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Proposals, whereby the minimal park requirements are two acres <br />per one thousand population; and <br />WHEREAS, CITY has further delineated park and recreation lands <br />and facilities in its General Plan, page 19, workbook 4, existing <br />and proposed; <br />NOj+7, THEREFORE, FOR AND IN C0IN7SIDERATION OF THE MUTUAL PROMISES, <br />COVENANTS AND CONDITIONS HEREINAFTER SET FORTH, THE PARTIES <br />HERETO AGREE AS FOLLOWS: <br />I <br />The Bike Trail (5e9 acres) legal description is attached and <br />incorporated herein in its entirety for the purposes of this <br />agreement. <br />II <br />The parties hereto agree that the cost of acquisition for recrea- <br />tional use of the revenue sharing project site described in <br />paragraph I above -shall be equally divided between the CITY and <br />the COUNTY and the CITY shall pay 50% of the project cost, or <br />Thirty Two Thousand Five Hundred Dollars ($32,500), and the COUNTY <br />shall pay 500 of the project cost, with a ceiling price of Thirty <br />Two Thousand Five Hundred Dollars ($32,500) or a lesser amount, <br />if the CITY°S cost of acquisition after the date of the agreement <br />decreases. CITY shall be responsible for the cost of overhead, <br />operation and maintenance, such costs are not to be included in <br />thie joint funding agreement. Monthly payments by the COUNTY, <br />based on actual expenditures, shall be made upon tender of <br />2 <br />