HomeMy WebLinkAboutContract 50788 Mike OmMn
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May 1, 2018 CIN SECRETARY
_ CONTRACT NO.
Mr. Mark J. Barta
Assistant HR Director RECEIVED —+
City of Fort Worth MAY 242D18 00
Risk Management ( },
Fort Worth900 , Texas
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Dear Mr. Barta:
Duff & Phelps, LLC ("Duff& Phelps"), will provide City of Fort Worth ("COFW") the appraisal services
described within this agreement ("Agreement") for the Fort Worth Zoo.
Purpose of the Engagement
The purpose of this engagement is to provide COFW a property insurance appraisal for COFW's use in
connection with its internal analysis of its insurance needs with respect to the identified property. For
each identified property, our analysis will be dated as of the last day of our site inspection. Our opinion
is intended to assist COFW in making informed business decisions; it is not a recommendation. Any
decisions relating to insurance coverage shall remain COFW's responsibility and be made solely at its
discretion.
Engagement Scope
We will research and report the insurable value (our "Opinion") of certain COFW property located at the
Dallas Zoo.
Description of Identified Property
The property is located at various sites, and will comprise certain buildings/structures (collectively the
"Identified Property"). The Identified Property as identified by COFW is listed in the Property Schedule
(Exhibit B) and consists of:
• Buildings/Structures —89 buildings
Assets not identified above will be excluded from the engagement.
If COFW's insurance policy excludes coverage of specific property classifications, in part or whole,
COFW should notify us in writing prior to beginning the engagement if those assets should be excluded.
We will work with COFW during the engagement to further refine the scope of the Identified Property to
be included in the engagement, if applicable. Depending on the nature and extent of changes in the
scope of the engagement we may need to revise our fee.
Duff&Phelps I City of Ft.Worth May 1,2018 1
Definition of Insurable Value
We will develop our opinion of insurable value as cost of reproduction new ("CRN"), defined as the
estimated amount required to reproduce a duplicate or a replica of the entire property at one time, in
like kind and materials, in accordance with current market prices for materials, labor, and manufactured
equipment; contractors' overhead and profit; and fees, but without provision for overtime, bonuses for
labor, or premiums for material or equipment. CRN, as defined, is synonymous with the insurance-
industry term "replacement cost new."
In estimating insurable value, we will allow for national building codes; however, we will not consider
any construction codes imposed by state or local municipalities, ordinances, or other legal restrictions,
nor will we consider the cost of demolition in connection with reconstruction or the cost of removal of
destroyed property.
Valuation Methodology
Our appraisal will rely solely on the cost approach because the market and income approaches are not
applicable for the purpose of this engagement.
Scope of Work
We anticipate this engagement will include the following:
Buildings/Structures
We will utilize a full-scope segregated cost approach including an inspection of each building to identify
construction data that will be used in the valuation process. During inspection of the premises, we will
calculate each building's area and perimeter by measuring the structure or through an analysis of the
as-built blueprints; identify and record data of the major construction components (type of structure,
walls, roof, etc.); determine the construction class; record data of major service systems (electrical,
plumbing, security, elevators, heating, ventilation, cooling, etc.); photograph the building; and record
the GPS coordinates. The insurable value of each building and the related construction, occupancy,
protection, and exposure data obtained during the inspection will be reported on an itemized basis.
Terms and Conditions
This Agreement is subject to and incorporates the Terms and Conditions attached as Exhibit A.
Fee
The fee is $30,000, plus expenses (not to exceed $3,100), and will be invoiced as follows:
• $9,000 upon authorization of the engagement
• Progress billing as time is charged and expenses are incurred
This fee includes issuing the deliverables below and responding to customary questions from COFW and
its insurance brokers or advisors. Additional fee will be required for an increase in engagement scope or
involvement in subsequent reviews beyond the customary work effort.
Duff&Phelps I City of Ft.Worth May 1,2018 2
COFW may cancel this engagement at any time and will only be obligated for fees and expenses incurred.
Our fee is not contingent on our Opinion or any subsequent event related to it.
Timing and Deliverables
This engagement will require cooperation, access, and timely receipt of requested information from
management of COFW. After this Agreement is signed and all requested information is received, we
will begin our analyses May 2018 and provide our report no later than 90 days from authorization.
The report will be provided in electronic format and will present our Opinion and related narrative
discussion of the supporting analyses and assumptions, along with appropriate exhibits. Additional
relevant information and analyses considered in our Opinion will be retained in our work files. In addition
to the electronic copies provided to COFW we will also provide a copy to COFW's insurance broker of
record.
Right to Audit
In accordance with your City Code requirements, we agree that the City shall, have access to and the
right to examine any of our directly pertinent books, documents, papers and records involving
transactions relating to this Agreement. We further agree that you shall have access during normal
working hours to all of our necessary facilities and shall be provided adequate and appropriate
workspace in order to conduct audits in compliance with the provisions of this section, provided,
however, that you give us reasonable advance notice of intended audits. This section shall not require
us to grant the City any network or physical access to our systems or infrastructure, material non-public
information not related to the services, or third party confidential information.
Duff&Phelps I City of Ft.Worth May 1,2018 3
Conclusion
We appreciate the opportunity to serve COFW. To authorize, please sign below and return the full
executed copy to michael.domin@duffandphelps.com. This Agreement shall remain valid for signature
for 30 days. Please contact me at 630 5414651 with any questions.
Sincerely, Client of Record:
City of Fo*S (LA
Signature
Michael Domin Name:
Managing Director Title:
Dater I f
Contract Compliance Manager:
By signing I acknowledge that I am the person
responsible for the monitoring and administration of
this contract, including ensuring all performance
and reporting requirements.
Name of Employee
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Title
APPROVED 0 ORM AND LEGALITY:
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Assis t City tarn y
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Duff&Phelps I City of Ft.Worth May 1,2018 4
Exhibit A — Terms and Conditions
Entire Agreement—This is the entire Agreement between Duff & Phelps and COFW and supersedes
any prior oral or written agreements. This Agreement may only be modified in writing signed by both
parties. Any purchase order covering this engagement is only for COFW's internal needs and shall not
modify this Agreement.
Fees—Duff& Phelps' invoices are payable upon receipt. If payment of any invoice is not received within
45 days of the invoice date, Duff& Phelps shall be entitled, without prejudice to any other rights that it
may have, to suspend services until all sums due are paid in full.
Limited Use and Reliance—COFW is the sole intended user of Duff & Phelps' report or other work
product. COFW may disclose an informational copy of the report or other work product to its audit, tax,
legal, or insurance professionals acting in an advisory capacity in connection with the purpose of this
engagement. No third party shall have the right of reliance on the report, and neither receipt nor
possession of the report by any third party shall create any express or implied third-party beneficiary
rights.
Confidentiality — Duff & Phelps shall maintain the confidentiality of COFW's information and will not
disclose or use it for any purpose other than in connection with this engagement. This excludes
information (i) available to the public, (ii) already in Duff & Phelps' possession, or (iii) received from a
party having no confidentiality obligation to COFW. Duff & Phelps may include COFW's name in its
client list.
Engagement Limits—Duff& Phelps'work may only be used for the specific purpose or premise of value
stated in this Agreement and the work product. COFW shall not reference Duff& Phelps or its work in
any public filing or other materials distributed to actual or prospective shareholders, investors,financing
parties, or similar third parties without Duff& Phelps' prior written consent.
Independent Contractor—Duff& Phelps shall perform as an independent contractor, with no authority
to bind or obligate COFW in any way.
Information Provided by COFW — Duff& Phelps will not independently verify information provided by
COFW, its advisors, or third parties acting at COFW's direction. Duff& Phelps will assume and rely on
the accuracy and completeness of all such information.
Retention — All files, documents, and work papers received, created, or developed during the
engagement will be retained for professional recordkeeping and legal/regulatory compliance purposes,
all in accordance with Duff& Phelps'document retention policy. If required by applicable law to disclose
any of the documents, Duff & Phelps will, unless legally prohibited, notify COFW so it may seek a
protective order at its discretion.
Limitation of Liability — In no event shall Duff & Phelps be liable to COFW (or any person claiming
through COFW) under this Agreement, under any legal theory, for any amount in excess of the total
professional fees paid by COFW to Duff & Phelps in connection with this engagement, except to the
extent such liability is directly caused by(i) Duff& Phelps'gross negligence,fraud,or willful misconduct,
(ii) Duff& Phelps' breach of its confidentiality obligations herein or violation of applicable law; (iii) Duff
& Phelps' violation of a third party's intellectual property rights; or (iv) bodily injury, death, or damage,
loss or destruction of tangible property caused by the negligence or willful misconduct of Duff& Phelps.
In no event shall Duff& Phelps be liable to COFW for any consequential, indirect, lost profit, or similar
damages relating to or arising from this engagement.
Duff&Phelps I City of Ft.Worth May 1,2018 5
Environmental Policy— Duff& Phelps will not investigate, nor assume responsibility for, the existence
or impact of any contamination or hazardous substance related to property or assets associated with
this engagement.
Governing Law—This Agreement is governed by and construed in accordance with the laws of the
State of Texas.
An electronic signature of this Agreement, or a signature on a copy of this Agreement that a party receives
by facsimile, email or other means is binding as an original. The parties may sign this Agreement in two or
more counterparts, and as so signed this Agreement will constitute one and the same Agreement binding
on the parties.
Duff&Phelps I City of Fort Worth May 1,2018 6
Property Schedule
® BLDGNAME _
1062 01-81-50 Zoo-Museum of Living Art(MOLA) 2009 TRUE $8,500,000 $8,500,000
376 01-81-50 Zoo-World of Primates 1992 FALSE $6,500,000 $0 $6,500,000 40,000
920 01-81-50 Zoo-TX Wild-Town Theater 2001 TRUE $3,072,209 $0 $3,072,209
1041 01-81-50 Zoo-Food Court Bldg.(Crocodile Cafe) 2008 TRUE $3,000,000 $0 $3,000,000 7,790
808 01-81-50 Zoo-Burnett Animal Health Science Ctr 1998 FALSE $2,548,000 $0 $2,548,000 13,000
926 01-81-50 Zoo-TX Wild Cafe 2001 TRUE $2,402,139 $0 $2,402,139
951 01-81-50 Zoo-TX Wild Interpretive/Finale Theater 2001 TRUE $2,256,746 $0 $2,256,746
939 01-81-50 Zoo-TX Wild Baitshack with LSS 2001 FALSE $2,209,967 $0 $2,209,967
341 01-81-50 Zoo-Education Ctr(Gloria L.Tennison) 1994 FALSE $2,000,000 $0 $2,000,000 15,000
343 01-81-50 Zoo-Elephant&Hippo House 1985 FALSE $1,500,000 $10,000 $1,510,000 4,000
943 01-81-50 Zoo-TX Wild Restroom/Cat Holding 2001 FALSE $1,321,176 $0 $1,321,176
917 01-81-50 Zoo-Animal Nutrition Bldg. 2001 FALSE $1,212,014 $0 $1,212,014
934 01-81-50 Zoo-TX Wild Pineywoods Viewing 2001 FALSE $1,011,427 $0 $1,011,427
Structure
1208 01-81-50 Outdoor Learning Theater 2012 TRUE $1,000,000 $1,000,000
923 01-81-50 Zoo-TX Wild Candy&Ice Cream Shop 2001 TRUE $916,606 $0 $916,606
789 01-81-50 Zoo-Penguin Exhibit Bldg&Outdoor 1996 FALSE $775,000 $0 $775,000 1,546
Exhibit
924 01-81-50 Zoo-TX Wild-Exit Retail Shop 2001 TRUE $726,963 $0 $726,963
377 01-81-50 Zoo-Zoo Creek/Grandys 1975 FALSE $600,000 $40,000 $640,000 4,620
Restaurant/Starbucks
336 01-81-50 Zoo-Cat/Bear Exhibit/2 Cages 1991 FALSE $600,000 $0 $600,000 6,000
342 01-81-50 Zoo-Gallery 1978 FALSE $475,000 $100,000 $575,000 5,712
918 01-81-50 Zoo-TX Wild-Train Stations 2001 TRUE $568,577 $0 $568,577
801 01-81-50 Zoo-Great Barrier Reef 1998 FALSE $546,000 $0 $546,000 3,000
Duff&Phelps I City of Ft Worth May 1,2018 ,
954 01-81-50 Zoo-TX Wild Boardwalks 2001 FALSE $490,542 $0 $490,542
378 01-81-50 Zoo-Safari Gifts/Office 1978 FALSE $400,000 $50,000 $450,000 1,784
949 01-81-50 Zoo-TX Wild Raptor Mews 2001 FALSE $391,928 $0 $391,928
1042 01-81-50 Zoo-Parrot Paradise 2004 FALSE $375,000 $0 $375,000 150
936 01-81-50 Zoo-TX Wild Bear Holding 2001 FALSE $355,264 $0 $355,264
929 01-81-50 Zoo-TX Wild Twister Bldg 2001 FALSE $316,071 $0 $316,071
340 01-81-50 Zoo-Pavilion#1 1999 FALSE $300,000 $0 $300,000 3,500
1063 01-81-50 ARCC-Outdoor Center 2007 FALSE $300,000 $0 $300,000 6,000
941 01-81-50 Zoo-TX Wild Costal Aviary 2001 FALSE $279,407 $0 $279,407
349 01-81-50 Zoo-Giraffe House 1990 FALSE $275,000 $0 $275,000 1,800
362 01-81-50 Zoo-Rhino(Asian) 1990 FALSE $275,000 $0 $275,000 2,196
368 01-81-50 Zoo-TX.Exhibit/Play Barn 1988 FALSE $265,500 $0 $265,500 2,614
1122 01-81-50 Chesapeake Restrooms 2010 FALSE $250,000 $0 $250,000 1,040
928 01-81-50 Zoo-TX Wild Dining Deck 2001 FALSE $208,607 $0 $208,607
1209 01-81-50 TX Wild Education Cabin 2012 FALSE $200,000 $0 $200,000 1,600
922 01-81-50 Zoo-TX Wild Goat Holding 2001 FALSE $171,943 $0 $171,943
921 01-81-50 Zoo-TX Wild-Petting Yard 2001 FALSE $165,621 $0 $165,621
838 01-81-50 Zoo-Picnic Pavilion#2 1999 FALSE $165,000 $0 $165,000 1,400
916 01-81-50 Zoo-TX Wild-Stockyard Barn 2001 FALSE $145,393 $0 $145,393
931 01-81-50 Zoo-TX Wild Interpretive Bridge 2001 FALSE $141,600 $0 $141,600
927 01-81-50 Zoo-TX Wild Viewing Deck 2001 FALSE $139,071 $0 $139,071
935 01-81-50 Zoo-TX Wild Alligator Holding 2001 FALSE $139,071 $0 $139,071
932 01-81-50 Zoo-TX Wild Deer Barn 2001 FALSE $136,542 $0 $136,542
940 01-81-50 Zoo-TX Wild Aviary Holding 2001 FALSE $122,636 $0 $122,636
950 01-81-50 Zoo-TX Wild Vestibule/Holding 2001 FALSE $121,371 $0 $121,371
1124 01-81-50 Zoo-Flamingo Exhibit&Holding Bldg. 2009 FALSE $120,000 $0 $120,000
1125 01-81-50 Zoo-Lesser Flamingo Night House 2009 FALSE $120,000 $0 $120,000
369 01-81-50 Zoo-TX.Exhibit/Blacksmith Barn 1988 FALSE $108,729 $0 $108,729 400
Duff&Phelps I City of Fort Worth May 1,2018 8
937 01-81-50 Zoo-TX Wild Otter Holding 2001 FALSE $108,729 $0 $108,729
930 01-81-50 Zoo-TX Wild Small Mammal Holding 2000 FALSE $107,464 $0 $107,464
344 01-81-50 Zoo-Elephant Ofc/Hay Storage 1985 FALSE $100,000 $4,000 $104,000 1,000
1064 01-81-50 ARCC-Greenhouse 2007 TRUE $100,000 $0 $100,000 1,500
337 01-81-50 Zoo-Cheetos xhibit./Bongo Nighthouse 1994 FALSE $80,000 $0 $80,000 3,000
1123 01-81-50 Zoo-Hospital Crocodile Barn 2010 FALSE $75,000 $75,000
334 01-81-50 Zoo-Black/White Rhino House 1990 FALSE $70,000 $0 $70,000 2,000
332 01-81-50 Zoo-Bird Bldg/Office &Storage 1925 FALSE $65,000 $1,000 $66,000 1,188
355 01-81-50 Zoo-Lion House 1970 FALSE $50,000 $15,000 $65,000 250
338 01-81-50 Zoo-Cheetos Exhibit./Cheetah Nighthouse 1994 FALSE $60.000 $0 $60,000 2,500
952 01-81-50 Zoo-TX Wild Plaza/Exit Bridge 2001 FALSE $56,893 $0 $56,893
360 01-81-50 Zoo-IBEX 1970 FALSE $50,000 $2,000 $52,000 225
356 01-81-50 Zoo-Kangaroo Barn 1923 FALSE $50,000 $0 $50,000 500
357 01-81-50 Zoo-Maintenance Shop 1970 FALSE $50,000 $0 $50,000 1,608
788 01-81-50 Zoo-Flamingo Bay/Nighthouse 1996 FALSE $50,000 $0 $50,000 192
835 01-81-50 Zoo-Special Events Bldg(Metal Barn) 1999 FALSE $50,000 $0 $50,000 1,800
852 01-81-50 Zoo-Special Events-Exhibit Area 1999 FALSE $50,000 $0 $50,000
919 01-81-50 Zoo-Entry Bridge 1998 FALSE $50,000 $0 $50,000
1065 01-81-50 Hospital Hoofstock Barn 1999 FALSE $50,000 $0 $50,000 600
933 01-81-50 Zoo-TX Wild Wolf Holding 2001 FALSE $44,250 $0 $44,250
358 01-81-50 Zoo-Monkey House 1925 FALSE $40,000 $0 $40,000 500
836 01-81-50 Zoo-Special Events-Wolf Viewing 1999 FALSE $35,000 $0 $35,000 400
925 01-81-50 Zoo-TX Wild Outdoor Service Area 2001 FALSE $29,078 $0 $29,078
335 01-81-50 Zoo-Cage Bird Shelter 1978 FALSE $25,000 $1,000 $26,000 640
346 01-81-50 Zoo-Australian Area 1971 FALSE $25,000 $1,000 $26,000 339
345 01-81-50 Zoo-Entry Gate Ticket 1992 FALSE $25,000 $0 $25,000 200
Duff&Phelps I City of Fort Worth May 1,2018 9
363 01-81-50 Zoo-Monkey Business Concessions 1992 FALSE $25,000 $0 $25,000 500
938 01-81-50 Zoo-TX Wild Bear Viewing Structure 2001 FALSE $22,757 $0 $22,757
353 01-81-50 Zoo-Hoofed Animal House/ANCA 1975 FALSE $20,000 $2,000 $22,000 1,080
347 01-81-50 Zoo-Spurthighed Tortoise House 1978 FALSE $20,000 $1,000 $21,000 279
339 01-81-50 Zoo-Cheetos Exhibit/Warthog Nighthouse 1994 FALSE $20,000 $0 $20,000 400
351 01-81-50 Zoo-Hoofed Animal Hse/Gerenuk/Kudu 1971 FALSE $20,000 $0 $20,000 864
352 01-81-50 Zoo-Hoofed Animal Hse/Zebra 1971 FALSE $20,000 $0 $20,000 864
333 01-81-50 Zoo-Bird Exhibit Cage 1992 FALSE $3,750 $0 $3,750 75
367 01-81-50 Zoo-Thick-Billed Parrot 1992 FALSE $3,750 $0 $3,750 75
Fort Worth Zoo Concession Building 2015 FALSE $123,720 $123,720 256
Fort Worth Zoo-Bathhouse 2015 FALHE $263,320 $263,320 1,288
Fort Worth Zoo Play/Shade 2015 $1,650,161 $1,650,161
Structures/Equipment
Fort Worth Zoo Filter/Pump House 2015 FALRE $40,000 $40,000 416
Duff&Phelps I City of Fort Worth May 1,2018 10