REPORT TO STADIUM AUTHORITY BOARD
SUBJECT
Title
Action on a Consent to Assignment Agreement with Hagen, Streiff, Newton, & Oshiro Accountants, P.C. and J.S. Held LLC to provide consulting services for the Santa Clara Stadium Authority [Council Pillar: Ensure Compliance with Measure J and Manage Levi's Stadium]
Report
BACKGROUND
On September 20 2018, the Santa Clara Stadium Authority (Authority) and Hagen, Streiff, Newton, & Oshiro Accountants, P.C. (HSNO) entered into an agreement entitled, "Agreement for Services Between the Santa Clara Stadium Authority and Hagen, Streiff, Newton, & Oshiro Accountants, P.C.", (the "Original Agreement") in which HSNO agreed to provide services as a litigation consultant and perform a review of the financial statements and supporting documents provided by the San Francisco Forty-Niners. HSNO was also asked to provide the Authority with an identification of, and opinion on, the financial statement issues the Authority has. The Original Agreement was amended on April 12, 2019 to extend the contract expiration date to December 31, 2020 due to longer wait time for the supporting documents. The amendment also increased the contract amount by $100,000 to $200,000. The Authority approved to increase the contract amount due to the additional services needed to be performed by the consultant in obtaining the supporting documents. The increase was also necessary for HSNO to perform a review of the Construction Fund expense and cost allocation, and to perform other Stadium related business transactions or contracts identified by the Authority.
DISCUSSION
On November 14, 2019, the Authority received a request from HSNO to formally assign the professional services agreement with HSNO to J.S. Held LLC because the firm was acquired by J.S. Held LLC and will be operating under J.S. Held LLC. HSNO desires to have the Authority consent to the assignment of all rights, obligations and interest in the Original Agreement from HSNO to J.S. Held LL...
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