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<br />AGREEMENT C-6-0069 <br /> <br />I <br /> <br /> <br />2 <br /> <br /> <br />3 <br /> <br /> <br />4 <br /> <br /> <br />5 <br /> <br /> <br />6 <br /> <br /> <br />7 <br /> <br /> <br />8 <br /> <br /> <br />9 <br /> <br /> <br />10 <br /> <br /> <br />II <br /> <br /> <br />12 <br /> <br /> <br />13 <br /> <br /> <br />14 <br /> <br /> <br />IS <br /> <br /> <br />16 <br /> <br /> <br />17 <br /> <br /> <br />18 <br /> <br /> <br />19 <br /> <br /> <br />20 <br /> <br /> <br />21 <br /> <br /> <br />22 <br /> <br /> <br />23 <br /> <br /> <br />24 <br /> <br /> <br />25 <br /> <br /> <br />26 <br /> <br />PROJECT, then the balance to be applied to improvements to be funded with the ADDITIONAL <br />FUNDING for PHASE III and PHASE IV of the PROJECT. Nothing contained herein obligates the <br />CITY to sell such surplus property or guarantees any particular amount of fund returned to <br />AUTHORITY. <br />ARTICLE 5. RESPONSIBILlTES OF AUTHORITY <br />AUTHORITY agrees to the following responsibilities for PROJECT: <br />A. Fundinq- AUTHORITY will remit to CITY in accordance with Article 8, "PAYMENTS', <br />the sum of One Hundred Twenty Five Million Dollars ($125,000,000.00) payable per the cash flow <br />model identified herein as Exhibit D, entitled "Semi-Annual Maximum Obligation for the Bristol Street <br />Widening Project". If funds become unavailable, AUTHORITY reserves the right to no longer <br />provide funding towards the completion of PHASE I and PHASE /I of the PROJECT. AUTHORITY <br />shall notify CITY promptly in writing of such. At which time, AUTHORITY and CITY will work <br />together to develop an acceptable close-out plan for PROJECT. <br />B. Pavment- AUTHORITY will first pay CITY within ten (10) business days of execution <br />of this Agreement and receipt of an acceptable invoice and for each additional payment provided for <br />herein until AUTHORITY'S maximum obligation hereunder is paid in full. An acceptable invoice <br />format for all payment requests is shown in Exhibit E, entitled "Sample Invoice," attached to and, by <br />this reference, incorporated in and made part of this Agreement. Requests for payments shall be <br />made in accordance with Article 8, "PAYMENTS". <br />C. Maximum Obliqation- Notwithstanding any provisions of this Agreement to the <br />contrary, AUTHORITY and CITY mutually agree that AUTHORITY's maximum cumulative payment <br />obligation for PHASE I and PHASE /I of the PROJECT shall be One Hundred and Twenty-Five <br />Million Dollars ($125,000,000.00), In no way shall the AUTHORITY's maximum obligation exceed <br />this amount. The AUTHORITY and CITY agree to a distribution of money semi-annually as <br />identified in Exhibit D attached to and, by this reference, incorporated in and made part of this <br />Agreement this Agreement. If CITY incurs additional costs, direct or indirect inclusive, AUTHORITY <br /> <br />Page 4 of 26 <br />