Agmt17 Premia 550 Owner, LLC - Laserfiche WebLink

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estimate for the cost of permitting, constructing and installing the Improvements is Three Hundred Fourteen Thousand One Hundred Sixty Three Dollars and Seventy Five Cents $314,163.75, including a 15% contingency and a 10% city staff oversight fee, as documented in Exhibit A. The estimate for the cost of designing the improvements is Thirty Four Thousand, Nine Hundred and Forty Two Dollars ($34,942.00), as documented in Exhibit B. The estimate for the total cost of designing, permitting, constructing and installing the Improvements is Three Hundred Forty Nine Thousand One Hundred Five Dollars and Seventy Five Cents ($349,105.75). 3. Fundine for Improvements. (a) Developer shall bear 30 percent of all costs and expenses, including staff, consultant, and attorney time, directly or indirectly incurred or payable by City in connection with the permitting, design, construction and installation of the Improvements (the "Developer's Fair Share of Improvement Costs"). The estimated Developer Improvements Costs as of the Effective Date are One Hundred Four Thousand Seven Hundred and Thirty One Dollars and Seventy Two Cents ($104,731.73), which represents 30 percent of the total estimated cost of designing, permitting, constructing and installing the Improvements set forth in Exhibit A. City acknowledges that Developer has already incurred expenses for the costs associated with the design of the Improvements in the amount of Thirty Four Thousand, Nine Hundred Forty Two Dollars ($34,942.00) ("Developer Credits") set forth in Exhibit B'attached hereto and incorporated by reference herein. The Developer Credits shall be credited towards the Developer's Fair Share of Improvement Costs. (b) Concurrently with Developer's execution of this Agreement, Developer shall deposit with City the sum of Sixty Nine Thousand, Seven Hundred EightyNine Dollars and Seventy Three Cents ($69,789.73) in cash or other immediately available funds which represents Developer's Fair Share of Improvement Costs less Developer Credits (the "Deposit"). City may maintain the Deposit in an interest-bearing account, with interest to accrue toward the Developer's Fair Share of Improvement Costs. The Deposit, as may be increased pursuant to subsection (c), together with the Developer Credits are referred to herein as "Total Developer Payments". (c) hi the event the City determines, in its reasonable discretion, that the actual Developer's Fair Share of Improvement Costs will exceed the Total Developer Payments, Developer shall fund the estimated amount of difference by depositing such amount with City in cash or other immediately available funds within 30 calendar days of receipt of City's written request therefor, provided such request is delivered no later than five years after the Effective Date and is supported by adequate documentation of the cost exceedance ("Additional Deposit"). Notwithstanding the foregoing, the Additional Deposit shall be capped at Twenty Thousand, Nine Hundred Forty Six Dollars and Thirty Five Cents ($20,946.35) which represents 20% of the originally estimated Developer's Fair Share of Improvement Costs, and City may maintain the Additional Deposit in an interest-bearing account, with interest to accrue toward the Developer's Fair Share of Improvement Costs. In the event bid prices come in higher than Total Developer Payments, including the Additional Deposit, Developer agrees to meet with City and consider funding any additional amount necessary to cover the lowest bid price received. REV: 05-25-17 VR Page 2 of 6 ATTY/AGR.2017.121/PREMIA 550 OWNER, LLC - Agreement to Fund Required Improvements