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2 <br /> PROFESSIONAL SERVICE CONTRACT <br /> Between <br /> The City of Decatur, Illinois <br /> And <br /> Signature Development&Consulting Group <br /> WHEREAS, The City of Decatur, Illinois, a municipal corporation(hereinafter referred to as City <br /> or "Client") is a Tripartite partner in the 2002 HOPE VI Implementation Grant for the Wabash <br /> Crossing (the "Grant") for the development utilizing the mixed-finance approach to public <br /> housing development(the"Project"); and <br /> WHEREAS, CTTY and The Signature Development& Consulting Group, (hereinafter refened to '� <br /> as "Signature" desire to enter into an agreement (hereinafter referred to as "Contract") under �i� <br /> which SIGNATURE shall provide services as set forth hereinafter; and <br /> WHEREAS, it is the objective of the parties to this Contract to ensure that the services provided <br /> by Signature are obtained in an effective, systematic and professional manner that is consistent <br /> with CITY needs. <br />, In consideration of the foregoing, and the mutual promises contained herein, CITY and Signature <br /> a ee as foll <br /> ows: <br /> �' <br /> I. SERVICES TO BE PROVIDED BY THE SIGNATURE DEVELOPMENT & <br /> CONSULTING GROUP <br /> Signature shall provide the consulting services to CTTY detailed in this Contract(See Appendix n <br /> TO COMPLETE THE MIXED FINANCE EVIDENTIARY CLOSING SUBMISSION WITH <br /> HUD FOR THE PHASES II AND III OF THE WABASH CROSSING REDEVELOPMENT. <br /> All services shall be performed in an effecrive systematic and professional manner. All services <br /> shall be performed in accordance with the Scope of Services attached hereto as Appendix I. <br /> Additional services as may be required shall be agreed to by mutual written agreement of both <br /> parties. <br /> II. PERIOD OF PERFORMANCE <br /> The term of this Contract will commence on the effective date of this Contract and continue until <br /> the obligarions of SIGNATURE are satisfactory completed with respect to the Scope of Services, <br /> when the Phases II and III of Wabash Crossing Mixed Finance is closed with HUD. Any changes <br /> to the period of performance may be accomplished only through mutual written agreement to this <br /> Contract by both parties. Time is of the essence in this Contract. <br /> III. COMPENSATION <br /> A. As consideration for sarisfactorily performing the scope of services set forth in <br /> Article I of this Contract, CI'TY shall pay to Signature the fixed amount of <br /> $200,000 for its services for all work consisting of deliverables and including <br /> representation of the CTTY in Mixed Finance Evidenriary documents drafting, <br /> review and negotiations to close HUD Evidentiary submission, inclusive of all <br />