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ATTY/AGR/2016.252/MAGICAL BRIDGE PLAYGROUND <br />REV: 09-08-16 MK <br />Page 18 of 23 <br />EXHIBIT B – COMPENSATION AND PAYMENT TERMS <br />1. RETAINER. <br />The Retainer payments, referenced in Section 3 of the Agreement, shall be due as follows. <br />The first Retainer payment shall be due upon the Effective Date of this Agreement. City <br />shall make subsequent Retainer payments of twenty thousand dollars ($20,000) each on <br />each December 15, March 15, June 15, and September 15 thereafter up to the total amount <br />not to exceed one hundred twenty thousand dollars ($120,000) until the earlier of the <br />Opening Event or the termination of the Agreement. <br />2. MILESTONE PAYMENTS. <br />City shall pay Milestone Payments to Magical Bridge, referenced in Section 3 of the <br />Agreement, according to the following schedule: <br />Task Milestone Payment Amount <br />Kickoff Effective Date of Agreement $50,000 <br />Design City’s receipt of the Final <br />Design Certification for the <br />Red Morton Playground <br />$75,000 <br />Fundraising City’s receipt of the <br />Playground Funds in full <br />from Magical Bridge <br />$75,000 <br />Community Engagement The latter of (i) the date of <br />the Opening Event; or (ii) the <br />last transfer of the Excess <br />Funds to City <br />$75,000 <br /> <br />3. NOT TO EXCEED. <br />Payments from City to Magical Bridge under the Agreement shall not exceed three hundred <br />ninety five thousand dollars ($395,000). <br />4. INVOICES. <br />Magical Bridge shall submit to City a written invoice for each payment of the Retainer and <br />each Milestone Payment as it becomes due, and City agrees to pay all invoiced amounts <br />within thirty (30) days of the date of the applicable invoice. <br /> <br />6.1.N. - Page 21