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Mr. James E. Norman <br />January 6, 2003 <br />Page 5 <br /> <br />Expenses (Estimated) <br /> <br />Travel <br />Demographics <br />Computer <br />Report Production <br />Miscellaneous <br /> Total Expenses <br /> <br />$ 125 <br /> 200 <br /> 100 <br /> 750 <br /> 50 <br /> <br />$ 1~225 <br /> <br />TOTALBUDGET <br /> <br />$12,425 <br /> <br />The professional fees for the services outlined in this proposal total $11,200 and will be <br />performed at a price not-to-exceed that amount. Expenses estimated at $1,225 are to be <br />reimbursed based on actual cost. The budget is based on the amount of time required to perform <br />the work tasks and our normal hourly billing rates of $220 for principals, $160 for executive <br />associates, $110 for associates, and $75-$85 for consultants. <br /> <br />Company policy requires a retainer of approximately one half the estimated budget for the <br />project or $6,000. The retainer will be applied to the final invoice as a credit for billing of <br />professional services and expenses. Invoices for professional services and expenses will be <br />rendered at mid-month and month-end as our work progresses. <br /> <br />Standard billing terms are net ten days. A finance charge of 1.5 percent will be charged on all <br />unpaid balances outstanding more than 30 days. <br /> <br />REPORT PURPOSE <br /> <br />This proposal was prepared with the understanding that the results of our work will be. used by <br />the client to evaluate redevelopment potential of the TH-47 and Industrial Avenue commercial <br />area. Our report will be prepared for that purpose and will be subject to the following <br />qualifications: <br /> <br />· Our analysis will not ascertain the legal and regulatory requirements applicable to this <br /> project, including zoning, other state and local government regulations, permits and <br /> licenses. No effort will be made to determine the possible effect on the proposed project <br /> of present or future federal, state or local legislation, or any environmental or ecological <br /> matters. <br /> <br />· Our report and analysis will be based on estimates, assumptions and other information <br /> developed from research of the market, knowledge of the industry and discussions with <br /> the client. Some assumptions inevitably will not materialize and unanticipated events <br /> and circumstances may occur; therefore, actual results achieved will vary from the <br /> analysis. <br /> <br />· Our analysis will not evaluate management's effectiveness or be responsible for future <br /> marketing efforts and other management actions upon which actual results are dependent. <br /> <br />· Our report will be intended solely for the purpose described above and should not be used <br /> <br /> <br />