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SCOPE OF WORK A. The City will be contracting with the lowest and best bidder to perform the Parking Lot construction improvements pursuant to plans and specifications to be prepared by the City. The work consists of capital improvements to the parking lot that includes resurfacing, new landscaping, upgrading the irrigation system, enhancing the parking equipment and upgrading the lighting to comply with current codes. The Agency is also seeking to upgrade the equipment by removing the individual parking meters and installing a single pay station that will service the entire Parking Lot. B. It is the responsibility of the City to pay all development and construction costs in connection with these Publicly Owned Improvements from funds paid to the City by the Agency under this Agreement. C. The Agency authorized the City to collect all parking revenues from said Parking Lot on behalf of the Agency and all money deposited in said parking meters /pay station shall be deposited in a special fund, to be known as the 'Parking Meter Fund," and shall be used exclusively for the purchase, installation, maintenance, repair, servicing and policing of said parking meters and pavement markings in the traffic zones wherein parking is regulated or controlled by parking meters for the proper regulation of traffic, the elimination of traffic violations upon the public streets of the city, for the elimination of traffic hazards, the realignment, improvement and widening of streets to expedite orderly traffic movement, the purchase, installation and maintenance of mechanical traffic - control devices, and the purchase or lease and operation of land for off - street parking within the City, or any of them, as the council may determine. D. The City shall perform its obligations hereunder in accordance with all applicable provisions of federal, state and local laws, including its obligation to comply with environmental laws such as CEQA, and shall timely complete the work required for the Publicly Owned Improvements referenced herein. 2. COMPENSATION AND METHOD OF PAYMENT The Agency shall contribute to the construction of the Publicly Owned Improvements in an amount not to exceed Two Hundred Sixty Two Thousand Seven Hundred Twenty Five Dollars ($262,725.00), with the breakdown of project costs as shown in Exhibit A attached hereto and incorporated herein. The Agency shall pay the City the actual cost incurred by the City for the Publicly Owned Improvement construction work set forth in Section 1. The amount to be paid by the Agency hereunder shall be paid in the same fiscal year as the year in which the debts are incurred by the City. LIABILITY AND INDEMNIFICATION In contemplation of the provisions of Section 895.2 of the Government Code of the State of 2