Colorado 80202 (Consultant).
RECITALS
WHEREAS, on June 10, 2015, the Mayor and City Commission authorized the
Administration to negotiate and execute an agreement with Public Trust Advisors, LLC
("Consultant") the top-ranked proposer to Invitation to Negotiate (ITN) 2015-081-LR for
Investment Advisory Services (the "Agreement"), and
WHEREAS, on September 4, 2015, the City executed the Agreement for a period of
three (3) years, with two (2) additional one (1) year renewals; and
WHEREAS, the City has exhausted all available renewal periods, and the
Agreement is set to expire in September 3, 2020; and
WHEREAS, due to the financial impact that resulted from COVID19, the
Administration has looked for ways to reduce its operating costs; and
WHEREAS, the Finance and Procurement Departments approached the Consultant
and discussed the potential extension of the Agreement for one (1) year beyond the
original term stipulated in the ITN; and
WHEREAS, on July 29, 2020, the Mayor and City Commission adopted Resolution
NoZc��IZ� , approving this amendment No. 1 to the Agreement.
NOW THEREFORE, in consideration of the mutual promises and conditions
contained herein, and other good and valuable consideration, the sufficiency of which is
hereby acknowledged, the City and Consultant hereby agree to amend the Agreement as
follows:
1. ABOVE RECITALS.
The above recitals are true and correct and are incorporated as part of this
Amendment.
2. MODIFICATIONS.
The Agreement is hereby modified (deleted items 6#-446k—through and inserted
items underlined) as follows:
A. the Agreement is hereby extended for one (1) additional year, beginning on
September 4, 2020, and expiring on September 3, 2021.
B. Exhibit "B" Fees to the Agreement is deleted in its entirety and replaced
with the attached "Amended Exhibit B."
3. RATIFICATION.
Except as amended herein, all other terms and conditions of the Agreement shall
remain unchanged and in full force and effect. In the event there is a conflict
between the provisions of this Amendment and the Agreement, the provisions of
this Amendment shall govern.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their appropriate officials, as of the date first entered above.
THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.
FOR CITY: CITY OF MIAMI B: •CH, FLORIDA
ATTEST:
By:
. . Granado, City Clerk Ji my L M' rales, City Manager
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Date
FOR CONSULTANT: PUBLIC TRUST ADVISORS, LLC
ATTEST: ,
By: )A;46
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Ma• • • • • - a/' Ma ging Partner
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Print Ndme Print Name
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Title Title
APPROVED AS TO
FORM&LANGUAGE
&FOR EXECUTION
City Attorney Date