Agmt03 BHV Innisfree Ven... (4) - Laserfiche WebLink

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Certified Cost of Construction: The Developer shall prepare a Certified Cost of Construction from their design and construction team that will be used to prepare the construction budget for the public underground parking facility. The parties anticipate that the amount paid by the City and Agency together for construction of the Public Parking Facility will not exceed Sixteen Million Dollars ($16,000,000) and the amount paid by the City and Agency together shall not exceed this amount without prior written approval from the City and Agency. Any increase in the City's and/or Agency's financial participation shall be subject to approval by the City Council and Agency Board. In the event of unforeseen or unexpected increases in the estimated cost of constructing the underground parking facility, t'h~~ De'Velbper shall immediately meet and confer with the city and the Agency in resolving the issue, shall recommend and implement such cost reductions as are acceptable to the City and Agency or shall be solely responsible for the additional construction cost. Any significant changes in the scope of work shall also be approved by the City and Agency prior to Developer making any changes. Schedule: The Developer's consultants shall submit Design Development Drawings to the City within (60 calendar days after this agreement) or on or before June 1, 2003. The construction documents shall be submitted at the 50% and 90% design stage. The Design shall be reviewed by the City and Agency and design review committees or boards for approval. Ten (10) copies of the plans, specifications and cost estimate shall be submitted with each submittal. All plans, specifications, permits, subdivision approvals and other approvals required for construction of the Public Parking Facility shall be complete and submitted for approval by September 1,2003. F:Atty/Agr/Agr. 119 O52OO3 16