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<br />,. Mr. John Meyer <br />May 19,2005 <br />Page 5 <br /> <br />BUDGET <br /> <br />The budget for the work program and work products described in this proposal is shown below. <br /> <br />Professional Services <br />Study Area Evaluation <br />Competitive Shopping Areas <br />Business Interviews <br />Trade Area <br />Retail Development Potential <br />Residential Market Demand <br />Design Consulting <br />Report Preparation <br />Meetings <br />Total Professional Services <br /> <br />Bude:et <br />$ 1,700 <br />2,900 <br />1,250 <br />2,900 <br />3,700 <br />4,800 <br />1,800 <br />1,500 <br />2.000 <br />$ 22,550 <br /> <br />Expenses (Estimated) <br />Mileage <br />Demographics <br />Computer <br />Report Production <br />Reproduction <br />Miscellaneous <br />Total Expenses <br /> <br />TOTAL BUDGET <br /> <br />$ 75 <br />450 <br />125 <br />1,200 <br />100 <br />100 <br /> <br />$ 2,050 <br /> <br />$ 24.600 <br /> <br />The professional fees for the services outlined in this proposal total $22,500 and will be <br />performed at a price not-to-exceed that amount. Expenses, estimated at $2,050, 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 $250 for principals, $185 for executive <br />associates, $125 for senior associates, $100 for associates, and $75-$100 for consultants. <br /> <br />Company policy requires a retainer of approximately one half of the estimated budget for the <br />project or $12,300. 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 retail and residential development potential in Centerville. Our report will <br />be prepared for that purpose and will be subject to the following qualifications: <br />