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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 $75,000 <br /> Design Certification for the <br /> Red Morton Playground <br /> Fundraising City's receipt of the $75,000 <br /> Playground Funds in full <br /> from Magical Bridge <br /> Community Engagement The latter of (i) the date of $75,000 <br /> the Opening Event; or (ii) the <br /> last transfer of the Excess <br /> Funds to City <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 /> ATTY/AGR/2016.252/MAGICAL BRIDGE PLAYGROUND <br /> REV: 09-08-16 MK <br /> Page 18 of 23 <br />