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HomeMy WebLinkAbout3rd Extension 12/10/2025 GVS COURTq° o: A Kevin Madok, CPA - �o ........ � Clerk of the Circuit Court& Comptroller Monroe County, Florida �z cooN DATE: January 1, 2026 TO: Beth Leto, Airports Business Manager, KWIA FROM: Liz Yongue, Deputy Clerk SUBJECT: December 10, 2025 BOCC Meeting The following item has been executed and added to the record: I2 3rd Extension to the Financial Advisor Consultant Services Agreement with Frasca& Associates, LLC extending the agreement for one (1) additional year through March 16, 2027, for continued financial advisory services to the Key West International Airport. Task Orders will be funded by Airport Operating Fund 404. Should you have any questions please feel free to contact me at(305) 292-3550. cc: County Attorney Finance File KEY WEST MARATHON PLANTATION KEY 500 Whitehead Street 3117 Overseas Highway 88770 Overseas Highway Key West, Florida 33040 Marathon, Florida 33050 Plantation Key, Florida 33070 3rd EXTENSION TO THE AGREEMENT FOR FINANCIAL ADVISOR CONSULTANT SERVICES KEY WEST INTERNATIONAL AIRPORT TERMINAL EXPANSION PROGRAM THIS 3rd EXTENSION AGREEMENT is made this loth day of December, 2025 by and between Monroe County, a political subdivision of the State of Florida,whose address is 1100 Simonton Street, Key West, (hereinafter called "COUNTY") and Frasca & Associates, LLC of the State of New York, NY whose address is 521 Madison Avenue, 7th Floor, New York, NY 10022, its successors and assigns (hereinafter referred to as "CONSULTANT" or "CONTRACTOR"). WITNESSETH WHEREAS, on the 17th day of March 2021 the County entered into an agreement with CONSULTANT to provide financial advisor services to the Key West International Airport for the Terminal Expansion Program (hereinafter Original Agreement); and, WHEREAS, on the 21st day of February 2024,the COUNTY into the 1st extension to the Original Agreement with CONSULTANT; and WHEREAS, on the llth day of December 2024, the COUNTY into the 2nd extension to the Original Agreement with CONSULTANT; and WHEREAS,the COUNTY has been engaged in a major capital improvement program at Key West International Airport(hereinafter KWIA); and WHEREAS, the capital improvement program includes the Concourse A and Terminal Improvements project, the consolidated rental car facility (hereinafter CONRAC)project, as well as airport rescue and firefighting (hereinafter ARFF) facilities projects; and WHEREAS, CONSULTANT has been intimately involved in the initial financing of the COUNTY's capital improvements program as well as the ongoing cash flow analysis and rating agency reporting requirements; and WHEREAS, to ensure that there is no disruption that could adversely affect the COUNTY's bond rating and it's ability to finance the ongoing capital improvements program the COUNTY desires to enter into this 3rd extension to the Original Agreement; and WHEREAS, by operation of this Agreement the COUNTY desires to add, and exercise the option, for a 3rd one year term; and WHEREAS, the COUNTY and the CONSULTANT have found the Original Agreement to be mutually beneficial. NOW, THEREFORE, in consideration of the mutual promises and covenants.set forth below, the parties agree to amend the original agreement as follows: SECTION'1. This extension shall become effective on March 17, 2026. SECTION 2. Article 1.1 TERM OF AGREEMENT of the Original.Agreement is amended to read as follows: 1.1 TERM OF AGREEMENT The term of:this agreement commences March 17, 2026, and ends on March 16, 2027. SECTION 3. The following language is appended to the SCOPE OF SERVICES,.EXHIBIT A: C. :Additional •Services: During the absence of the Deputy Director, Airport Finance Administration, and upon request from the Executive Director of Airports, CONSULTANT shall assist, advise and otherwise provide those services the Deputy Director, Airport Finance & Administration would provide. SECTION 4. All other provisions.of the March 17, 2021,.Original Agreement, not inconsistent herewith, shall remain in full force and effect. IN WITNESS WHEREOF, each party has caused this 3rd Extension to the Agreement for Financial Advisor Consultant Services, Key West International Airport Terminal Expansion Project, to be executed by its duly authorized representative. '' t• � ..max.4 � � r r'a. SEAL;• ,, p v y�)a�...� . BOARD:OF COUNTY:COMMISSIONERS.. ti -• : -;AtATTES i? a°� KEVIN MADOK CLERK OF MONROE COUNTY, FLORIDA ▪ w '''''ir:::-Vg.7-':::-:.5::''-.1'-1 !LZ-1--'''''4,\V::`',''''''''1-.),I i _ '1‘, r ,,.....rr �6T'j ' ' ,,,,„,,,„...1--b` .�'� ' 7�5 Y f +,�'�Soi°' 4 V.4111,1411r7r1 ...I,' _ 1 :" 3 By_ : :d By ..)A u '.y.'s -: f ,,,fin' -:';:. :: ��GaAs Duty Clerk Mayor ATTEST ' ' ._, ASSOCIATES, L .C.FRASCA�& m,Jwvr l i 7' *" By = By , w: .;a. T_Title Principal Title Principal : E A R i�OV,EDUNTY R Q��Y 2 ,,1y PEp'o SSI. :,. 'G UNTY� ATTORNEY Date 11/13/2 5 F RAS&AS-01 RP E RSAU D ACORO"° CERTIFICATE OF LIABILITY INSURANCE DAT2/5/2 D/YYYY) 025 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER.THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S),AUTHORIZED REPRESENTATIVE OR PRODUCER,AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED,the policy(ies)must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy,certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER CONTACT Radica Persaud NAME: World Insurance Associates, LLC PHONE FAX 1700 Broadway,7th Floor (A/C,No,Ext): (212)252-7121 2840 (A/C,No): New York,NY 10019 E-MAIL radicapersaud@worldinsurance.com INSURERS AFFORDING COVERAGE NAIC# INSURERA:Hartford Underwriters Insurance Company 30104 INSURED INSURER B: Frasca&Associates,LLC 521 Madison Avenue INSURERC: 7th Floor INSURER D: New York,NY 10022 INSURER E: INSURER F: COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES.LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR TYPE OF INSURANCE ADDL SUBR POLICY NUMBER POLICY EFF POLICY EXP LIMITS LTR INSD WVD MMIDD/YYYY MMIDD/YYYY A X COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $ 1,000,000 CLAIMS-MADE X OCCUR 13SBAAJ7NES 1/4/2025 1/4/2026 DAMAGE TO RENTED 1,000,000 X X PREMISES Ea occurrence $ MED EXP(Any oneperson) $ 10,000 PERSONAL&ADV INJURY $ 1,000,000 GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ 2,000,000 POLICY X JECT1:1 LOC PRODUCTS-COMP/OPAGG $ 2,000,000 OTHER: $ A AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT 1,000,000 Ea accident $ ANY AUTO X X 13SBAAJ7NES 1/4/2025 1/4/2026 BODILY INJURY Perperson) $ OWNED SCHEDULED AUTOS ONLY AUTOS BODILY INJURY Per accident $ X HIRED X NON-OWNED PROPERTY DAMAGE AUTOS ONLY AUTOS ONLY Per accident $ A X UMBRELLA LIAB X OCCUR EACH OCCURRENCE $ 5,000,000 EXCESS LIAB CLAIMS-MADE X X 13SBAAJ7NES 1/4/2025 1/4/2026 AGGREGATE $ DED X RETENTION$ 10,000 Umbrella Covera $ 5,000,000 WORKERS COMPENSATION PER OTH- AND EMPLOYERS'LIABILITY Y/N STATUTE ER ANY PROPRIETOR/PARTNER/EXECUTIVE ❑ E.L.EACH ACCIDENT $ OFFICER/MEMBER EXCLUDED? N/A (Mandatory in NH) E.L.DISEASE-EA EMPLOYEE $ If yes,describe under DESCRIPTION OF OPERATIONS below E.L.DISEASE-POLICY LIMIT $ DESCRIPTION OF OPERATIONS/LOCATIONS/VEHICLES (ACORD 101,Additional Remarks Schedule,may be attached if more space is required) Monroe County Board of County Commissioners as additional insured. AP 1fi T, I K DATE_.__W2.5.2s _m _....�. SEE ATTACHED ACORD 101 WAMP"_ - CERTIFICATE HOLDER CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE Monroe County Board of County Commissioners THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ty ty ACCORDANCE WITH THE POLICY PROVISIONS. 1100 Simonton Street Key West,FL 33040 AUTHORIZED REPRESENTATIVE The ACORD name and logo are registered marks of ACORD ACORD 25(2016/03) ©1988-2015 ACORD CORPORATION. All rights reserved. AGENCY CUSTOMER ID: FRAS&AS-01 RPERSAUD yam" LOC#: 1 A` ADDITIONAL REMARKS SCHEDULE Page 1 of 1 AGENCY NAMED INSURED World Insurance Associates, LLC Frasca i Associates,LLC 521 Madison Avenue POLICY NUMBER 7th Floor EE PAGE 1 New York,NY 10022 CARRIER NAIC CODE ,SEE PAGE 1 SEE P 1 EFFECTIVE DATE:SEE PAGE 1 The ACORD name and logo are registered marks of ACORD ADDITIONAL REMARKS THIS ADDITIONAL REMARKS FORM IS A SCHEDULE TO ACORD FORM, FORM NUMBER: ACORD 25 FORM TITLE: Certificate of Liability Insurance Description of Operations/Locations/Vehicles: Crime Coverage Insurer: Continental Casualty Company NAIC:20443 Policy Number: 596782833 Effective Date: 04/13/2024-04/13/2027 Limit: $100,000 Cyber Liability Coverage Insurer: Chubb Insurance Co., Ltd. NAIC: 10669 Policy Number: 64192982 Effective Date: 04/13/2024-04/13/2025 Limit: $ Employment Practices Liability Insurer:Westchester Surplus Lines Insurance Company NAIC: 10030 Policy Number: G46629528004 Effective Date: 04/13/2024-04/13/2025 Professional Liability Insurer: Houston Casualty Company NAIC:42374 Policy Number: H724122785 Effective Date: 01/11/2025-01/11/2026 Each Claim: $1,000,000 Aggregate: $3,000,000 Deductible:$10,000 Excess Professional Liability Insurer: Lloyds of London NAIC: 15792 Policy Number: HMPL21-0500 Effective: 01/11/2025-01/11/2026 Limit: $1,000,000 ACORD 101 (2008/01) ©2008 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD CDATE(MM/DD/YYYY) CERTIFICATE OF LIABILITY INSURANCE Acct# 2698881 F11/19/2025 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER,AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED,the policy(ies)must have ADDITIONAL INSURED provisions or be endorsed.If SUBROGATION IS WAIVED,subject to the terms and conditions of the policy,certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER CONTACT LOCKTON COMPANIES, LLC NAME: 3657 Briarpark Dr., Suite 700 A/CNNo,Ext: $$$828-8365 a/c No: E-MAIL it ins er certs locktonaffinit Houston,TX 77042 ADDRESS: p Y @ Y.com INSURER(S)AFFORDING COVERAGE NAIC# INSURERA: Indemnity Insurance Company of North America 43575 INSURED INSURER B: FRASCA&ASSOCIATES,LLC 521 MADISON AVE FL 7 INSURER C: NEW YORK,NY 10022-4378 INSURER D INSURER E: INSURER F: COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES.LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR TYPE OF INSURANCE ADDL SUBR POLICY EFF POLICY EXP LIMITS LTR INSD WVD POLICY NUMBER MMIDD/YYY MMIDD/YYY COMMERCIAL GENERAL LIABILITY EACH OCCURRENCE $ CLAIMS-MADE1:1 OCCUR DAM AGETORENTED PREMISES Ea occurrence $ MED EXP(Any one person) $ PERSONAL&ADV INJURY $ GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ POLICY❑ PRO- ❑ JECT LOC PRODUCTS-COMP/OP AGG $ OTHER: $ AUTOMOBILE LIABILITY COMBINED SINGLE LIMIT $ Ea accident ANY AUTO BODILY INJURY(Per person) $ ALL OWNED SCHEDULED A,pP BODILY INJURY(Per accident) $ AUTOS AUTOS - NON-OWNED ��"_.._.' � �"""'-"'" PROPERTY DAMAGE HIRED AUTOS AUTOS p�,rr.....�,�. ..1.g_�y._.._---.-- Per accident) $ WAW WA..`� —. $ UMBRELLA LAB OCCUR EACH OCCURRENCE $ EXCESS LIAB CLAIMS-MADE AGGREGATE $ DED RETENTION$ $ WORKERS COMPENSATION X PER OTH- AND EMPLOYERS'LIABILITY Y/N STATUTE ER ANY PROPRIETOR/PARTNER/EXECUTIVE E.L.EACH ACCIDENT $ 1,000,000 A OFFICER/MEMBER EXCLUDED? ❑ N/A C73948265 10/01/2025 10/01/2026 (Mandatory in NH) E.L.DISEASE-EA EMPLOYEE $ 1,000,000 If yes,describe under 1,000,000 DESCRIPTION OF OPERATIONS below E.L.DISEASE-POLICY LIMIT $ DESCRIPTION OF OPERATIONS/LOCATIONS/VEHICLES (ACORD 101,Additional Remarks Schedule,may be attached if more space is required) CERTIFICATE HOLDER CANCELLATION Monroe County Board of County Commissioners SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE 1100 Simonton Street THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. Key West FL 33040 AUTHORIZED REPRESENTATIVE @ 1988-2016 ACORD CORPORATION. All rights reserved. ACORD 25(2016/03) The ACORD name and logo are registered marks of ACORD