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Contract Termination This termination agreement terminates the contract dated March 18, between Veritas Advisors, LLP (VER1TAS) and March 25, 2002 by the City of Moscow. The contract was to provide that VERIT AS would manage a capital campaign to Renovate Moscow's 1912 Center. This termination is due to economic forces and other less major causes. By accepting termination, both parties to the contract acknowledges that there are no outstanding obligations on the part of either party. Further, once the economy recovers and the City of Moscow, or an entity representing the city, initiates a new capital campaign, there is no obligation to VERITAS. VER1T AS would have the right to respond to a public Request for Proposal. Accepted by: Partner VERJTAS Advisors, LLP 2003-14 ---PAGE BREAK--- Memo To: Gary J. Riedner, cny Supervisor From: Randy Rice, Special Projects Manager Date: March 13, 2003 Re: 1912 Center Fundraising Contract with Veritas City of Moscow Following my recent meeting with Kirk Sullivan, we have mutually agreed to tenninate the Vetitas contract with the City of Moscow for the second phase of fundraising service in conjunction with the 1912 Center project. This action implies no dissatisfaction with the previous work perfonned by Mr. Sullivan or Veritas advisors. It does, however, reflect the current economic condition that continues to hamper the establishment of a sound fundraising campaign. At this point, it appears that the State of Idaho may yet be 18 months away from a turnaround sufficient to justify such a campaign. Should it be detennined at that time that the City wishes to retain a fundraiser, an RFP process can be initiated. The original contract with Vetitas called for total compensation of $181,000. Total expenses paid up to contract tennination are $76,990.01. Rscal year 2003 budget implication shows an actual expense of $8,697.01 against a budgeted expense of $82,000.