Agmt03 City of Belmont - Laserfiche WebLink

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15. To contribute funds to the Project in the sum of Eight Million Eight Hundred Seventy One Thousand Dollars ($8,871,000). 16. To officially sponsor, apply for, and diligently pursue a grant from the State Transportation Improvement Program (STIP) in the amount of Seven Million Six Hundred Thousand Dollars ($7,600,000.00). If Redwood City receives the STIP grant, it shall administer the grant funds in accordance with all applicable laws, terms and conditions. 17. Redwood City shall provide services for the Project as described in the State Cooperative Agreement (except for those services previously performed by Belmont under a separate agreement or as described below). Redwood City shall be paid one hundred percent (100%) of the actual cost of services for Project, which amount is estimated to be Two Million Dollars ($2,000,000), from funds contributed to the Project. The cost of services shall include costs of construction management services (whether provided by City staff or under contract with a separate entity), City staff (including but not limited to the Resident Engineer and inspectors), their equipment and all direct and indirect costs (functional and administrative overhead assessment) attributable to Services applied in accordance with Redwood City's standard accounting procedures. The total cost of services for the Project shall be determined only after completion of all work, the closure of all claims, and upon final accounting of all costs for Project. 18. Upon completion of Project and all work incidental thereto, to furnish Belmont with a detailed statement of the total actual costs of construction, including the costs of any claims related to the construction contract that have been allowed to the construction contractor and claims-related defense costs incurred by Redwood City. Redwood City thereafter shall refund to Belmont any amount of Belmont's payments Redwood City is holding after actual costs to be borne by Belmont have been deducted, or shall bill Belmont for any additional amount required to complete Belmont's financial obligations assumed pursuant to this Agreement. 19. To submit a final report of expenditures to Belmont within one hundred twenty (120) days after completion and acceptance of the Project by Redwood City and the State. SECTION II Belmont agrees: 1. To conclude the exchange or other acquisition of right of way from Lucas Trust Properties, LLC within the City of Belmont that is required for the Project, including eminent domain activities, if necessary, at no cost to Redwood City and in compliance with all applicable state and federal laws and regulations. The exchange or acquisition shall be concluded, or the City Council shall have conducted hearings on a resolution of F:Atty/Agr/Agr.149 080503 L.BECK 4