1. ASSET MANAGEMENT SERVICES Asset management services include but are not limited to managing MIC as an asset class, conducting long-range planning and analysis, and overseeing market or approving the day-to-day decisions for physical property management and financial management. More specifically, this shall include: a) Provide analysis, planning, and best practice advice to the University. This includes upfront analysis of assets, asset quality compared to market, and recommendations involving leases, real estate leasing, real estate markets, tenant cultivation and rates, sale, retention, and redevelopment. b) Meet with University representatives on a quarterly basis (or as agreed upon) to present a full quarterly asset management report and to discuss results of analysis. Contractor shall also meet on-site at MIC with University representatives semi-annually, or upon specially called meetings, for facility inspection and discussions. c) Prepare and analyze monthly financial statements and review other financial and operating data from its property and fiscal managers in order to measure performance and determine if goals are being met. Contractor is expected to evaluate alternatives as necessary and present findings to the University. Goals are to be set mutually by University and Contractor for upcoming performance periods. d) Examine the financial, leasing, and property management aspects of the property. Examine physical considerations such as capital improvements, renovations and retrofits. Present re-development options to the University. e) Provide recommendations to the University for its decision and assist the University with all stages of the decision-making process relating to: feasibility and market studies, budgeting, strategic and financial analysis, and development projects. f) Pursue and Receive inquiries from potential users/lessees of MIC, and refer inquires to the University. Shall offer tours of the facility and answer related questions. 2. PROPERTY MANAGEMENT SERVICES In general, Contractor has the authority to make and implement day-to-day operational decisions to manage MIC. Major issues affecting the operations of MIC are to be brought to the attention of the University for its decision. Using its best efforts to properly manage MIC, Contractor shall: a) Provide on-site personnel Monday-Friday, 8:00 AM – 1:00 PM. Personnel shall staff the Management Office to respond to in person tenant inquiries, follow up with maintenance requests, and perform on-site inspection of the facilities to ensure all equipment and space is in proper working order. b) Respond to all tenant requests and inquiries with prompt attention and professional follow-up. Create a tracking process to document all requests, inquiries, activities, actions taken and any follow-through necessary. Provide 24/7 emergency response service via cell phone or alternative message system within 30 minutes. c) Stay within the approved operating budget and capital expenditure budget, reconciling the Common Area Maintenance (CAM) budget to actual expenditures annually and invoicing tenants accordingly. Other than emergency expenditures, obtain the University’s prior approval for additional maintenance expenditures and non-budgeted purchases and contracts beyond those authorized in the approved operating budget. d) Assess, develop, and implement an annual operations plan to include vendor management for all of the services required to operate a first-class building. Manage all vendor service contracts, including but not limited to: janitorial, A/C, landscaping, alarm and lock services, and elevator. Contractor shall follow the spirit and best practices of the State Procurement Code to obtain a reasonable price in an open and fair competition when engaging vendors and selecting goods and services. e) Assess, develop, and execute an annual procurement plan to operate the property to include all supplies needed for operations, capital improvements, and tenant improvements.
