STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: September 14, 2022
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Procurement Services
EXECUTIVE: Jack Ireland
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SUBJECT
Title
Authorize a two-year service price agreement, with one one-year renewal option, for title search and loan closing services for the Home Repair Program or similar programs requiring the same service for the Department of Housing & Neighborhood Revitalization - All America Title Services, Inc., most advantageous proposer of three - Estimated amount of $372,808 - Financing: FY 2021 - 2022 Community Development Block Grant Fund
Body
BACKGROUND
This action does not encumber funds; the purpose of a service price agreement is to establish firm pricing for services, for a specific term, which are ordered on an as needed basis according to annual budgetary appropriations. The estimated amount is intended as guidance rather than a cap on spending under the agreement, so that actual need combined with the amount budgeted will determine the amount spent under this agreement.
This service price agreement will provide for title search and loan closing services for the Home Repair Program or similar programs requiring the same service. Title searches and loan closing services are necessary for home reconstruction projects such as electrical improvements, plumbing updates, roof replacement, or heating and air conditioning modernization. The City anticipates seeking title searches on approximately 396 homes over the next two years. Of those homes, the City estimates that 110 locations will require loan closing services.
In addition to title searches and loan closing services, All America Title Services, Inc. will prepare loan closing documents for properties provided by the City, including all or a combination of the following:
* Promissory notes
* Deed of Trust
* Deed Restriction
* Contract Rider
* T...
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