AgdaPkt 2003-09-22 - Laserfiche WebLink

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Iti.4 the unforeseen construction costs are incurred. Any unexpended funds from the Construction Contingency will remain with the City and Agency except as provided in Section 3(D)(3). D. Payments to Developer. 1. City and Agency shall reimburse Developer for the Parking Facility Costs no more often than monthly, in accordance with th - 3im cedures set forth in section 3(H), below. 2. In addition to the Parking Facility Viand Agency shall pay Developer a fee for Services in an amount equal te-4h lesser of three percent (3 %) of the Cost of the Work, as confirmed by a uor (b) Four HuRFft Seventy One Thousand Nine Hundred Dollars ($471,99(the "Fee This Fee�iall be paid monthly, based on the Cost of the Work appreY fog thmbursement as described in Section 3(H), beginning in the month Developf�mmences excavation for the Underground Public Parking Facil it C�Fee desc�d in this Section 3(D)(2) is separate from the incentive paymeni� e cti o�D )(3). The Fee shall be subject to adjustment up on_cempletionI th�� Foje _ ed upon the audited Cost of the Work. the Fe_e _shall not e the amount set forth in this paragraph 3(D)(2) without the express - _approval o N h e City's Pmoject Manager, the City Council and the Agency's Board of DiPectors.= __ = upofrfinal completion of the Underground Public Parking Facility, the City and Agency fetermin� after auditing the Parking Facility Costs that the Parking Facility Costs paid by City= and Agency (including any payment from the Construction Contingency }_are less than the Not -to- Exceed Construction Cost, City and Agency shall pay_Develo an incentive payment in an amount equal to the lesser of (a) two percent (2' %Loflhe Cost of the Work, or (b) Three Hundred Fourteen Thousand Six Hundred Dollars ($314,600). The sole source of this incentive payment, and the outside limitation on any incentive payment, shall be the unexpended Construction Contingency. The total amount paid to Developer for Parking Facility Costs plus this incentive fee shall not be more than the Not -to- Exceed Parking Facility Cost set forth in paragraph 3(A).