Agmt07 Metropolitan Transportation Commision

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MTC/City of Redwood City Fair Oaks Community Shuttle Lifeline Transportation Program Funding Agreement / Page 2 of 12 2. TIME OF PERFORMANCE The services funded by this Agreement shall commence on or after August1 0,200 7,a nd RECIPIENT shall complete them by August30 , 2010, unless earlier terminated as hereinafter provided. 3. FUNDING AND METHOD OF PAYMENT A. Limitation in JARC Funding. JARC funds in the amount of eighty-six thousand three hundred twenty-four dollars ($86,324) are currently available for expenditure by RECIPIENT for the project. An additional forty-three thousand one hundred sixty-four dollars ($43,164) will become available for expenditure upon receipt ofMTC's Notice to Proceed which will be issued after execution ofthe JARC grantb etween FT A and MTC. RECIPIENT shall not incur JARC monies in excess of$86,324 until receipt ofMTC's Notice to Proceed. B. Compensation. Subject to the limitations contained in Subarticle 3.A. above, MTC agrees to provide RECIPIENT, on a cost reimbursement basis up to twenty-three percent (23%) of its projectc osts (based on percentage of total cost), or up to one hundred twenty-nine thousand four hundred eighty-eightd ollars ($129,488) in Lifeline Transportation Program funds for the purpose of funding the Project described in Attachment A. RECIPIENT will provide the remaining seventy-seven percent (77%) ofthe total project costs,a nd all staff supportn ecessary to complete the Project, as set forth in Attachment B, Proiect Budget. RECIPIENT estimates that the Projectw ill cost five hundred seventy thousand three hundred nineteen dollars ($570,319) to complete. C. Quarterly Payments. Subject to Subarticles 3.A and 3.B above, MTC agrees to make payments to RECIPIENT on a quarterly basis in arrears of operations. RECIPIENT shall submitea ch invoice to MTC within thirty (30) days after the end of each quarter for which payment is sought covering costs for the project activities accomplished through the end of such quarter, not covered by previously submitted invoices. Subject to Subarticles 3.A and 3.B above, MTC will reimburse RECIPIENT twenty-three percent (23%) of the projectc osts incurred over the quarter. Each quarterly invoice for these payments shall be supported by the following information: (i) A brief narrative progress report ofthe program, (ii) the total costs expended for the Project during the preceding quarter; (iii) the dollar amount requested for reimbursement;