Laserfiche WebLink
COUNTY toward ACTUAL CONSTRUCTION COSTS on or after the <br />execution of this AGREEMENT shall count toward the $5,000,000 to be <br />contributed by COUNTY and will be applied toward costs of construction as <br />necessary to cover any discrepancy between available CITY payment funds and <br />ACTUAL CONSTRUCTION COSTS as they become due and payable. <br />2.3 CITIES' Contribution: The remainder of MAXIMUM CONSTRUCTION <br />COSTS beyond the five million dollars ($5,000,000.00) paid by COUNTY <br />( "CITIES' SHARE OF MAXIMUM CONSTRUCTION COSTS ") will be <br />divided among the CITIES based on the formula set forth in Exhibit D, attached <br />hereto. Each CITY'S respective percentage share of CITIES' SHARE OF <br />MAXIMUM CONSTRUCTION COSTS, as determined by said formula, is also <br />set forth on Exhibit D. On that date which is five (5) years after the full <br />execution of this AGREEMENT, each CITY'S respective percentage share of <br />CITIES' SHARE OF MAXIMUM CONSTRUCTION COSTS shall be <br />recalculated based on the same formula as set forth in Exhibit D but using then <br />current statistical data. If any CITY'S respective percentage share of CITIES' <br />SHARE OF MAXIMUM CONSTRUCTION COSTS is altered by the <br />recalculation by more than five percentage points, then each CITY'S total share <br />of CITIES' SHARE OF MAXIMUM CONSTRUCTION COSTS shall be <br />recalculated so that the originally calculated percentage shall be applied to one <br />half of CITIES' SHARE OF MAXIMUM CONSTRUCTION COSTS and the <br />recalculated percentage shall be applied to the second half of CITIES' SHARE <br />OF MAXIMUM CONSTRUCTION COSTS. All future payments owed by <br />each CITY shall be adjusted based on the results of the recalculation of each <br />such CITY'S total share of CITIES' SHARE OF MAXIMUM <br />CONSTRUCTION COSTS. If said adjustment results in a reduction in the <br />amount owning by any CITY that, as of that time, has already fully paid its <br />share of the MAXIMUM CONSTRUCTION COSTS, such reduction shall be <br />credited as an offset against future charges, if any, under such CITY'S <br />SERVICES AGREEMENT. If said adjustment results in an increase in the <br />amount owning by any CITY that, as of that time, has already fully paid its <br />previously calculated share of the MAXIMUM CONSTRUCTION COSTS, the <br />amount of such increase shall be due and payable pursuant to the same payment <br />schedule as those CITIES that have not elected to prepay their share of <br />MAXIMUM CONSTRUCTION COSTS, subject to the same prepayment <br />option. COUNTY shall, upon request of a CITY, provide the requesting CITY <br />with copies of the data and documents used to calculate each CITY's percentage <br />share of CITIES' SHARE OF MAXIMUM CONSTRUCTION COSTS. <br />