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EXHIBIT C <br />Common Area Construction Cost Allocation <br />The Project common area improvements will be constructed in 2 phases, with the City <br />and YMCA -SV each paying for 50% of the construction costs for the common area parking lots, <br />promenade and drop off area. The total cost of the improvements for both phases is estimated at <br />$6.472 million. The City shall manage the design and construction process the of Phase 1 <br />common area improvements, and the YMCA -SV shall manage the design and construction of the <br />Phase 2 common area improvements, with a reconciliation at the conclusion of the Project. <br />Phase 1 work shall be designed and constructed at the direction of the City with a total <br />estimated cost of $2.908 million. Upon completion of the Phase 2 common area improvements <br />and issuance of a certificate of occupancy for the New YMCA, the YMCA -SV shall be <br />responsible for up to 50% of the Phase 1 common area improvement costs, provided, however, <br />that such amount shall not exceed $1.45 million. <br />Phase 2 work shall be designed and constructed at the direction of the YMCA, with a <br />total estimated cost, as of the date of this Agreement, of $3.563 million. The City shall be <br />responsible for up to 50% of Phase 2 common area improvement costs, or an estimated $1.782 <br />million. <br />Upon completion of the Phase 2 Improvements and issuance of a certificate of occupancy <br />for the New YMCA, the City and YMCA -SV shall reconcile their respective costs to determine <br />what payment is owed and by which party. Payment shall be made within 45 days of such <br />reconciliation. <br />Each entity must maintain meticulous and complete records for the costs incurred for the <br />common area improvements constructed by it. So long as each entity meets the design intent of <br />the master plan, opportunities to reduce costs will also reduce each entity's financial obligation. <br />Both parties will work together to address any significant design changes. Should any <br />dispute arise concerning construction scope or costs where the Parks and Recreation Director and <br />the YMCA VP of Property are not able to resolve those issues, the City Manager and YMCA- <br />SV's CEO shall meet to resolve any disagreements. <br />EXHIBIT C <br />1 <br />82483.00016\32444940.5 <br />