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Board of Directors July 29,2015 La Porte Redevelopment Authority Page 5 Engagement,Administration Fees and Other (Continued) We expect to present a draft of the audit report within 45 days of the availability of the Authority's accounting records. Chris Swedlund is the engagement partner and is responsible for supervising the engagement and signing the report or authorizing another individual to sign the report. Our fees for these services will be at our standard hourly rates and include any other direct charges. Our standard hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit. The following is an estimate of our fees for the audit included in this engagement letter: • Audit of the Authority financial statements for the year ended September 30, 2015, to range between$7,000 and$8,000 ' If for any reason our services are terminated prior to issuance of a final report, our engagement will be deemed to have been completed, even if we have not completed our report. The Authority will be obligated to compensate us for our time expended and to reimburse us for all out-of-pocket costs through the date of termination. The above fee is based on anticipated cooperation from your consultants and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary,we will discuss it with you and arrive at a new fee estimate before we incur the additional costs. You agree that any dispute regarding this engagement will,prior to resorting to litigation,be submitted to mediation upon written request by either party. Both parties agree to try in good faith to settle the dispute in mediation. The American Arbitration Association will administer any such mediation in accordance with its Commercial Mediation Rules. The results of the mediation proceeding shall be binding only if each of us agrees to be bound. We will share any costs of mediation proceedings equally. We believe this letter accurately summarizes the significant terms of the engagement. If you have any questions, please let us know. If you agree with the terms of the engagement as described in this letter, please sign the enclosed copy and return it to us. We appreciate the confidence you have placed in us by retaining this firm as your independent auditor in this matter. Sincerely, xcl�g zakn J04LVt ' McCall Gibson Swedlund Barfoot PLL'C Certified Public Accountants This letter correctly sets forth the understanding of the La Porte Redevelopment Authority. ' Signature Title Date Engagement Letter